Buying Property In Spain
The boom in low-cost, budget airlines has meant that owning a property in Spain is a real possibility, not just a lifestyle afforded by the rich and famous, according to Banco Halifax Hispania.
Some of the worlds' most famous and well-known celebrities, such as Claudia Schiffer, Richard Branson, Andrew Lloyd Webber, The Zeta-Douglases and Antonio Banderas, already own property in Spain, so here is some advice if you want to join them.
1) Do your homework before viewing any properties
- Establish what you want from your property in Spain. Remember that the location which was great for a two week holiday many not always be ideal to return to time and time again. Establish your desired type of property and layout and write it down. This will help you clarify your thoughts whilst viewing properties. You may also want to consider this for comparing the location of the property.
- Write down any questions so that you won’t forget them when you have the estate agent there and also means that you can evaluate all the properties against the same criteria. It also stops you getting carried away!
- Be aware of hard sell tactics – Make sure that the estate agent you are using is aware that you won't be putting a deposit down on a property on the same day.
- Take someone with you - It is also recommended that you always take someone with you when viewing properties, this not only provides added safety, but also ensures that you have a second opinion to call upon.
2) Issues to consider during the viewing
- Is the property managed? If not, will you be able to manage the garden or the swimming pool? If you are intending to spend your time between the UK and Spain you will need to consider what will happen when you are away.
- What services does the property have? For example, is it connected to an electricity supply?
- Are the room sizes adequate for your needs? Will they accommodate the furniture that you had in mind? Or your 'idea' of what it would be like to live in Spain?
- Will you need to do any repair work or renovation? For example, will you need to replace the bathroom or the kitchen? What about painting? You will need to decide whether you can make this type of a commitment to your property or if it is too much work to take on.
- Are the cupboards or wardrobes hiding any problems? It is important to check all aspects of the property to ensure that you uncover all issues with the property.
3) Physical aspects of the property
- Is the property alarmed? Do the windows have locks?
- Will the property come with curtains? If so, are they in good condition?
- Does the property come with any furniture or fittings? You need to be clear of what items are included in the sale and what you will need to buy yourself.
4) The location of the property
- Are there any rights of way over the land? Which of the boundaries is the responsibility of the property?
- Are the deeds or ownership titles in place? Or will there be any future development surrounding the property?
- What are the neighbours like? Are there any issues that you should be aware of?
- What is the surrounding area like? What about the local amenities? You may, for example, be interested in the local international schools, amenities, public transport facilities or night life.
- What is the property like at different times of the day and different times of the week? You should always view a property more than once and make sure that this happens at different times of the day and week.
5) Questions to ask the seller
- How long have they lived there and where are they moving to? More importantly, why are they moving?
- What recent repairs have been carried out and are there any guarantees for the work?
- What fixtures and fittings are included with the property? Sometimes what you see is not what you get.
- How long has the property been up for sale and how many viewings has it had?
- How much does it cost to run the property?
- What about the managed service cost? What does this cost cover?
6) The importance of a survey
- When putting in an offer on a property in Spain, don't worry if you have missed anything in the viewing, as the property should also be surveyed by an expert, prior to purchase.
- Although employing a solicitor and surveyor will increase the purchase costs, as legal and survey fees have to be paid, these amounts are relatively small compared to the expense of trying to sort out unexpected difficulties in the future.
- It is good practice to use an independent solicitor rather than one that has been appointed by the agent that you are buying property from, to protect your best interests.
- As in the UK, a Spanish solicitor will ensure that all aspects of the purchase, including planning permission, obtaining a residency certificate and other legal requirements are satisfactory and will investigate the property as thoroughly as possible to protect your interests.
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