The 7 Common Pitfalls of Buying Property in Spain

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 seven most common pitfalls of buying a property in Spain:

Top 7 Pitfalls Of Buying A House In Spain

 

1. Not Allowing Enough Time

Spanish bureaucracy is notoriously complicated and time-consuming, and this also applies to the process of buying property in the country. 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 to avoid the stress and panic of having nowhere to live if you don’t complete your purchase in the tight time frame you initially expected.

2. Not Doing Enough Property Research

This is a pitfall that can easily be avoided if you do your due diligence. 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 fall into the common pitfall of ending up with a property that needs extensive renovation or other additional unexpected costs. To help you to conduct your property research, 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?

You can often answer these questions, and more, by visiting your local Town Hall, and an architect may also be able to assist you with this process if you are purchasing an older property.

3. Not Being Financially Prepared

Buying a property in Spain can be incredibly expensive, and one of the most common pitfalls of buying a property in Spain is not being financially prepared 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 too. Removal costs and the costs involved in furnishing your new Spanish home can also add to the amount of additional funds you will need to have to make your move as easy and comfortable as possible.

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, and make the process much more time-consuming too. For this reason, it is important to ensure you complete your NIE registration and open your Spanish bank account as soon as possible: that way, when you find your dream Spanish property for sale that you want to purchase, you’re ready to go without any delays.

5. Not Reading the Contract

A property is a huge investment, so you shouldn’t proceed unless you completely understand what you’re committing to. For this reason, 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. You are also advised to hire the services of a lawyer that can help with every step of the purchasing process and will make the purchase as smooth and straightforward as possible for you.

6. Not Researching Property Locations

If you’re not a frequent visitor to Spain then you may struggle to know whether the property you have chosen is in a desirable location. You might well fall in love with a home, but if it isn’t near a supermarket or other amenities, how easy will you find living in it? Researching your property location, and the area in which it sits, is essential for finding the right community to start your property search.

7. Not Budgeting for Future Fees

Finally, the costs involved in purchasing a property in Spain don’t end when the sale is complete. You should also budget for the ongoing costs that you will pay on a monthly or annual basis. These include expenses such as your utility bills, taxes, home insurance, and of course your monthly mortgage payments. Utility costs in particular are sky rocketing in Spain right now, so it is important to ensure you can afford these for your home before you commit to purchasing it.

 Are you in the process of moving to Spain and are looking for that dream property for sale on the Costa Del Sol? 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.



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