Searching for property in Spain for sale is an exciting process that symbolizes new life. However, it has many nuances and complexities that need to be sorted out before you can get your new villa or apartment. Pitfalls of buying property in Spain can be a real problem for those who have not had any previous experience with a great deal of rules, conventions and taxes, which are an integral part of the process of buying property in Spain. To prepare you in advance, we suggest studying the main subtleties you should know about.
5 Pitfalls of buying property in Spain
Below we will describe 5 things to know when buying property in Spain. Some of them are similar to those in other European countries, while some are unique and found exclusively in the Spanish real estate market.
1. Do not ignore the services of real estate agencies
The vast majority of real estate agencies in Spain do not charge you for their services. By refusing their services, you lose plenty of useful assistance, help with the selection of real estate, tax calculations, you complicate your communication with the owner of the property you like and create many problems for yourself. Choose an agency with real estate managers who speak your language and you can save not only your money, but also a lot of time.
2. Open a bank account and get a NIE in advance
If you go to Spain to buy real estate without obtaining a NIE and without opening a Spanish bank account, you risk dragging out the transaction process. Spanish legislation does not allow foreign investors and tourists to make purchases without a NIE issued, and a Spanish bank account will make paying the maintenance costs much easier in the future. A good lawyer or a well-chosen real estate agency will help you prepare the necessary documents beforehand.
3. Do not try to seal the deal on your own
If you do not know what are the rules for buying property in Spain and do not understand the contract that you are offered, you can fall victim to scammers, face problems with having the deadlines met and promises kept along with many other issues. If you do not know anything about local laws and do not understand intricacies of the law, then hire a lawyer. He will help you through all the stages of processing the necessary documents, will carefully study the contract of sale and do everything it takes to ensure that the transaction goes through transparently and without problems in the future.
4. Be aware of property taxes in Spain
Spain is a country with some of the highest taxes in all of Europe. Here you pay about a dozen of different taxes, each of which must be calculated and taken into account. Prepare questions to ask when buying property in Spain. What are the main and additional taxes? Have they been added to the declared value of the property? How often do I have to pay them? The easiest way to deal with this issue is to use the services of professional real estate agencies. There the specialists will easily calculate and specify all the types of taxes that you need to consider in the process of buying a home and further living in Spain.
5. Explore the market
Before jumping into the idea of buying property in the first city that catches your eye, spend a little more time researching the market. The Spanish market is full of thousands of villas and apartments in dozens and hundreds of resort towns. A large number of offers creates a large range of prices and makes it possible to save for those who do not skip studying these offers more thoroughly. It is possible that the city close to that of your choice will have the same perks but the prices for real estate there will be 10-20% lower. Compare different types of real estate, study the features of the cities you like, familiarize yourself with the peculiarities of living in a particular region. All this information can easily be found on the Internet in a matter of minutes.
Good luck finding and buying property in Spain!
Now you know what are the pitfalls of buying property in Spain and you will be able to make your dream of living on the Mediterranean coast come true without making unnecessary mistakes. Save your time and money, prepare in advance for any possible situations and study all the features of the Spanish real estate market or simply contact professionals in this field. Good luck finding the best property on the shores of sunny Spain!