Most first time buyers of property in Spain buy on the first inspection trip. If you have gone the extra mile to get on a flight to go and inspect a property more often than not you have already made the decision to buy a property in Spain. Here we give you some basic tips to buying overseas property in Spain.
Whether you are buying a inland property or on one of the Spanish Costas there are a few things you need to know to get the most from your inspection trip to Spain.
When you have decided where you want to buy and with what agent leave some extra time for yourself to explore the surrounding area of the property you are interested in. Take in the local shops, bars, restaurants, schools. Think about paying a deposit if you do agree to buy a property in Spain as this will have to be paid during the inspection trip. Speak to a currency exchange expert if you buy a property in Spain with Worldwide group we have all these aspects already covered including legal teams and lawyers to act on your behalf to close the deal after you return back to the UK.
But if you are reading this and are buying through other agents here are some useful tips to avoid the Spanish property pitfalls.
1. Spanish law is not the same as your own country so be very careful and research everything fully
2. There are many illegal built properties in Spain and many more that have potential liabilities connected to state infrastructure projects. Normally these properties are not worth the extra cost or hassle.
3. Read up on Spanish property law before getting on the plane and get to know the legal and potential liabilities.
4. Hire a good conveyancing lawyer before looking into buying a property in Spain, don’t let anyone but the lawyer do the conveyancing, make sure the lawyer is independent from the seller, speaks your language and is qualified in public liability insurance and most importantly get everything in writing.
5. Never ever sign any document unless it has been translated into your language and approved by your lawyer.
6. Never fall into the trap that the estate agent is your friend, remember his aim is to close the sale to make his commission and any advice can be biased. For some local agents the commission the earn on close of a sale can be the same as their yearly salary so bear this in mind when they go out of their way to look after you.
7. Use a building surveyor to survey the Spanish property before any deposit is handed over and again make sure the surveyor is independent, and qualified and speaks your language, and make sure the report is in your language so that you are aware of any potential breaches of planning controls.
8. Choose the right location to buy a property in Spain for you. You should explore the area during the day and night and make sure you are happy that everything is close enough and convenient for you. Even stay in the area for a while before committing to buying a Spanish property.
9. Buy with a view to reselling the property down the line. None of us live in the same place forever and at some point due to health the death of a spouse family moving on or financial burden you will sell the property. So remember to buy in a area that will be easily sold on in years to come. Think about things like private parking and security.
10. Don’t rush into anything. Take your time make the right decision for you. It is always better to miss a bargain to get the right property at the right time
If you have a budget in mind and a location of Spain you want to buy in contact us today to help source you a property and help you make the move to your Spanish Paradise.