IT doesn’t matter what stage of the buying process you’re at: whether you haven’t even visited your first Spanish property or you’re ready to sign those contracts, it’s important to be prepared for the process and do as much research as possible.
There are many pitfalls of buying a property in Spain, but the good news is that these mistakes can be easily avoided. With the right information, plenty of preparation, and a positive mental attitude, you’ll be living in your dream Spanish property in no time!
To help you with your journey, here are the five most common pitfalls of buying a property in Spain:
1. Not Allowing Enough Time
Spanish bureaucracy is notoriously complicated and time-consuming. Expect to queue outside your local Town Hall, fill in three forms even if you think one would suffice, and generally complete more paperwork than you have ever completed before! As a result, the process of buying a property in Spain can be a time-consuming one, and you should allow plenty of time to complete your purchase.
2. Not Doing Enough Property Research
As the buyer of the property, the onus is on you to conduct satisfactory property research: if you don’t do this then you could end up with a property that needs extensive renovation or other unexpected costs. You should ask the following questions:
Will the property need renovation work?
Has any work already undertaken been completed legally, and are there certificates for this work?
Can you access the urban planning records for the property?
3. Not Being Financially Prepared
One of the most common pitfalls of buying a property in Spain is not being ready for the extra costs involved in the process. As well as the property purchase price, you also need to allow enough funds to cover the associated taxes, legal fees, and any related estate agent fees.
4. Not Having the Legal Registrations You Need
In order to purchase a property in Spain you will need to have a NIE number and a Spanish bank account. If you don’t have these registrations in place before you start the purchase process then it is likely to delay things.
5. Not Reading the Contract
You shouldn’t proceed unless you completely understand what you’re committing to. You should thoroughly read and understand all of the paperwork and documents that you are issued throughout the buying process. When your documents are issued in Spanish, you should translate them and hire a lawyer to check them.
If you’re looking for trusted and experienced estate agents in Southern Spain then why not get in touch? Our locally based property experts are a font of local knowledge, and are perfectly placed to help you find the home of your dreams.
+34 951 490 503