As I write, sterling has recovered to 1.16 euros to the pound. This is an incredible leap from the depths that were plumbed at the turn of the year, when the sterling euro exchange rate was hovering at around 1.02.

This improvement really does have an impact on the spending power of anyone looking to buy a property in Spain. If you had purchased an apartment in Spain at a price of €200,000 in January at a rate of 1.02, this would have cost you the equivalent of £196,078.

If you made the purchase today, the same property would cost you the equivalent of £172,414. That´s a whopping saving of over £23,000!!
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My advice when thinking of buying a Spanish property within a community of owners is as follows:

1.    Ask to see the budget and minutes from the last AGM
This will give you an insight into any problems that the community faces (i.e. any outstanding issues or unresolved lawsuits with the developers/builders) or any grumbles that the current owners may have (i.e. maybe the barking dog at Number 9 is a recurring theme - could be a problem if you are thinking of buying Number 10!)

2.    Take a look around the communal areas

If you think that any areas look tatty or in need of a lick of paint, ask your agent to find out if/when any remedial work is due. This will give you an idea of how seriously the owners take the upkeep of the community. Continue reading »