When you are thinking of buying Spanish property there are lots of considerations. The main ones should be location, price and quality of course but even after considering these top three considerations you still need to avoid making the basic mistakes that anyone can make if they are not advised correctly.
Let's look at them in turn.
1) Not employing an independent lawyer
Never use the lawyer that the developer tells you to. Never use a lawyer who doesn't speak your language. Never employ a lawyer you have a gut feeling about that isn't good.
Always employ a lawyer.
We always suggest a range of lawyers to our clients, lawyers who speak the language that the client is confortable with. We have a list of reputable lawyers and believe me many have been struck off that list for various nefarious activities such as not answering mails quickly enough or not being clear on the specifics and details. Therefore the lawyers we suggest can be blunt to the point of pain but at least they get the job done quickly, efficiently and effectively.
2) Not thinking about the lifestyle you want and only considering the property
People fall in love with a property but what they are really looking for is a change of lifestyle. The property should complement the lifestyle. If you love going out in the city and walking round in the middle of the night taking in the sights and having cocktails at lounge bars then don't buy a house in the sticks with no public transport even if it has some lovely bougainvillea climbing up the crumbling outside wall.
If you love the peace and quiet of the countryside then firstly do not buy a city flat, Valencia is loud at the quietest of times. Secondly, make sure to bring those silent dog whistle things you can get from the Army and Navy stores in the UK as the chorus of dogs chatting at nights in many areas can be immediately shut up :-)
3) Not getting a survey done
That bougainvillea covered wall? You know it may just have an underlying structural problem. However it looks nice doesn't it? And looks are all that counts aren't they? A survey can be done relatively cheaply but it may save you from making a big mistake. Ask me for recommendations because I know of two very good surveyors in the local area and I will put you in touch with both of them.
4) Overstretching a budget.
The big fault. If your budget is 200k then your budget is 200k not 220k, not 240k and certainly not 330k. If you can get what you want for 150k even though your budget is 200k then get it, and if you can get your property for 120k based on your lifestyle considerations then do it. You don't need to show off in dinner parties saying "Well of course our property was a lot more expensive than yours". The lifestyle is the key and if you have money to spend after buying rather than having to scrimp and save every last penny for the rest of time then your life in Spain will be so much better.
5) Leaving your brain on that famous plane
During the boom years estate agents became estate agents because so many people left their brain on the plane. Selling was easy and any piece of rubbish could be sold at prices that were way over what their inherent value was. People would often get off the plane, be picked up and taken straight to a property or two and buy them.
No consultation, no investigation, no thought of structural integrity and no thoughts of price.
Most of those people got burnt and left Spain a couple of years later with their wallets considerably lighter and heavily chastened by the experience. The reason I have 100 videos preparing you to live in Spain, a blog with posts such as this one, a twitter account and a Facebook page is so that you avoid the mistakes. You can follow and get information, ask me anything about the market and also get some great insight into what it is really like living in Spain.
Without that information the general desire of "I want to move to Spain" means nothing. You won't do it or even worse you will but you won't do it right. You must do the investigation and seriously these days there is no excuse for not doing so especially when you consider the investment you will be making. Ignorance can be an expensive mistake.
Related Places
1) My Twitter Account
2) Valencia Property on Facebook
3) Google +
WhatsApp us
