How to avoid mistakes while purchasing property in Spain
The Most Common Mistakes When Buying a house or real estate in Spain
We will discuss 5 main mistakes that you can make when choosing a property in Spain.
So, mistake one, indefinite purchase purpose.
Why do you buy real estate in Spain, for subsequent rental, or for your own vacation and accommodation?
For rental, choose areas closer to the beach, with a well-developed infrastructure, such as shops, restaurants, parks and various resort entertainments. Please note good transport links. It greatly increases the attractiveness of the object.
If you want to acquire real estate for your own leisure and residence, pay special attention to the quality of construction, which is why we strongly recommend considering primary housing. Since the quality of the construction of primary and secondary real estate in Spain is significantly different! The location of the object is also important. But in this case, you can safely rely on your own preference.
The second mistake is "remote purchase".
We DO NOT recommend you buy a home “remotely”: based on photos, video content, or on the advice of “friends”. Since the difference can be colossal. First of all, you need to get acquainted with the location in which you would like to live. Walk along the streets, to the park, to the sea, to the nearest store, and if you feel comfortable in your chosen location, only then you can proceed to search for a specific property.
The third mistake - "the desire to buy real estate without intermediaries"
“Why pay an intermediary if you can save a round sum, you ask?” In fact, everything is exactly the opposite. It is a professional realtor or a company that will save you money, time and effort. For the buyer, real estate services are completely free. They are paid by the seller in Spain. And if you contact the seller directly, then nothing will be saved.
Since, in accordance with Spanish law, the value of real estate from developers or real estate companies - should be the same. Moreover, some real estate companies even offer free accommodation, transfers and sightseeing tours. You also get a whole package of free transaction support services - checking the documentation, translation services, obtaining a mortgage, opening a bank account, etc.
The fourth mistake is simultaneous work with several realtors.
We DO NOT recommend that you work simultaneously with several real estate companies, as in the end, none of them will work with you with full dedication. It is better to trust one, a professional team that will spend 100% of their time and energy on you. And it is this company or realtor that should become the guarantor of your safety. Tasks such as:
- selection and inspection of real estate,
- receiving discounts or mortgages,
- signing the contract and documenting the transaction,
Leave it to the professionals. But working with several companies at the same time is not a good idea.
Fifth mistake is the desire to get a mortgage loan on the minimum line.
If you decide to buy a property in Spain with a mortgage, we recommend that you take the maximum possible lines. Usually, a loan is taken for a period of up to 25 years, at 2 - 5% per annum (depending on the bank). Naturally, the longer the loan term, the less you have to pay monthly. And if you wish, you can always repay the loan ahead of schedule, without additional fees.
We hope this article has been helpful to you. You can get a more detailed free consultation by calling the WTG Spain hotline. WTG Spain - Your property in Spain is waiting for you.