7 avoidable errors when buying a property in Spain

As the allure of owning property in the picturesque locales of Spain continues to captivate foreign buyers, understanding the pitfalls to avoid is essential for a smooth transaction. Whether you’re dreaming of a seaside villa in Costa Blanca or a quaint apartment in the bustling streets of Barcelona, this guide highlights seven common mistakes and provides practical advice to navigate the complexities of the Spanish real estate market.

1. Not Conducting Proper Due Diligence

Mistake: Skipping thorough checks on property legality and debts.
Example: John, a buyer from the UK, purchased a villa only to find out it had unresolved zoning issues and a lien for unpaid taxes.
Advice: Always request a ‘Nota Simple’ from the Spanish Land Registry to verify the property’s legal status and any outstanding debts.

2. Underestimating Total Costs

Mistake: Overlooking additional expenses beyond the purchase price.
Example: Emily from Sweden underestimated costs like notary fees, transfer tax, and legal fees, which added up to 10-15% more than the property’s price.
Advice: Budget for all potential costs; include notary fees, registration fees, and taxes in your financial planning.

3. Ignoring Regional Variations

Mistake: Failing to consider local laws and customs.
Example: Bob, an investor from the US, bought land in Andalusia without knowing about local restrictions on rural land development.
Advice: Research regional regulations and customs, or consult with local experts before making a purchase.

4. Overlooking Future Development Plans

Mistake: Not checking for future area developments.
Example: Sarah bought an apartment with a beautiful sea view, not realizing a new building was planned that would block her view.
Advice: Check the local town hall for future development plans that could affect property value or your enjoyment of it.

5. Rushing the Buying Process

Mistake: Rushing into a purchase without proper reflection.
Example: Mike from Germany felt pressured to close quickly on a property during a visit to Spain and missed several defects.
Advice: Take your time, visit the property multiple times at different times of the day, and avoid making decisions under pressure.

6. Not Verifying the Builder or Developer

Mistake: Failing to research the developer’s reputation and financial stability.
Example: Anna purchased an off-plan condo from a developer who later went bankrupt, delaying the project indefinitely.
Advice: Investigate the developer’s history and financial health. Check past projects and read reviews or testimonials.

7. Skimping on Professional Advice

Mistake: Avoiding the cost of legal and real estate advice.
Example: Tom tried to save money by not hiring a solicitor, resulting in a contract that did not protect his interests.
Advice: Always engage with a reputable real estate agent and a qualified solicitor who specializes in Spanish property law.

In conclusion, buying a property in Spain can be a rewarding investment when done correctly. Avoiding these common mistakes not only secures your investment but also ensures a smoother and more enjoyable purchasing experience. Remember, investing in quality real estate and legal advice from professionals familiar with the Spanish market is invaluable. Make your property purchase in Spain a success by being well-prepared and informed.