3 most common mistakes made when buying property in Spain

Saturday, 10 March 2018

Acquiring a holiday home in sunny Spain is a dream for many people. Those who make an well thought decision can enjoy many years of beautiful moments on the Costa Blanca.

Due to rising real estate prices and good rental opportunities, nice returns are currently being achieved by our customers who buy real estate from an investment perspective. But... sometimes it happens that buyers are disappointed. In this article we discuss the 3 most common mistakes when buying property in Spain.

3. Property bought too far from the airport

Unless driving is your hobby and you cannot get enough of your four-wheeler, it often happens that people buy a property simply located too far from the airport. When purchasing your second residence in Spain, you should carefully consider the distance to the airport. Keep in mind the travel time from Alicante or Murcia airport to your property in Spain. Consider in advance how long you are willing to drive - or make use of the public transport - before arriving at your Spanish home.

Also, remember that if you want to sell your Spanish property in the future, the distance to the airport is an important factor that many potential buyers will take into account.

In general, our purchasing customers are indicating that they would like to arrive at their destination in Spain within one hour after arriving on the airport. In this way you will not only save long car journeys but also avoid toll costs.

2. Buying new build property without (bank) guarantees

Buying a property on the Costa Blanca is a big investment. Our philosophy is that this purchase must, above all, be done in a secure way. In a flourishing market it is sometimes forgotten that things can go wrong or do not go as agreed. This can happen during the construction process, but also after delivery of your property.

Real estate agency Ibérica-Estates considers it important that no concessions on guarantees are made. That means covered bank guarantees during the construction of your new build property and full product guarantee after delivery of your Spanish holiday home. Real estate agency Ibérica-Estates is one of the few leading agencies where the files of our buying customers are continuously monitored by one of our lawyers.

1. What I am actually signing for?

The biggest risk when buying a property in Spain is to sign documentation that you do not fully understand. Blinded by that great opportunity, that great offer from that real estate agent or the charming employee at the show house, you might sign a contract where you waive certain guarantees. You may well regret this later. Insist that your contract is drawn up in a multilingual way, or even better, make sure the sales agreement is checked by a certified lawyer. The lawyers of Ibérica-Estates have over 15 years of experience in the Spanish real estate sector. Our legal department can also be at your service after completion of your property. They can assist you regarding questions about real estate law, inheritance purposes and tax matters.

Are you planning to purchase a property in Spain in 2018 and would like to have more information? Feel free to contact us.

Be advised in a proper way by one of our consultants. We are happy to serve you.

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