Buying Property Abroad? Beware Of Fool’s Gold

For me the best thing about working via the internet is that you can work where you want when you want. As long as you have an internet connection (preferably broadband), you can be in the centre of London or the wilds of Scotland and still make money.

Coming from Scotland I know all about cold, dark, wet winters so I prefer to spend the winter months especially on the Costa Blanca. Today for example I woke up to bright blue skies and it’s currently 75°C. I’ve just checked the weather forecast for the coming week and it’s for more of the same. In an hour or so we’ll be sitting by the beach in Javea having something to eat for Sunday dinner.

This winter we’ve had a more or less permanent guest in the shape of a robin who we’ve called Rocky. Chances are Rocky is a British robin because Spanish robins are woodland creatures and generally shy birds. Rocky’s the opposite. If a door is left open he is straight into the house. And if nobody is around to feed him on our patio, he has learned to come around the back to the office window.

Here’s a photo of Rocky that my daughter took a few Sundays ago:

As you will see I’ve circled a property in the background in red. This was a block of four fully furnished holiday apartments. I didn’t know the owners, but a neighbour told me that two of the apartments were owned by extranjeros, foreigners.

I’m talking about the property in the past tense because the morning after the photo of Rocky was taken, the block of apartments was demolished. Lock, stock and barrel. I’m not a very good photographer, but if you look closely at the photo below, you will see two made up beds through the hole in the wall. Everything in those apartments – furniture, kitchen white goods, contents of cupboards – was reduced to rubble.

They were demolished because – like thousands of other properties in Spain – they were illegal builds. They had never been granted planning permission.

The owners weren’t present at the demolition – it could be that they don’t even know that their holiday homes have gone. Demolition notices would have been issued, but if the authorities didn’t have any other means of contacting the owners, they would have been served on the empty properties.

It never ceases to amaze me how easily Brits are parted with their money when buying abroad – particularly if they are cash buyers. I don’t know if it is the sun or the sangria, but you wouldn’t believe how many buy properties without having them independently valued and without using an independent lawyer.

And inevitably by cutting corners, it all too often ends in tears.

Demolition is the worse case scenario if you buy an illegal build (and thousands have been built along the Costas in recent years). Other Brits find themselves living in poorly built properties (often without basic amenities such as mains electricity) that they overpaid for and haven’t got a hope in hell of selling again – unless another Brit comes along to take it off their hands.

So my advice to anyone looking to live abroad is to either do what Rocky does – migrate for the winter months, rent a property with a phone line, and return home come Spring – or to pay for independent professional advice before buying a property.

Otherwise your hard earned cash could all too easily turn into fool’s gold.