If you are new to Spanish property for the first time it’s very important that you use the best professionals and get the best advice or you could be one of those people that end up in Spanish property horror story.
Nearly all the stories that you may have read about in the past could have been avoided if the people in question had followed the following guidelines.
Tip 1 Always use a Spanish lawyer
Well this is the number one tip and probably the most obvious. You wouldn’t buy a property in the UK or any other major country without using a lawyer so why would you not use a lawyer in Spain when you know nothing about the property market. However many people do this and end up in huge problems. Make sure that the lawyer you use works for you and not the seller. Simple sensible tips but one that will help you avoid Spanish property heartache. Please read our buyers guide for more detailed information.
Tip 2 Choose an agent that speaks your language and one you can trust
Again very important find an agent that speaks your language and one that is on your side and can look after your interests as lost in translation is a real problem with some property deals in Spain. It also makes sense to find a professional agent who fully understands the market and that can introduce you all the right professional lawyers and accountants but most importantly one you can trust.
Tip 3 Make a Spanish Will
Again very important but it makes sense to take to your lawyer and understand the inheritance laws here in Spain. Most importantly making a Spanish will is a must even if your just buying a holiday home or planning to live in Spain full time. This will make life a lot easier for your spouse and family should the worst happen.
Tip 4 Understand the different property buying taxes.
Very important because the lower priced property might be more expensive. In Spain you have two type of property sales, New Developments and Resale’s which are treated differently for tax rates with New Developments currently attracting 4% IVA and resale’s attracting 8% property transfer tax so a resale property that has a lower price than a new development might actually be more expensive.
Tip 5 Make sure you know the community fees of your property
Simply put depending on the quality and facilities your property offers will make a big difference to the amount of community fees that you have to pay. There can be big differences in monthly costs between different developments. So don’t walk in blind make sure you know these facts before you buy.
I hope you find these tips useful and if you would like to know more detailed information please request a copy of our Spanish property buyer’s guide.