Buying a property can be an easy thing to do, especially if you have plenty of money to splurge. If you will be buying one in Spain, it could also be a straightforward affair. However, just like any other processes of acquisition, it is also possible that things could go wrong.
Costs may spiral into unexpected amount especially if you blunder into purchasing right away the first one you’ve laid your eyes on. This is why it is important for you to be diligent in doing your homework. Below is a helpful guide before buying a property in Spain.
Know how you can find a property that’s perfect for you.
There are several ways to find a property in Spain. If you hate the thought of going around in your car and personally checking one property after another, you can do it via the internet first. You can find property for sale in Spain through online portals.
The best thing about it is that with an online portal, you can immediately see the listings of properties for sale in a particular location right at your fingertips. Once you have found a few good options it is only then that you can start planning when to visit the place in person.
You can also ask the help of an agent, particularly the one that deals with “inmobiliaria” (a Spanish term for “real estate”). If you enlist the help of an estate agent, know that it may cost you about 2.5 or 3 percent fee depending on the price of the property. The estate agent would usually work on behalf of the property seller.
You may also check out the advertisements in the neighborhood or by word of mouth from your friends who are residing in Spain.
Know where you want to own a property.
Before choosing a property to buy, you have to decide first where exactly you would want to stay in Spain. The country boasts of cosmopolitan cities, vibrant inland areas, stunning coastal regions and laid-back villages. Ask yourself whether you want to be on the coast or within the residential area. In Spain, it is not difficult to find a property that provides easy access to the city’s commercial center.
Be aware of the approximate cost of real estate properties.
The price of any real estate property in Spain would depend largely on its location. Barcelona has the most expensive real estate properties in Spain. The city center of Madrid has properties for sale that are a bit less expensive compared to what you can find in Barcelona. But, if you plan to live in the capital but cannot afford pricey homes you may look for ones in the suburbs. Moreover, the coastal region also has properties that can fit just about any budget you have in mind.
Check the condition of the property.
Any expert on real estate property acquisition will certainly tell you not to assess the property based only on its looks. You also need to check some hidden problems with the property. This is so important, especially if the property that you will buy is about, or more than, 15 years old. These hidden problems can be quite costly to fix.
Here’s the good news: Construction standards have improved significantly in Spain. In fact, these standards are similar to what North America and Europe have implemented in recent years. But, if you’ll buy a home in Spain which was built 15 years ago, chances are it wasn’t built with the same strict standard.
These are just a few of the many things that you have to keep in mind when buying a property in Spain. Most of all, make sure that you also have your own property lawyer. He or she will help you through the legalities involved in acquiring a property in Spain.