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Pitfalls of Buying Property in Spain and How to Avoid Them

Spain is one of the most beautiful European countries. It is characterized by a mild Mediterranean climate which makes it suitable for tourists. An increasing number of people decide to buy real estate in this country, a place where they will be able to come to rest, but also to rent to other tourists and thus make money. Buying a home or apartment is full of unpredictable pitfalls that should be avoided. Misjudging the budget, not researching the neighborhood, and listening to friends are just some of the mistakes we make when buying a new property.
It is a common situation that sellers, as well as buyers, do not know how to read certain documents, nor do they fully understand them. Many major mistakes can have unforeseeable and lasting consequences, while others can complicate and slow down the procedure of selling or obtaining a loan, so it can happen that one or both parties withdraw from an already established agreement.

Thousands of fraudsters, numerous lawsuits, ruined destinies, and personal tragedies warn again and again that caution is never enough when buying real estate. Accidents happen for several reasons: you want to buy as cheaper as possible, you are insufficiently informed about the situation (ignorance), you are stingy to give more money… Of course, there are also cunning fraudsters. What you definitely need to check is the neatness of the documentation. Therefore, consult with experts. Best of all, with verified sales brokerage agencies or with attorneys. When buying a property, we can’t help but wonder where to start. This is a particularly important question if you are a foreigner in that country. In that case, you will need someone expert to guide you and explain everything about paperwork, because buying a property will not be possible if you do not have an NIE number. In addition, it is important to mention the many real estate agencies that are there to guide you to the best locations and exactly what you are looking for. On javea.properties you can find more about it.

Source: opendoor.com

Buying any property is a big investment that you should not rush with. It is important that you know exactly what you want, in what location, how much space, and that thought is your guide. Never heal for the first apartment or house you see because in that case, you will very quickly realize that you have made a mistake. It is best to write down wishes, expectations and possibilities on paper and look for real estate according to these criteria. You should also look at them and evaluate all the advantages and disadvantages. Take a look at the shortlisted properties once again.

For each property, it is essential to check its condition in the land register. Ownership is entered in them. But a sales contract is just a prerequisite to register ownership, it doesn’t mean someone is automatically its owner as well. It can be checked in the land books to see if there are encumbrances, mortgages, or seals on the property. And when the condition in the land books is ‘clean’, the buyer can still buy a ‘cat in a bag’. That is why the situation in the book of deposited contracts should be checked. However, it sometimes happens that there are no negative records in the land books that indicate that the property does not have a building or use permit. Well, even that needs to be checked to see if the property is legal.

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The apartments, as well as the cars, are being renovated by the owners before the sale. And if the apartment looks perfect at first glance, it is very possible that the owner just “smeared” the visible parts, in order to achieve the best possible effect in a short time and with a little money. It is always a good idea to bring with you someone who has some knowledge of construction, someone who can point out potential problems such as landslide problems, the quality of foundations and construction, the quality of windows, and whether any investment is necessary at the outset. If you do not pay attention to these things, you will realize that you have been deceived, but too late.

Only those most experienced buyers know that before deciding and signing a contract of sale, it is important to hire experts who will give an assessment of the actual condition of the property. Namely, only a professional knows how to hide the shortcomings that will later give the new owner big problems.

Another barely big mistake a customer can make is not paying attention to the neighborhood. Think about what kind of neighborhood you want, whether it is family people with small children or singles and elderly people who will not disturb your peace. It is also important to pay attention to the facilities in the area. What is a luxury house worth to you if you have schoolchildren and no school is in sight?

Source: pexels.com

It often happens that people buy a property based on a first impression, ignoring the shortcomings that may not be seen at first glance. Skilled real estate agents easily recognize emotionally driven buyers and try to make a deal quickly, especially when it comes to a property that is not easily marketable. To avoid failures, first prioritize and then make a list containing all the essential characteristics of the property (price, location, internal layout, utility infrastructure, etc.) with evaluation criteria.

There are no fixed prices in the real estate market, so be wise and by no means agree to the first price asked by the seller. When negotiating, be cold and do not accidentally show enthusiasm for the offered property, but point out the weaknesses. Just think what you could do with the money if you lowered the price by 10%, which is possible in most cases. Once you have signed the contract, there is no going back. Therefore, pay attention to all the details, especially if you are buying an older property.

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