Stay Informed: Pitfalls of Buying Property in Spain

Pitfalls of Buying Property in Spain

If you have been looking for the best moment to invest in real estate – then it is happening right now!

If you are worried that you do not know something or do not want to spend time studying the features of the Spanish real estate market, we offer you answers to all questions to ask when buying property in Spain.

The Spanish real estate market is now actively developing, leaving behind the 2008 crisis. New houses and entire residences are being built along the entire coast by dozens of trusted developers, hundreds and thousands of people are interested in buying real estate every day, while thousands more are collecting information bit by bit to make their choice.

If you decide to find property in Spain for sale right now, you will not regret it! This is a good time both for a profitable purchase for the purpose of moving or living during the holiday season, and for making money on renting out.

5 Things to Know When Buying Property in Spain

5 Things to Know When Buying Property in Spain

Below we will share with you 5 things to know when buying property in Spain. They will help you understand the Spanish real estate market a little better and understand the situation from a legal point of view. Consider each of these points so that you do not deal with unforeseen waste of time, money and effort.

1. Rush in Everything: From The Selection Process to The Purchase

Do you know what are the rules for buying property in Spain? Never be in a rush, at any stage! If you do not familiarize yourself properly with a property that you liked at first, you may find later that it does not suit you.

At the same time, you will already have spent the time of everyone – your own, and that of the manager who advises you on this property, and of those who will take you and show you the chosen apartment. A few such mistakes in a row and you will spend a lot of time without getting any result.

The same goes for paperwork. If you have already chosen a suitable apartment or villa and are ready to sign contracts, carefully read their contents. There might be some conditions that you are not okay with or even more – some pitfalls of the property.

Study thoroughly all contracts, the characteristics of your home, the correctness of paperwork and other subtleties. Rushing can be fraught with the loss of not only time, but also your money.

2. Insufficient Attention to Own Research of The Real Estate Market

Do I know enough about the market, the chosen region and city and is this or that type of property right for me?

For example, many people may not be comfortable with the tax system, and it can be a real problem for those who have not included these costs in their budget. These are the main questions to ask when buying property in Spain.

An even more frequent example is the unwillingness to study the chosen region or city. For example, foreigners are not particularly interested in the fact that they can save a lot by trying to find an analog of the chosen villa.

Often this situation happens when buying in large cities: a villa located just a 10-minute drive from the area chosen by the buyer can sometimes cost much less.

Take your time – ask your real estate sales manager questions or search online and look for the right property, learn a little more about the regions of Spain, its taxes and other intricacies of buying process.

3. Refusal to Get Help from Real Estate Agents

Do you want to miss the opportunity to find your dream apartment or villa at an affordable price in the province that suits you? This is likely if you ignore the help of real estate agencies.

Independent search for housing in Spain is possible, but you will never be able to get as much up-to-date information about so many apartments and houses as a team of professionals gets. In addition, real estate agencies have other advantages. Among them are the following:

  • Contact with developers in Spanish, and with the client – in a language convenient for him.
  • Full legal support.
  • Access to the most up-to-date information on the market and connections with most developers.
  • Opportunity to discuss pricing and additional conditions.
  • Support for the duration of your stay in Spain and comfort during the purchase process.
  • No overpayment – many services are offered by companies free of charge for their clients, and the percentage for the sale of real estate is paid by the developer company and not by the buyer.

4. Trying to Save Money on Professional Services

Trying to Save Money on Professional Services

There are many things to know when buying property in Spain and in the process. You are sure to miss something or not have enough knowledge to understand the difficulties that arise. Never skimp on:

  • Lawyers who will help you properly process the deal and review your contract.
  • Translators who understand your native language and help you translate into Spanish to communicate with the seller.
  • Aggregator sites that will help you collect up-to-date offers, or real estate sales managers who will accompany you all the way.

5. Do Not Overlook the NIE

Make sure to register your taxpayer identification number in Spain (NIE) in advance. Without this account, you will not be able to make any transactions for the purchase and sale of real estate in this country.

Its registration can take a lot of time, and therefore you should take care of it beforehand. If you do not get your NIE and come to Spain, it could take a lot of your time or end up derailing your dream deal entirely.

How to Avoid Pitfalls when Buying Property in Spain?

How to Avoid Pitfalls when Buying Property in Spain?

Now you see what are the pitfalls of buying property in Spain that can stand in your way of moving to this country. Some of them are insignificant, and some of them can make you waste a lot of time, money and effort.

You always have a choice: to deal with property search, visit to Spain and all legal processes when making a purchase on your own or go the simpler way. If there is no time to deal with these subtleties – agents are ready to help you!

Our goal is to help you avoid problems at all stages of the purchase and become the owner of a new property in Spain in the shortest possible time.

To do this, we offer all the necessary services and all the answers to questions to ask when buying Property in Spain. Our agents are ready to meet you at the airport, help with check-in if necessary and take you on a tour of previously selected villas and apartments in a branded car.

If any of the options suits you, we will be happy to help you deal with all legal subtleties of paperwork, including opening accounts and signing contracts. Support for the client continues at all stages: from the first contact over the phone and to the signing of the contract of sale, and, if necessary, even when renting out the property you have purchased.