Real estate

Essential tips for buying properties in Spain

There is a great appeal to buying a property in Spain either for holiday or more permanent purposes. A number of new resorts offer the eager buyer a chance of moving into a ready-made community. These offer great communal facilities and will require very little maintenance. Among these, you will find a stunning range of villas and apartments for sale.

Adding to this you will also find that buying off-plan properties in idealistic Spain will be great value for money. These are ideal for budding investors who look at buying one or more properties. Whether you are looking to buy a brand new off-plan home or a home in an established community, there are a few things you need to know. Here are a few of the essential tips you need to know about before buying a property in Spain:

Get an Independent lawyer

Many of the developers for new communities in Spain will offer you the chance to package your legal fees into the purchase price of the property. This might not be the ideal situation for you and your investment. Make sure that you appoint a trusted and independent Spanish lawyer to assist you in buying a property in Spain. It is important that you make sure your lawyer is not in any way connected to the agency selling the property. You need to find a lawyer who will act in your interest.

Always get a bank guarantee

Buying an off-plan property in a new community is safer today than it was in the past. Those who bought their homes in Spain before the property crash lost everything when builder bankrupted. It is for this reason that when you buy a property in Spain you need to make sure that you have a bank guaranteed loan. A guarantee from the bank will ensure that your investment is protected.

There could be delays

If you are buying an off-plan property you need to know that there may be delays in the building process. These will happen. While a builder will try their best to stick to a strict schedule there may be situations which will be out of their control. Any unforeseen circumstances can set your building completion date back by weeks or even months. Make sure that you take this into consideration.

Look for warranties

Have your lawyer check to see if the building process is covered by a warranty. These warranties will cover you as the owner against all major issues related to the structural integrity of the property. In some cases, the insurance will cover you for up to 10 years. Whenever possible also make sure that you can double check the reputation of your builder.

Ask about communal fees

Most off-plan properties in Spain will form part of a resort and they will have shared facilities including a pool and gym. Make sure that you are aware of any fees associated with the use of these facilities. You do not want to be left with any unforeseen bills at the end of each month or year. Also, check to see if these fees automatically increase every year.