Bank repo buying costs

I may be an idea to ask the agent about

1. situation with each property to be able to move in

2. an idea of the cost and time of the items they list

Yes...I'm just not sure I'll get an accurate report from estate agents, as they'll be keen to get the deal done! Once I've started spending money on fees, it'll be too late to back out. I was hoping people who've actually bought a repo could tell me what costs they faced. I'm not married to the idea of buying a repo - most of the properties I like are more straightforward, thankfully.

Yvonne

As you say they are keen to get a deal done, therefore they should be able to help, (after all it is their job) and there cannot be a better place to start.

If someone does reply there situation will must likely be different from yours, although helpful.

weve bought two repos and additional costs for connection around 150€ each and fairly straightforward but you do have to wait! Problem with water leak in front garden cost us around 1000€ to resolve properly. Apart from that only what we expected…aircon regas, lights, extra sockets, some cosmetic costs..still bargains though!

Hugely helpful, thank you! So still very much worth looking at.

Definitely !!!

Utility connection costs can be very high if its a new connection to a property, but in the case of a repo, its just the reconnection cost, which should be minimal. You should check that the utility companies know that you are a new purchaser and any debt attached to the property for outstanding bills, etc. has been settled or written off, or you could be liable. I would expect that the bank would have done this though, but you should check.

I would hope that you visit and inspect the property in person, not just rely on photos and 'virtual viewings' as you will never fully appreciate the property and any potential issues without seeing it in person...

Just because it is a bank repossession it does not mean that the bank is desperate to sell.

They are renowned for sitting on properties for years.

Be careful with your timing - if you move to Spain after 183 days you will be tax-resident and could get substantial tax bills for capital gains from your house sale. It can be more cost-effective to sell the UK house and delay any move to Spain until after 1st July so you will not become tax-resident until the following tax year (i.e. starting 1st January 2023). Professional tax advice worth taking.