Buying Property In Spain

Property Abroad - Buying Property In Spain

If you are buying property abroad the chances are you are thinking of or have considered Spain. Spanish property is by far and away the most popular choice for British people buying overseas property. The warm climate, friendly locals, excellent beaches and ease of access from the UK make Spanish properties a favourite with British property investors. This article outlines some basic but important information you should be aware of before you begin your search for a property in Spain.

Property In Spain - How Much?

How long is a piece of string? You may pick up a Spanish finca for a mere £50,000 or spend £250,000 on a plush Spanish villa. Either way decide how much you are going to spend BEFORE you do anything else. Whatever you do, don't get carried away as this may involve overstretching yourself and embroiling yourself in a property situation you cannot afford. If you decide your budget for a property in Spain is £80,000 stick to it. It's all too easy to get carried away when you view a property you love but can't afford. In addition, European lenders are less likely to tolerate defaults in payments than British banks.

Don't Buy A Spanish Property On Impulse

I recommend visiting any overseas property you are interested in at least three times before you put the wheels of purchase into motion. Take a video camera or even a still camera when you visit. Upon your return to the UK look at the pictures rather than go from memory. You'll be glad you did. Sometimes things may appear better than they are at first and believe me this has happened thousands of times with potential buyers of Spanish property. Once you recover from the initial "oh I just love it", take the time to think clearly, visit multiple times and photograph the property in full. Above all view other properies within your budget.

Have A Chat With Your Neighbours

This is another top tip before buying a property in Spain. Lets say you have found a potential overseas property within your budget and you have visited the property two or three times. Go to your neighbours and talk with them, find out about the area, its advantages and disadvantages and make sure you chat with a reasonable variation of people. I don't mean simply another British family next door that have been living there for two years, I mean real neighbours, including Spanish ones. There may be things about the area surrounding your Spanish property that you would otherwise be unaware of. For example, perhaps the local town is a little too far away, or the local school isn't up to scratch. Maybe your neighbours are people you wouldn't want as neighbours. Either way- talk to them.

Get Your Property In Spain Properly Inspected

It is absolutely crucial that you have your potential Spanish property fully inspected by a qualified surveyor before you purchase. I know this might seem like obvious information but believe it or not I have personally met people who have invested in property in Spain on the spur of the moment only to regret it at a later date. Get your structural survey done and make sure your property in Spain is what it seems. Be wary of people who stand to profit from faults with your Spainish property, such as builders, roofers etc. Use a surveyor.

Who Owns Your Property In Spain?

Find out who owns the property through legal channels, including any outstanding debts or liabilities connected with the property. Do NOT simply go on the word of a developer or vendor. A recent example has been the selling of properties in Spain, usually apartments, in buildings that have been erected without any planning permission. This is a current issue and the Spanish authorities are clamping down on these cowboy real estate dealers. The losers are going to be the owners, as these properties may soon be demolished with no compensation to the property investors.

Allow For Currency Fluctuation

If your property in Spain is £105,000 today in UK currency it may be a different price tomorrow due to fluctuations in the Euro/Pound exchange rate. Before you buy your property in Spain make sure you are fully aware of the cost at the time of purchase and build in a contingency fund to account for currency differences. It could be 3-4 thousand Euros difference within a couple of days. This way you avoid any nasty surprises when you purchase your Spanish property - especially if you have a limited budget for investment in a property in Spain.