A few days ago we talked to you about the implications of moving to Spain.
Once this decision has been, the second step is the purchase of their new home.
As we said, if you ask us, we believe it is essential to have the help of a specialised lawyer to help you with everything related to the purchase process. From the revision of the documentation and contract, registration in the registry for the new ownership and the payment of taxes, which depend on each region.
We must not forget that buying a house in Spain is one of the most important financial decisions in a person’s life.
So that you know a little more about it, and so that you can consider buying a home in the best conditions and without mistakes, we have prepared a list of 10 mistakes that you should never make if you are thinking of buying a home in Spain.
Take note!
- Not setting a realistic budget
Before you start looking for a home, it is essential to define how much you can afford to spend. This involves considering not only the purchase price, but also other associated costs such as taxes, notary fees and possible renovations. Experts recommend that financial obligations should not exceed 35-40% of monthly income.
- Ignoring additional costs
In addition to the price of the property, buying a home entails other costs, such as notary fees, land registry fees and taxes such as VAT or Transfer Tax (ITP). It is also important to consider recurring expenses such as Property Tax (IBI), rubbish fees and community fees.
- Avoid negotiating the price
Many buyers are reluctant to negotiate the price of a property. However, negotiation is common practice and can result in significant savings. Not being afraid to propose a reasonable offer based on the market and the condition of the property is key.
- Not comparing different options
Staying with the first option without exploring other alternatives can limit the chances of finding a better deal. It is advisable to research and compare different properties, prices and locations to make an informed decision.
- Not knowing the legal status of the property
Before buying, it is vital to make sure that the property is free of encumbrances, liens or legal disputes. Requesting a Nota Simple from the Land Registry can provide information on the legal situation of the property.
- Failure to obtain mortgage pre-approval
Starting the search for a house without a mortgage pre-approval can lead to disappointment if the necessary financing is not subsequently obtained. Having a pre-approval allows the real budget to be known and strengthens the buyer’s position vis-à-vis the seller.
- Not knowing the associated taxes and fees
Not being informed about the taxes and fees that must be paid when buying a house in Spain can lead to unexpected expenses. It is essential to be aware of taxes such as VAT, ITP and stamp duty, among others.
- Not having professional advice
Attempting to manage the entire purchase process without the help of professionals can result in costly mistakes. Having a real estate advisor, a specialised lawyer and a financial advisor can facilitate the process and ensure that informed decisions are made.
At MAM Solicitors we have over 30 years experience in helping our clients to buy their dream home in the regions of Alicante, Almeria and Murcia.
We have offices where you will find our lawyers specialised in local legislation and with the capacity to attend you in your own language so that the whole process and all the doubts that may arise can be resolved with the greatest of ease.
Do not hesitate to contact us!
