5 Things To Know When Buying In Spain

More and more people are starting their search for a property overseas online so today we offer some advice and 5 things to know when buying in Spain.

Since the lock down due to the Coronavirus outbreak, with air-travel and freedom of movement restricted, the Spanish property market and real estates across many parts of Spain has obviously seen a dip in number of clients visiting their offices (much of them have been closed for 3 months) and with many clients under lock down in their own country, it has been tough times for real estate in Spain.

However, recent stats from top agents & property portals like Rightmove Overseas and Chestertons have shown positive signs for searches online and with air-travel now allowed, real estate agents are hoping for a busy summer this year.

With mamy clients eager to buy property in Spain, today we offer our 5 things to know when buying in spain as a little guide of things to consider and be aware of when searching for your dream place in the sun.

• Paperwork - make sure you have all relevant licenses, permissions and supporting docuemnts before committing to signing any agreement.
  • at the very least, in the reservation contract, it should state that if any of the searches return any negative results that the contract is void and any deposits paid are returned.

• Total Buying Costs (tax, land registry & notary) - know the additional costs involved when Buying in Spain - for example, the purchase tax is 10% and cannot be supported by a mortgage.

• Currency Fluctuation - due to the numbers involved, even a small change in the exchange rate can impact the value of your property and mortgage payments.  That said, it can work both ways when you come to sell and a drop in the exchange (from GBP to EUR) can help sellers.

• Sales Techniques - I'd like to think we have moved on from the (bad old days of) 'hard sell' but be aware and careful of any pressure from sales teams.  Just say no!

• Seek Professional Advice - it always surprises us when clients are not considering paying (in comparison) a small amount to check the proper channels and legalities for the purchase of their property.  Buying a property can be very stressful and a legal minefield if you're not familiar with the country, the language, the culture and the legal process.  Pay for a good lawyer

The team at Zebra Homes pride ourselves on haveing the experience to offer advice on any of the above but we would still suggest a legal representative to ensure everything is correct, checked and double-checked.

If you are looking to buy a property in Guardamar or looking to sell your property, Contact the team for a no obligation appointment to discuss the process.