Is it risky buying property in Sotogrande?

Is it risky buying property in Sotogrande?

There are a lot of reasons to be confident about purchasing a property in Sotogrande, and to believe that the process does not pose excessive risk. After all, Sotogrande first began to be developed as a highly desirable residential destination way back in the 1960s, and great numbers of people look to buy apartments in Sotogrande every year.

Sotogrande, then, might seem to be “as safe as houses”, at least compared to many other overseas property investment destinations out there.

And here at Property Sotogrande, we are in the business of encouraging people to purchase a property and perhaps even set up home here; we do not want anyone to be deterred from making their move in the local housing market.

This is precisely why we bring together up-to-date listings from multiple respected estate agents serving the Sotogrande area, so that you can be confident of only acquiring a genuinely risk-free property.

Risks do exist when it comes to purchasing Sotogrande property

However, it is also in our interests here at Property Sotogrande to ensure you make only the right property purchase, and do not put your hard-earned money at risk. With this in mind, it is important to appreciate that the process of buying a property in Sotogrande – or for that matter, elsewhere in Spain – is not entirely risk-free.

So, what are some of the risks that could arise if you are among the many looking to buy apartments in Sotogrande right now? Below, we have listed a few to be aware of.

• Some properties might be unregistered, or may have been constructed illegally

One of the reasons why it is so important to ensure you have good legal representation when seeking out a property in Sotogrande or any other part of Spain, is because a lawyer will be able to make enquiries in relation to a property that interests you, and might discover some extremely relevant information as a result.

It may be found, for instance, that the given property was built without planning permission having been obtained first, or it may not be registered.

In these circumstances, your lawyer will be able to advise on the next steps needed to rectify the situation. Whatever is done to resolve the problem, you should be ensuring it is done at the seller’s expense.

• There can be issues in relation to off-plan properties

If someone purchases a property “off-plan”, this means they are buying the given property before the developer has finished building it (indeed, in some cases, construction might not have even begun at the time of purchase).

There was a time when it might have been an extremely dicey endeavour to purchase an off-plan property in Spain. Certainly, there have been some horror stories down the years of people putting down deposits for off-plan properties, only for the developer to then go into liquidation, or some other circumstance to cause the property to never be built.

Today, there are better legal protections in place for people who buy an off-plan property in Spain; however, it is still not something you should be doing in a rushed or reckless way.

Again, having the right lawyer by your side will help in the event that something does go wrong following your purchase of an off-plan home in Sotogrande. Much will depend on such factors as the specific agreement you might have signed, and the bank guarantees the developer may have offered you for the payments you have made up to that point.

Presumably, though, if you’re reading this, you won’t have quite got to the stage of actually committing to any Sotogrande property purchase yet. If so, this will simply be another potential risk to be mindful of.

• Some buyers can come under a lot of pressure to make a “reserve” payment

This refers to a payment that is made to take a given property off the market. However, you might find yourself being pressured to make such a payment before you know much about the property. Indeed, you might not even be entirely sure at this stage that the person purporting to sell the given Spanish home, is the genuine owner of that property.

Again, this is another reason why, here at Property Sotogrande, we take our property listings from those of highly reputable local estate agents. But this risk should also remind you of the importance of not getting overly emotional about the process of buying a home in Sotogrande.

The fact is, if you fall in love with a property and feel rushed to make a deposit so that you don’t lose it, you might be at risk of a lot of tears later. There might turn out to be serious problems with the property, and the deposit may not be refundable. It is another risk that engaging a proven Spanish lawyer’s services will go a long way to helping you avoid.

Begin your search for a dream Sotogrande home with our help

So, there you have it; it isn’t necessarily a risky endeavour overall to buy apartments in Sotogrande, but it could certainly be risky if you cut corners in your preparations or let your guard down in relation to potential problems like the above.

As in so many other areas of life, knowledge is power when it comes to searching for – and buying – a beautiful home in Sotogrande. So, why not peruse the latest properties advertised for sale right here at Property Sotogrande, to help get your own property search off to the best possible start?