It is exciting to start a new life in Spain, and buy a property. However, buyers often find it overwhelming because everything is in Spanish and the buying and legal processes are different. There are many options.There are pros and cons to buying property in Spain With Spain’s turbulent housing market to the COVID-19 pandemicGiven market uncertainty, 2021 could offer investors the chance to save money in Spain, even if others are skeptical.After Brexit, buying property in Spain.
It is essential to understand the differences between Spain and other countries when buying property in Spain. This will help foreign buyers avoid any potential problems or mistakes. Let’s take a look at some of these.The most common mistakes expats make when buying property in Spain.

  1. Do not prepare the documents needed
  2. Not taking additional costs into consideration
  3. Don’t do your research
  4. Avoiding real-estate agencies
  5. Not looking for professional help

Do not prepare the documents necessary in advance

To buy property in Spain, you need certain documents. These documents are also required to open a bank card. Before you even consider buying a Spanish property, you will need to get a NIE. This is necessary for any major transaction or official procedure in Spain. If you are familiar with how to get a NIE, it is your foreign ID number. Our guide explains how to obtain a NIE for Spain. If you’re from the UK, then you must apply for a TIE as the UK has left the EU.

After you have obtained your foreign ID number, you can open a bank. This is essential in order to buy a house in Spain. You won’t have the ability to open a bank account or pay the fees required for purchasing a Spanish house. These registrations are highly recommended so you can begin the Spanish buying process as soon as you can.

Do not forget to account for additional costs

You should remember that you will not pay the advertised price for a Spanish property. Even if you find a property that seems cheap, you should be aware that there may be hidden fees and taxes. You can find our guide to all the extra taxes and fees you will have to pay when purchasing a property in Spain. These may change depending on where the property is located in Spain, with different rates for different regions.

Mortgage fees are often forgotten about. While Spain’s mortgage interest rates are low, there are still some fees you need to be aware of. Most Spanish banks require that you have at least one type insurance in order to get a mortgage. However, you must also remember that the amount of money you can borrow from banks in Spain depends on several factors. Non-residents are eligible for less financing if they’re buying a second house. Our experts at hipotecas can help you with your research to ensure that you don’t get ripped off.

Don’t do your research

You should also research Spanish mortgages.It is important to conduct thorough market research. This includes the location you are looking in, the property and how long it takes to purchase a property in Spain.Spain house prices And so on. For example, many foreign buyers tend to concentrate their property search on tourist or expat areas that have high prices. However, if you look just 10 minutes away, you can still find the right place.Get more for your money. Referring to the property, use all resources such as videos or virtual tours. If possible, go to the property and talk to neighbours to inspect it from every angle.

Avoid real estate agents

Due to the additional fees and paperwork, many expat buyers in Spain avoid buying property advertised by real estate agencies. Avoiding agencies could mean you miss out on the perfect property for you. Using an estate agent in Spain will give you market insights and help you avoid common mistakes when purchasing property in Spain.

Do not seek professional assistance

You need to understand all aspects of buying a property. This is an important investment. A real estate agent can provide you with key information about the market, but it is also recommended that you seek legal advice to help you understand the terms and conditions of the sale. If you don’t know Spanish fluently, a lawyer can help you sign all necessary documents. There are many Spanish lawyers who specialize in helping expats purchase property. Many others speak English. They can help you navigate the maze of Spanish bureaucracy involved in purchasing a house.

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