What Are The Pitfalls While Buying Property in Spain?

Almost everyone dreams of buying a property overseas, especially in Spain, a heaven on earth. Buying property in Spain offers many privileges and advantages. However, if you are buying a property in a foreign country, things may not always be as simple as “pay and get”. Buying a property in Spain is a simple process for its professionals, but it can turn out to be a nightmare for first-time buyers from other countries who do not have any idea about legal procedures and the buying process in the country. In some cases, buyers may face some undesired outcomes when buying property in Spain mostly due to lack of knowledge and dealing with wrong people. This article explains the pitfalls while buying property in Spain.

Not Spotting The Target In Advance: Making a list of expected features of your dream property is a good start to purchasing property overseas. Conscious property buyers should know what exactly they want before starting their search for it. Having a wishlist makes your property search faster and easier as you can explain yourself clearly to your estate agent and it helps you filtrate your options after a property inspection tour. A good wishlist should include the desired property type and features, number of bedrooms, close amenities, and budget.

Inadequate Research: Making detailed research about the location, property and its surroundings is vital when buying a property if you are buying it in a foreign country. Buyers should learn as much as possible about the property they will buy to avoid disputes. Property and its legal documents should be checked carefully to ensure that you are buying the right property. Learning about the area where the property is located is also crucial as it will qualify your living standards.

Focusing On The Sales Price: Some buyers focus mainly on the sales prices of properties when looking for one to buy. Although buying a property at the correct price and within your budget is important, buying the right property is more important most of the time. Your main purpose should be to find the right property that suits your expectations and needs the best. Another important point to take into account is financial planning. You should consider the property purchasing costs and after-purchase payments such as taxes and utility connections.

Leaving The Registrations To The Last Minute: The first step when buying property in Spain is to get an NIE number which is necessary for legal procedures and financial transactions. Opening a bank account in advance also saves you time as you may need it for the property purchasing payment at the beginning and tax and bill payments after the purchase. It is advised to obtain an NIE number as soon as possible and open a bank account so that you can start the legal procedures of buying property in Spain sooner.

Avoiding Professional Assistance: Sometimes buyers prefer carrying out the property purchasing process themselves, without the guidance of a real estate agent, since they want to keep the money they will pay to a realtor. Indeed, if you don’t know the process and the legal procedures, it is likely that you may spend more than normal due to a lack of information and experience. Especially if you are buying a property in a foreign country, dealing with a professional real estate agent makes things much easier and secure for property buyers. It is advised to get professional assistance for the process to avoid problems.

Feeling An Obligation To Visit Properties Physically: Technology has affected all areas of life including the real estate business and property purchasing customs. Spain Homes has launched a secure and swift way of buying a property over the phone; TeleProperty. Thanks to this service, property buyers from all over the world can buy properties by using their phones and computers, without leaving their countries and even their homes. If you can not travel but want to buy your dream home in Spain today, you can visit our TeleProperty page for more information.

Further Information

Spain Homes assists its clients at every step of property purchasing in Spain. We assist our clients entirely from choosing their dream home to document preparation and legal conveyancing. You will eliminate all pitfalls from the beginning by buying your property in Spain with Spain Homes. Learn more about our services.

Do you have further questions in mind about buying a property in Spain? You can contact us to get detailed information about buying property in Spain from one of our professional agents or to arrange a viewing tour.