5 Vital Aspects When Buying a House in Spain
Thinking of buying a house in Spain? Here are 5 vital aspects you can NEVER IGNORE when buying a property in Spain in times of crisis such as the present situation in the real estate market.
5 IMPORTANT ADVICES
1. Make sure you are able to pay the property
That sounds obvious, but I think it is good, to mention that. So, before placing an offer on the table, you have to be very, very sure that you will be able to pay that amount of money.
I means that you have the money (or you will undoubtedly be able to have it), either because you have already sold your old house or you have concrete the mortgage.
2. Decide where you want to live
Does it sound obvious as well? You have no idea how many people get disappointed because they did not decide carefully where to live!
From Expat Agency, we always recommend to check different areas around Costa del Sol before buying a house in Spain. Explore different areas, put yourself in the place living there, ask other expatriates or locals, etc.
Do you prefer the beach or the montains?
What’s better for you: near the city centre or something calmer?
Do you have a car to get your new house?
Is it a safety area?
3. Not allowing oneself to be carried away by the emotions
It will not be your hotel or holiday rental. It will be your house. Buying a house based on emotions is just going to make you fail. If you fall in love with a property, you might end up making some quite bad financial options. There is a huge difference between your emotions and your instincts. Following your instincts means that you know that you are getting a great property for a good value. Following your emotions is being obsessed with the modern furniture, paint color or the backyard. It’s an huge purchase, so remain calm and be wise.
4. Hire an attorney
You need to get a solicitor to handle the legal work to transfer ownership of the property to you. Besides, and this is very important, he will avoid the issues which can result from different unknown situations, such as latent defects, charges, encumbrances, unfair terms in the contract, etc.
That’s why we offer free attorney fees when buying a house in Spain with us (only for properties around Costa del Sol). Just to inform you, attorneys usually ask between 1% and 1.5% of the selling price, bu it is worth.
5. And finally, your investment or your destination?
If the purchase is for investment purposes only, you will just have to think in terms of profitability. You should choose between:
- Holiday Rental: due to the weak Spanish Law (regarding landlord rights), this may be the most safest option. However, currently your house needs to fulfil some legal requiremntsif you want to rent it for holidays. Besides, this rental requires a lot of time and dedication.
- Long-term Rental: nowadays there is a lack of long-term rentals in Spain. This leads to find high rental prices and the opportunity to elect your tentants between many candidates.
Otherwise, if you think this is your destination and you want to live in this house for 10 years or more, you can be a little more flexible if it is the house of your dreams, although you should always ask yourself if you want to deal with all the expenses, especially if it is quite a big change compared to your previous home.
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