Have you been dreaming of a vacation home on the Costa del Sol for years or are you considering living there permanently? Then surely the question "How to buy a house in Spain?" has already occurred to you. Buying a property in Spain can be a great experience, at least if you keep in mind the pitfalls. To ensure that this process goes smoothly, it is essential to avoid the common mistakes that many buyers make. We have listed the 5 most important mistakes for you.
Uno: You have not prepared
A common mistake when buying a house in Spain is the lack of proper preparation. Unlike the careful process one is accustomed to in their own country, it is common here for people to act impulsively, ignited by the vacation atmosphere and pleasant weather.
However, it is crucial to prepare properly:
- Get to know the regions: Get familiar with the different regions in Spain and keep in mind the advantages and disadvantages of each region.
- Additional costs: Don't lose sight of additional costs such as taxes, attorney and notary fees, etc.
- Purchase Process: Immerse yourself in the Spanish purchase process and the required documentation involved.
If you are well informed about this process, you can avoid unpleasant surprises and make your purchase go more smoothly. Our complete guide for buying a house in Spain will help you get started.
The environment of the house is disappointing afterwards
By thoroughly exploring the area in advance, you will avoid buying a house in a location that later proves disappointing. Consider the following aspects:
- Distance: Check proximity to hospitals, stores and other amenities.
- Habitability outside the summer season: Consider whether the area is also suitable in winter when it is quieter.
- Safety and Crime: Examine neighborhood safety and crime levels.
- Maintenance: See if the community maintains the area well and if there is litter or neglect.
- Infrastructure: Check the quality of roads and public transportation in the area.
Dos: No financing before preliminary purchase agreement
Another common mistake that buyers make is not arranging financing prior to the preliminary sales agreement. The preliminary purchase agreement is a private agreement between you and the seller in which the seller confirms his/her intention to sell. Furthermore, in it you confirm your intention to buy the property at the agreed price and under the specified conditions. In addition, this contract also contains the specified date when the notarial transfer should take place.
Some key points:
- Timely preparation: Make sure you have enough time before signing the preliminary purchase agreement because it determines the closing date at the notary.
- Financing plan: Start planning your finances and mortgage options before you commit to anything. Research loan terms and interest rates.
- Negotiate terms: Discuss and lay down any suspensory conditions to protect you from unexpected situations.
- Down payment: As a buyer, you usually have to pay a down payment, usually 10% of the sale price. With seller cancellation, you get double the amount back, but with buyer cancellation, the down payment can be lost unless there is a suspensive condition on a mortgage.
- Long maximum term: Set a maximum term as long as possible, say 4 months, to minimize risk and allow time for all necessary steps.
Tres: You underestimate the time it takes to get an NIE
In Spain, as a foreign buyer of property, which includes EU citizens, you must apply for an NIE (Número de Identidad de Extranjero) to buy a property. You can apply for your NIE at a police station in Spain. If you are outside Spain, you must apply directly to the Spanish embassy or consulate in your home country.
A helpful tip is to hire a lawyer or attorney to handle these administrative matters for you, especially if you don't feel like dealing with Spanish bureaucracy. This can make the process go more smoothly.
Cuatro: You don't hire a lawyer
Some people think that, especially if they have bought a house in Belgium before, they can arrange everything themselves in Spain to save money. In doing so, they cut back on an estate agent or lawyer, which is not really wise in Spain.
A lawyer will make sure all permits, documents and contracts are in order before you transfer large sums of money. He or she can translate documents and arrange administrative matters for you. If you cannot travel to Spain in person, the lawyer can sign documents on your behalf.
Thus, it is important to hire a reliable, local attorney to avoid potential problems and ensure that the purchase process goes smoothly. Therefore, enlist our help. Alness, your trusted companion, will effortlessly guide you through the entire purchase process. We are by your side, from providing essential information to putting you in touch with the right professionals such as lawyers and tax advisors. We are here to support you and help you make important decisions.
Cinco: The broker is unreliable
And to conclude, don't make the mistake of hiring an estate agent who is actually not to be trusted. Many "estate agents" in Spain are aware that you as a foreigner know too little about buying a property in Spain and are out to sell you something they would like to get rid of. ****To avoid this, it is smart to use a Belgian estate agent.
Why engaging a Belgian real estate agent is important
If you are wondering the best way to buy a house in Spain, then using a Belgian real estate agent is the most important tip we can give you. A Belgian real estate agent who sells houses in Spain knows how everything works in the country and can make sure you don't make any mistakes.
A big advantage is that they understand the language well and can translate if needed. They also have contacts with various experts in Spain, such as lawyers and notaries. These contacts can be very useful. If you need help with things like electricity, water, internet, insurance or healthcare, they can also refer you to the right people.
How to buy a house in Spain? With Alness of course!
In short, using a Belgian real estate agent can save you a lot of worries and ensure that the buying process runs smoothly. Call in the help of Alness. With Alness you can count on personal assistance from start to finish. Trust our expertise and experience to find your dream home in Spain without the pitfalls and worries that many buyers encounter. Contact us today contact us today and let's work together to make your dreams come true!