How Brexit Could Affect the Housing Market, Six Tips for a Swift Spring Sale, Plus More

Welcome to the April edition of the Marena Murray Newsletter.

This month, we will be evaluating how Brexit could affect housing in Spain, we tell you what you need to know about extending your house, we have five ways for making your property search easier and we share six tips for a swift spring sale.

Article 50: Will the Spanish Property Market be Affected?

 Concerns about the Spanish property market have resurfaced following the triggering of Article 50 by the British Prime Minister.

Theresa May’s letter to the European Union officially began the process for the United Kingdom to leave the EU on March 29th.

It’s well known that the British people have had an on-going love affair with Spain for the past few decades. The cost of living, beautiful scenery, amazing climate, and way of life here in Spain have been a constant draw for Brits, who frequently look to make a change in their life.

So now that the United Kingdom has taken its first official step onto the road to Brexit, has anything actually changed?

Buyers are More Cautious
Due to concerns over the effect the Brexit negotiations might have on their new life in Spain, prospective buyers are slightly more cautious. However this is unlikely to have too much of an effect on the property market, as the British love affair with Spain sees little sign of ending any time soon. Property portals are reporting that the number of British inquiries have remained steady, meaning the number of those who have decided not to risk the move seems to be in the minority.

Property Remains Affordable in Spain
Property prices have continued to rise in Spain following the 2008 property crash. However, that doesn’t mean that there aren’t plenty of bargains to be had by prospective buyers! In the days following the referendum results, the number of British buyers rose to the point that they made up over a fifth of all property transactions. The plus side is, as property values continue to increase, you could stand to profit should you decide to sell in a few years’ time.

The Valued British Customer
British buyers make up a large percentage of buyers in EU countries. Their contribution to the Spanish property market would be sorely missed, and it’s unlikely such a valued customer would be blocked from contributing to the Spanish economy. As the Brexit negotiations begin, we should start to see how the separation can be expected to affect British buyers, however it’s likely that changes and allowances will be made to make the market as accessible to the British customer as it is now.

If you have any queries about making the move to Spain, get in touch with Marena Murray. Our team of experts are always available to offer expert advice on your needs.

Extending Your Home: What You Need to Know

 If you're a homeowner then there is a good chance at some point you've considered extending your home. The fact is, moving home can be quite costly, especially when you throw buying costs into the mix and sometimes it can be more cost effective to extend than it is to move.

There are many things to consider when extending a home and it can be quite a long process, but it doesn’t have to be stressful, you just need to ask yourself the right questions before you begin. With this is in mind, we’ve put together a quick guide on what you need to keep in mind before the construction starts.

Confirm your budget
One of the most important aspects to consider before you start this process is the budget. You need to decide as soon as possible, how much you are willing to spend and find out what type of extension that budget will get you. Be sure to remember that just like most house projects there will always be additional costs and hidden extras, so note down everything from the cost of materials to the planning permission and builder’s fees.

It is also worth thinking about how much value an extension will add to the current value of the home. If you have no plans to move out of your current home, then this may be less of a concern, but you should keep in mind how you will affect the home’s value, if you were to sell in the future.

Decide on your design
Once you’ve finalised your budget, you will now need to make a decision on the type of extension you’d prefer. The two most popular choices for the majority of homeowners are the conservatory and the loft conversion, as extra bedrooms and living space can really add to a home’s value.

After figuring out the type of extension you’re looking to build, you should then think about the design of your new space. If you have plans for a new bedroom, now is your chance to plan the best possible layout to accommodate the type of bedroom you’re looking for. Maybe you’re looking to build a child’s room with plenty of floor space, maybe you’re considering something suited more for adults with built in wardrobes, but whatever you’re looking for, now is time to work out the most suitable layout for your needs.

Find out about the limitations of your area
Depending on the location, there could be some limitations to the type of work you can carry out on your home. It’s worth checking with the Spanish authorities if there are any restrictions within La Manga Club. These are typically located in more historic areas, meaning if the work on your home is not deemed to enhance or improve what is currently there, your design may be under scrutiny or you may not receive permission to begin your work at all.

Regardless of whether you live in a historic area or not, most areas will require planning permission before you can move ahead with the work on your home and it can take up to 8 weeks for your application to be approved, so it’s best to get organised as early as possible.

Research the regulations
In addition to needing permission to begin work on your home, you will also need to ensure that the work carried out meets any current building regulations. Take some time to properly research all the necessary regulations that apply to your extension, these include doors, windows, electrics, drainage, etc. so you can be positive that everything meets the legal standards.

Hire a professional
Once you have your budget confirmed, you’ve finalised your design and you received permission to get things started, you now need to hire a professional.

It can be tempting to try and save some money by taking the DIY approach and some of you may have experience with similar types of work, but unless you are a licensed professional, you shouldn’t try to tackle tasks such as electrics and plumbing by yourself. This is especially important when it comes to structural work, not only will this ensure it meets the necessary standards, but it will also provide you with peace of mind knowing that your extension won’t unexpectedly fall apart a few years down the line.

5 Ways to Make Your Property Search Easier

 We all know that searching for a home can be quite a long process. Studies have shown that it can take up to 3-4 months, viewing a total of 8 houses on average before most buyers find the house that’s right for them. The only way to make it easier for yourself is by doing a little research and preparation before you dive in. We’ve put together 5 simple steps to make your hunt for a home that little bit easier.

Figure out your finances
Before the search begins you absolutely must figure out exactly how much money you have to play with, taking into consideration the full cost of buying a home. It’s not just the cost of the property, but also the cost of surveys, stamp duty and more.

There is no such thing as ‘too early’ when it comes to looking at mortgages and speaking with financial advisors. While setting up meetings and discussing your finances with a mortgage advisor can be time consuming in itself, once you’ve determined your maximum spend it allows you to greatly refine your search and also puts you in a stronger position further down the line when it comes to negotiating.

Separate your wants from your needs
You probably already have an idea in your head of what your dream home looks like, what features it has and the type of area its located in. Unfortunately, for most buyers finding your dream home takes a lot of luck or a lot of money so you need to decide early on which features are the ‘must haves’.

Every buyer’s criteria is different, whether it is the size of the kitchen, being close to a good school or the number of bedrooms. A successful home search does require a little bit of compromise so separating your wants from your needs allows you to begin your search with a lot more focus, saving you time in the long run as you won’t need to head out all the time for endless viewings.

Take advantage of all the information available to you
In the past a lot of property information such as how much it previously sold for, floor plans and general statistics for the area were not as easily accessible as they are today. There are plenty of websites that allow you to do that extra bit of research, allowing you to make more educated decisions throughout the process.

Find out what the average price is for homes in your favourite area, take a look if a home you have your eye on has a surprisingly high flood risk. With buying a home being the biggest purchase you’re ever going to make, the extra research you put in could not only protect you from hidden disasters in the long term, but also means you’re able to be a little more brutal with your shortlist as you take advantage of the wealth of information available online.

Get in touch with us!
While the internet does hold plenty of useful information on the property market, if you’re looking for in depth knowledge of the local area, then your local estate agent is always your best bet. By speaking to your estate agent you can get some more information on the current state of the local market, which is incredibly valuable information if you’re moving to a new area.

If your essential property criteria include the commute to work or the good local schools, a good agent will be able to bring even more focus to your search and help you avoid any homes that are unsuitable to your needs.

Be thorough, be brutal
Once the viewings begin it’s important that you gather as much information as possible during your time in the property. Take notes, take photos and ask plenty of questions. After a few viewings you may find that all the properties begin to blur together in your memory, so the more information you collect the first time round, the more time you save from not having to go back again and again to feel the place out.

At this point you’ve already made a list of the things you can’t live without, so to speed up the process, you should also create a list of things you can’t live with. If your shortlist only contains 3 or 4 properties, then it may be best to take a slightly more lenient approach when discovering a room will need completely redecorating. However, if your shortlist of homes is in the double digits, you’d be wise to be thorough and spot any deal breakers early as a long list of homes will require you to be brutal, unless you want to spend months going from viewing to viewing.

Overall the key to a successful property search is to make sure you’ve done your homework and have as much information as possible to make an educated decision when you see ‘that’ property and your heart takes over. Being able to determine exactly what you want early can be a massive help and by combining the online information with the knowledge of your local expert, you can make finding a home a much smoother process.

Six Tips for a Swift Spring Sale

 Spring is always a popular time to sell for home owners. Your house will get the representation it deserves, thanks to the pleasant weather and sprouting plant life. However, it comes with the challenge of competing with all the other sellers. How can you help your home stand out amongst the crowd? What needs to be done to ensure a fair deal for all? We run through our six top tips for selling your home in spring.

Snag List
A snag list is a term from the property development sector that essentially compiles a list of things you’re not happy with. If there are scuffs on the walls, marks on the floor and broken lighting, you should focus on getting these issues fixed. A buyer will notice a less than pristine home and may be put off by image.

Street Appeal
It’s a simple fact of life. First impressions count! Spruce up the driveway and patio, make some improvements to the garden with potted plants, give the front door a fresh lick of paint and varnish and polish your knobs and knockers.

Let There be Light
Ensure you clean the windows, inside and out, and keep the kids and dogs away from them! Dust the blinds and keep the curtains open at all times to allow as much natural light into the living spaces.

De-clutter
That means the whole house. You have no idea how thorough a prospective buyer might be. They might open every cupboard and check every room, so it’s no good just sticking everything in the garage. Decluttering your home gets you ready for the move, but also gives more room for your buyer’s imagination to soar.

Strategize
As your estate agent, we’ll talk to you about what you think the strengths and weaknesses of the property are. We want to ensure your home gets the best viewing possible.

The Viewing Itself
Go out. Take the kids, the pets and the car and get out from under the buyer’s feet. They need a clear way into the home, with no distractions once inside.