Buying a home

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For those dreaming of a life of basking in the sun, a retirement or holiday home in Spain may be the perfect solution.

 

Many people longing to live abroad have reservations about the process of buying a home in another country. The media has released a lot of horror stories over the past few years, on this website you will find information about the steps you need to take to safely purchase a home in Spain. In addition, you will also learn about some of the things you should avoid during the process.

 

Tips:

1. Only use well-established estate agents in your search
Make sure that the estate agent representing your dream home has a long history of quality service. Since there is little regulation for estate agents in Spain, some companies have been known to open for business temporarily, collect money from clients and close their doors, leaving their clients without compensation. Using a reputable, well-established estate agent will allow you to move smoothly through the process without worrying that your funds are in danger.

 

2. Open a bank account in Spain
If you are planning to move to Spain, you should open a Spanish bank account as soon as you can. Having a bank account in Spain will allow you to easily set up utilities and services in your new home. A large number of companies in Spain will only offer their services if you have an active Spanish bank account, so it is helpful to open one in advance.

 

3. Locate a well-respected money transfer company
Sending funds through a transfer company can save you a great deal in transfer fees. In addition, you will have access to better exchange rates than you would find with a high street bank. However, it is important that you make sure the company you choose is trustworthy and has a reputation for good service.

 

4. Use extreme caution if you intend to buy off plan
As a result of the economic downturn, a lot of Spanish construction companies have closed their doors, leaving their projects unfinished. Buying off plan will remain risky until Spain's housing market makes a recovery. If you do decide to buy off plan, make sure that your builder has a long verifiable history.

 

5. If you are not absolutely sure you want the property, do not pay the deposit

Property deposits in Spain are non-refundable, so you should not put any money down until you are positive that you want to purchase the home in question. Most property deposits are 10 percent of the property value, so this will be no small loss if you change your mind.

 

6. Ask to check for debts attached to the property

Under Spanish law, the debt of an individual is attached to their property, rather than to the actual person. Ask your lawyer to verify that there are no outstanding obligations attached to the property. Such debts may include utility bills, mortgages, taxes and community fees.

 

7. Make an effort to meet local residents

Prior to purchasing your home in Spain, you should do your best to get a feel for the community in which it is located. Get to know the area and find out if there are activities you would like to be involved in after you move.

 

If you follow these  tips and remember to keep your wits about you and not make any rash decisions, buying a property in Spain shouldn’t be as taunting as it may first appear!

 

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