Buying Property in Spain Safely – Hot Tips
Follow the advice contained in our hot tips for buying property in Spain safely to ensure your dream of owning a home in the sun doesn’t unfold into a living nightmare.
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Spanish Property Tip 1 - Hire a Good Lawyer
This one can’t be emphasised enough. Incredible as it may seem, many foreigners are still buying property in Spain without using a lawyer. Don’t listen to estate agents who tell you they’ll handle everything for you so you don’t need a lawyer. You do! And you need a reputable lawyer who specialises in the Spanish property market; one who is completely independent of your estate agent and preferably one who is based in the area in which you intend to buy.
Spanish Property Tip 2 - Don’t Rush In
Owners with many years of experience in buying and selling Spanish property advise against committing to a purchase after just one viewing. When you find a property you like, visit it on at least three occasions at different times of the day so you can see how much sun it does (or doesn’t) receive. Take photos, make notes, ask plenty of questions then go away and think about it all with a cool head (and preferably discuss it with a trusted friend or adviser).
Spanish Property Tip 3 - Check, Check and Check Again
Don’t sign anything or hand over any money until your lawyer has carried out all the necessary checks. He or she will need to check the legality and ownership of the land and property, whether there are any outstanding debts and any development plans for the area.
Spanish Property Tip 4 - Beware of Greedy Agents
Some of the greedier agents in Spain put extortionate commissions of 25% or more on top of an owner’s asking price. You’ll often find the same property advertised with several different agents at different prices so it’s worth hunting around for the best deal.
Spanish Property Tip 5 - Don’t Let Your “Off Plan” Go Off Course
If you’re buying off-plan (a new build property) make sure your lawyer draws up a water tight sales contract which protects you against all eventualities – such as the property not being completed, not being completed on time or not being completed according to the original specifications. With a good contract in place, you’ll be entitled to compensation or a refund if something goes wrong.
Spanish Property Tip 6 - Rent Before You Buy
This one isn’t feasible for everyone but if at all possible rent a property for at least a few weeks, if not months, in your chosen area before you buy. This really is a good idea if you intend to live permanently in your Spanish home. Make sure it’s the right area for you and see what it’s like in low and mid season as well as high season.
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