As as estate agent, I’m aware that buyers, and especially foreign buyers, hate to feel rushed.
It’s a wise instinct because spending a lot of money on a property, especially in another country, is a big deal and you need time to think about things.
But, foreign buyers are also at a slight disadvantage when it comes to buying bargain properties in Las Palmas. They are often not in the city when bargains hit the market, and things like applying for a mortgage and even transferring money take time.
High demand for Las Palmas bargains
Bargain Las Palmas property in high-demand areas is selling fast at the moment; quality, well-priced apartments close to the beach sell within days of going into the shared property database.
Foreign buyers are competing with local property investors in areas like the Las Canteras beachfront and port district close to the beach. It’s the area that is most popular with buyers and holiday rental investors. Both types of buyer are after the same sort of property in the same areas.
Recently, a client of mine missed out on their perfect property because they wanted to spend a day thinking things through. By the time they decided to buy, two other people had reserved the property.
The circumstances were exceptional, but it got me thinking about what buyers can do to make sure they are ready to buy when the right property in Las Palmas comes up.
Buying a bargain property in Las Palmas: A roadmap
Here’s a list of useful tips that give you the best possible chance of finding and buying a bargain property in Las Palmas city.
Know exactly what you want
If you know exactly what property type and location you want, you can narrow your search and decide fast if a good option comes up.
Cash is king
When a real bargain property in Las Palmas comes up, it’s often because the owner wants a quick sale. Buyers in a hurry prefer cash buyers because they don’t have to wait for mortgage approval.
So, having your money ready in your Spanish bank account increases the chances of getting a Las Palmas bargain. You may not get a discount, but you will be ready to buy when a bargain comes up.
Even if you don’t want to have you total budget in the bank, at least have the 10% needed for a deposit. Then you can arrange to transfer the rest of money with plenty of time.
Get a preapproved mortgage
Some Spanish banks do a study of your finances and give you a preapproved mortgage sum.
It takes a lot of effort to get all the paperwork but if are sure you want to buy, it’s a good way of making sure that you are as prepared as possible. There is nothing stopping you from applying to several different banks. In fact, I’d recommend it.
Having all your papers ready in advance means that there are no last-minute holdups when you are about to sign the purchase contract.
Use an estate agent to search for you
I can’t stress enough how helpful it is to have a local estate agent looking out for the kind of property you are interested in.
Because bargain property in Las Palmas property sell so fast, you need to know about the latest listings as soon as they hit the market. Agents often find out about quality properties from colleagues before they are posted online.
And we can also help you speed up local paperwork, and make sure that everything in order with the property you choose.
I even video properties for buyers who can’t fly out in time to view an interesting apartment.
Consider a reservation deposit
You can reserve a Las Palmas property for three days by making a small payment of around €300. This is held by your estate agent and goes towards the total cost of buying if you choose to go ahead. If you decide not to buy the property, then you may lose the deposit. However, it is a way of buying yourself some time to think about a good option. And it tells the seller that you are a serious buyer.
If you decide not to buy the property, then you may lose the deposit. However, it is a way of buying yourself some time to think about a good option. And it tells the seller that you are a serious buyer.
However, it is a way of buying yourself some time to think about a good option. And it tells the seller that you are a serious buyer.
What about bank repossessions?
Las Palmas doesn’t have the empty stock of repossessed property that you find in other Spanish cities. Gran Canaria is a small island with lots of people and most repossession property has either been sold off or is in areas that are less attractive to foreign buyers.
That said, good repossession properties do come up in the city and your agent will know about them. You need good local advice if you plan to buy a repossession property.
I hope this guide to bargain property in Las Palmas is helpful. Please feel free to contact me if you have any questions or want me to start your Las Palmas property search.