Fancy bagging a pad abroad? Buying property in Spain is always a popular choice, and with good reason. Historically, the prices have been low and the opportunities to purchase, plenty. With year-round warm weather and gorgeous scenery, it’s little wonder that buying property in Spain is still an attractive option.
Although many of the same principles apply to buying a property in Spain as they do in the UK, there are some other factors to be aware of.
Here are our top tips for buying property in Spain...
Be exceptionally careful about buying from anyone who is not an authorised agent! Give handwritten adverts in windows a wide berth! It’s best to go through an estate agent when it comes to buying property in Spain. Buying privately can be a huge headache, especially if your Spanish isn’t quite up to scratch.
It’s easy to get seduced by the golden sandy beaches and sangria lifestyle, but the reality of living overseas is often very different. Get yourself up to speed on matters such as driving licenses, utility rates, council tax, healthcare, schooling, and avenues for employment.
Decide why you are buying. Ok, this sounds like a no-brainer but it’s easy to get swept away by a property that may look amazing but is stuck out in the middle of nowhere. If you’re looking to make an investment, consider the resale value. If you’re interested in buying property in Spain for permanent residence reasons, don’t forget to factor in future expenses that may crop up.
Learn the lingo. This is an absolute must! Think very carefully about whether or not you should buy a property in Spain if you aren’t willing to learn the language. It will pay dividends in terms of making your life easier and will increase your possibilities for employment in the Spanish sector.
Get contract clarification. Always make sure all the terms of the contract are fully clarified before you sign on the dotted line. That applies to any and all documents you may be asked to autograph! Remember, the rules and regulations of buying property in Spain differ from those in the UK. Take extra time to cross the t’s and dot the i’s.
Get to grips with the local laws and processes, or seek advice from a reputable lawyer. It’s absolutely vital to do your homework and not cut any corners! When buying property in Spain, consult everyone from architects and surveyors to solicitors. If any issues do arise during the purchase process, you will be armed and ready to tackle them in a timely manner.
Taking out a mortgage to buy your Spanish property? You may want to consider choosing the same currency as your source of income. The benefits of doing this include not being caught out by varying inflation rates. You will need to open a Spanish bank account, so leave plenty of time to do this.