A look at what really makes a bargain property on the Costa del Sol, and why buying the right property at the right price is often better value than simply buying the cheapest one available.
What is bargain property on the Costa del Sol?
Almost everybody looking at property on the Costa del Sol says the same thing at some stage: "We're looking for a bargain." And honestly, who isn't? The question is, what is a bargain, and is it really about price alone?
Over the years, we have dealt with many buyers whose search starts with the goal of finding something "cheap". Sometimes that works well. Sometimes it leads people towards properties that, although attractively priced, were never really what they wanted in the first place.
This therefore raises an interesting question: what makes a property a bargain?
If a property is inexpensive but in the wrong area, has the wrong layout, no privacy, too much road noise, poor orientation, or simply does not suit the way you want to live and use it, then is it really a bargain at all? A property that you do not truly enjoy can quickly become an expensive compromise, even if the original asking price looked attractive.
On the other hand, a property that genuinely suits your lifestyle, is situated in the right location, and is offered at a realistic market price can often feel like a bargain afterwards, even if at the time you were worried about paying "market value".
When we look back at properties we sold 5, 10, or even 15 years ago, the majority of them now look incredibly good value simply because the market has moved on. At the time, the buyers may have hesitated, negotiated hard, and worried that they were paying too much. However, years later, those same properties would now be impossible to replace at anywhere near the same price. In reality, good value often becomes more apparent with time.
When talking about bargain hunting, one of the best comparisons is probably the middle aisle in supermarkets like Lidl or Aldi. You walk past shelves full of things that seem irresistibly cheap. They may be tools, kitchen gadgets, or exercise equipment. Things you never planned to buy, but suddenly you feel tempted because they look like "a bargain".
Sometimes they are useful. Often they end up sitting unused in a cupboard or in the garage. At that point, even something cheap becomes expensive rubbish.
Property, although entirely different, can work in much the same way. Buying a property in Spain also involves significant purchase and selling costs. Buyers pay purchase tax when they buy, and when they eventually sell, there are estate agency fees, legal fees, and potentially taxes again on resale. That means buying the wrong property, even cheaply, can become expensive surprisingly quickly.
A property purchase is not like buying the wrong toaster. If you buy the wrong toaster, you lose a small amount of money and put it in a cupboard. If you buy the wrong property, correcting the mistake later on can cost a great deal more.
This is not to say that bargains do not exist, because they do. Sometimes sellers genuinely need a quick sale. Sometimes the property is poorly marketed. Sometimes buyers have the good fortune to spot an opportunity before other people do. But in a busy and established market like the Costa del Sol, if a property appears significantly cheaper than everything else around it, there is usually a reason. That reason may not always be obvious at first sight.
The most successful buyers are therefore often not the ones who simply buy the cheapest property they can find. They are the ones who buy something that genuinely works for them.
• A property they enjoy living in
• A location they are happy to return to
• A home that still feels right several years later
This is where the real value usually lies and, in our opinion, these are the purchases that eventually turn out to have been the true bargains.
If you would like to keep an eye on recent price reductions on the Costa del Sol, you can also follow our regularly updated price reductions page here.
If you would like help in finding your ideal property at the right price, call us on (0034) 952 90 52 00, WhatsApp us, or email info@michael-moon.com. We look forward to hearing from you.
