When you're thinking of purchasing Spanish property there are a lot of considerations. The main ones should be location, quality and price naturally but even after debating these top three points to consider you still need to avoid making the basic mistakes that anyone can make if they aren't suggested in the right way.
Let us take a look at them in turn.
1) Not employing an independent lawyer
Never use the barrister that the developer tells you to. Never use a lawyer who doesn't speak your language. Never employ a lawyer you have a gut suspicion about that isn't good.
Always employ a counsel.
We always suggest a range of lawyers to our clients, barristers who speak the language that the customer is confortable with. We have a list of credible barristers and trust me many have been struck off that list for various nefarious activities like not answering mails fast 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 finished quick effectively and efficiently.
2) Not thinking about the lifestyle you would like and only considering the property
Folk fall completely in love with a property but what they are actually attempting to find is a change of way of life. The property should counterpoint 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 do not buy a house in the sticks with no public transport regardless of if it has some beautiful bougainvillea climbing up the crumbling outside wall.
If you like the tranquillity of the countryside then first do not buy a town flat, Valencia is loud at the quietest of times. Secondly, make sure to bring those silent dog whistle things it is easy to get from the Division and Navy stores in Great Britain as the chorus of dogs talking at nights in many areas can be instantly shut up
3) Not getting a survey done
That bougainvillea covered wall? You know it could have a basal structural problem. However it looks nice doesn't it? And looks are all that counts aren't they? A survey can be done relatively cost-effectively but it may protect you from making a big mistake. Ask me for suggestions because I know of 2 excellent surveyors in the neighborhood and I'm going to put you in touch with both.
4) Overstretching a budget.
The large fault. If your financial position is 200k then your financial position is 200k not 220k, not 240k and definitely not 330k. If you can get what you need for 150k even though your position is 200k then get it, and if you can get your property for 120k based mostly on your way of life concerns then do it. You do not need to show off in dinner parties announcing "Well naturally our property was a lot more costly than yours". The way of living is the key and if you have cash to splash after purchasing rather than having to scrimp and save every last penny for the remainder of time then your life in Spain will be much better.
5) Leaving your brain on that famous plane
During the boom years realtors became estate agents because so many folks left their brain on the airplane. Selling was simple and any piece of rubbish may be sold at prices that were way over what their inherent price was. Folk would regularly get off the airplane, be picked up and taken direct to a property or two and buy them.
No consultation, no enquiry, no thought of structural integrity and no thoughts of price.
Almost all of those folks got burnt and left Spain a couple of years later with their wallets significantly lighter and heavily chastened by the experience. The reason I have 100 videos getting you ready 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 bungles. You can follow and get info, ask me anything about the market and also get some great comprehension of what it is actually like living in Spain.
Without that information the general desire of "I want to head off to Spain" means nothing. You will not do it or perhaps worse you may but you will not do it right. You have to do the enquiry and seriously these days there is not any excuse for not doing so especially when you factor in the investment you'll be making. Ignorance can be an expensive mistake.
Let us take a look at them in turn.
1) Not employing an independent lawyer
Never use the barrister that the developer tells you to. Never use a lawyer who doesn't speak your language. Never employ a lawyer you have a gut suspicion about that isn't good.
Always employ a counsel.
We always suggest a range of lawyers to our clients, barristers who speak the language that the customer is confortable with. We have a list of credible barristers and trust me many have been struck off that list for various nefarious activities like not answering mails fast 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 finished quick effectively and efficiently.
2) Not thinking about the lifestyle you would like and only considering the property
Folk fall completely in love with a property but what they are actually attempting to find is a change of way of life. The property should counterpoint 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 do not buy a house in the sticks with no public transport regardless of if it has some beautiful bougainvillea climbing up the crumbling outside wall.
If you like the tranquillity of the countryside then first do not buy a town flat, Valencia is loud at the quietest of times. Secondly, make sure to bring those silent dog whistle things it is easy to get from the Division and Navy stores in Great Britain as the chorus of dogs talking at nights in many areas can be instantly shut up
3) Not getting a survey done
That bougainvillea covered wall? You know it could have a basal structural problem. However it looks nice doesn't it? And looks are all that counts aren't they? A survey can be done relatively cost-effectively but it may protect you from making a big mistake. Ask me for suggestions because I know of 2 excellent surveyors in the neighborhood and I'm going to put you in touch with both.
4) Overstretching a budget.
The large fault. If your financial position is 200k then your financial position is 200k not 220k, not 240k and definitely not 330k. If you can get what you need for 150k even though your position is 200k then get it, and if you can get your property for 120k based mostly on your way of life concerns then do it. You do not need to show off in dinner parties announcing "Well naturally our property was a lot more costly than yours". The way of living is the key and if you have cash to splash after purchasing rather than having to scrimp and save every last penny for the remainder of time then your life in Spain will be much better.
5) Leaving your brain on that famous plane
During the boom years realtors became estate agents because so many folks left their brain on the airplane. Selling was simple and any piece of rubbish may be sold at prices that were way over what their inherent price was. Folk would regularly get off the airplane, be picked up and taken direct to a property or two and buy them.
No consultation, no enquiry, no thought of structural integrity and no thoughts of price.
Almost all of those folks got burnt and left Spain a couple of years later with their wallets significantly lighter and heavily chastened by the experience. The reason I have 100 videos getting you ready 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 bungles. You can follow and get info, ask me anything about the market and also get some great comprehension of what it is actually like living in Spain.
Without that information the general desire of "I want to head off to Spain" means nothing. You will not do it or perhaps worse you may but you will not do it right. You have to do the enquiry and seriously these days there is not any excuse for not doing so especially when you factor in the investment you'll be making. Ignorance can be an expensive mistake.
About the Author:
Graham Hunt is an estate agent in Valencia. He lists his properties for sale in Spain at Valencia Property and his blog where he talks about all sides of moving to and living in Spain is Houses for Sale In Spain
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