The Spanish property market has been in the doldrums for some four years, even longer if you take into consideration the huge peaks of the market from 1999 up until 2005. Many prospective purchasers continue to be wary of the market and fear if they commit to a property now, they may still see further price drops over the next two years. Idealista, the Spanish property portal suggests that vendors are still reducing their prices, so when will the bottom be reached?
The option of long term rental in the Marbella area does offer clients a number of benefits and given the sheer number of apartments that had been bought for investment, there is no shortage of stock to choose from. Many people like getting the feel of a location by renting long term, before choosing to part with their hard earned money.
When looking for a place to rent it is important to understand specifically what you are looking for from a property. Marbella covers a reasonably large geographical area, not just the town itself. Puerto Banus is also included in the Marbella postcode, in addition to San Pedro, Elviria, Nueva Andalucia. All of these areas do offer something different to the residents. A young family may find being close to Puerto Banus and all of the nightlife it offers is unacceptable. Conversely if you are young and looking for fun, Elviria may be a little too quiet. Take time to review the areas before identifying specific developments.
When you do find something that you like, be sure to visit it a number of times and different periods of the day. You will be able to gauge if you have horrendously noisy neighbours and whether your terrace gets the evening sun. Before you sign any paperwork, make sure you are present during the inventory taking. Examine, not only the contents of the property, but also ensure all appliances are in full working order. Check for any imperfections, that if not noticed, could be seen as damage, making it more difficult to claim back your deposit when you depart.
The issue of deposits can vary between landlords and agencies, always clarify specifically when you will receive your money back. Sometimes it is possible to negotiate a better monthly price if you pay a bigger deposit or perhaps pay some rent in advance. These are questions you should ask the agency to put to the property owner. Agent fees are generally levied at 1 month rent.
View as many properties as you can and do plenty of research on pricing. The internet makes this a pretty easy exercise and armed with a clear idea of what you are getting for your money the negotiation process will be easier.
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