Top 5 Tips for Buying Property in Spain
Since 2007, it is thought that prices of homes in Spain have dropped by between 35% and 50%, returning them to the value they were in 2004. While this may be terrible news for those selling property in Spain, this is a great chance for Brits that are looking to purchase their dream overseas property in Spain. To help those that are thinking of purchasing and overseas property, we have put together 5 top tips for buying property in Spain;
- Never forget that property law in Spain is not the same as the law in the UK, which means that you need to be more cautious and make sure you understand and are abiding by the laws. Take the time to understand Spanish property law before you begin your house hunting, making sure you understand the relevance of Urbanizado, Fully Urbanizado and Rural.
- It is recommended that you find yourself a good, reliable and recommended conveyance lawyer before looking for a property in Spain and never allow for any conveyance to be done by anyone other than yourself or your lawyer. Ensure your conveyance lawyer is fluent in your language and Spanish, is a specialist in conveyance and fully qualified with public liability insurance so you know you’re in safe hands.
- The same as when you are purchasing property anywhere else overseas, never presume that the estate agent is your friend, they are not. While they may become your friend in the future, right now their first aim is to earn a sales commission which could be anything from 3% to 18% - the sales commission on selling a Spanish property alone to you could be equivalent to the national annual salary of many living and working in Spain.
- Never be rushed into buying Spanish property, there are always plenty of bargains and amazing deals on the Spanish property market and it is much better to miss out on an incredible bargain than to purchase a Spanish property that could be a disaster home and change your life for the worse.
- Speak to the team at The Money Cloud to help with the transferring of your money for the purchasing of property in Spain. The Money Cloud could save you up to 85% of the cost charged through your normal high street bank; when you’re looking at the cost of a house this could save you an awful lot of money.