Dreaming of making your holiday home in Spain a reality? Or do you want to settle there for good? This slice of paradise is now within your reach, and you want to steer clear of every danger before the first payments? It’s possible! Discover the 6 pitfalls to avoid before buying in Spain! Enjoy some practical advice and picture yourself, with complete peace of mind, in your future life!
Pitfall 1: getting lost in the search
You set off on the quest for the house or apartment of your dreams. You click on every listing that catches your eye, but you start to realise that Spain is a big country. You’ll waste your time reading through every proposal you come across. To make your search more effective, it’s important to define a few key points!
Not every region of this Iberian Peninsula country is alike, so ask yourself the right questions. Would you rather live in the city? In the countryside? By the sea? And plan ahead for how you’ll get around: do you want to travel by car or use public transport? Can you do your shopping nearby? Also think carefully about your project: a second home or a permanent residence? Because if you want to live in Spain, remember to consider schooling for your children, for instance!
By answering all these questions, you’ll refine your search and be far more efficient!
Pitfall 2: Spain is not Belgium
You might think Spain isn’t that far away, that it’s a country in the European Union, and that things will be much the same as your situation in Belgium. But the Spanish property market comes with a few particular situations you need to watch out for.
During your visit, be proactive and ask the right questions about the building materials. Check that the connections (water and electricity) are also up to standard. Sound insulation between rooms isn’t always optimal, so pay attention to the location you choose and to the type of property you want: an apartment or a detached house.
All too often, people plan their visits during the summer season. It’s advisable to make them at another time of year, especially if you intend to make it your future main residence. That way you won’t be under the spell of a holiday mood, and you’ll be able to anticipate another important issue: damp.
Finally, think about the future! So take a good look at the surroundings where you might settle, to avoid finding yourself in a future built-up area that no longer makes you want to come back with the same enthusiasm!
Pitfall 3: wanting to do everything yourself
You’re starting to see it: there are many things to take into account for your future purchase in Spain. You’re in Belgium, and you know it won’t be easy to handle all the formalities on your own. Don’t hesitate to get some support!
Indeed, it’s no longer a secret to you that Spain has its quirks. If you want to invest in a property, get in touch with a property adviser. They can help you better understand market prices, how estate agencies operate, and negotiate your future purchase.
Be careful: in Spain, the notary’s role is more limited than in Belgium!
You’ll need to call on a lawyer to find out whether the plot has obtained all its planning permissions, for example.
Take all these elements into account, as they’ll be additional expenses to factor into your plan to buy in Spain!
Pitfall 4: misjudging your financial capacity
The price of your new apartment or new house won’t be the final cost of your transaction. Taxes, charges and associated fees will be added to the price: acquisition costs, notary/lawyer fees, registration on the property register, and so on.
Also think about what comes afterwards! You’ll have to furnish and decorate your new property. You’ll also have the corresponding running costs, such as water and electricity bills, taxes relating to this acquisition and, perhaps, mortgage instalments.
Bearing all this in mind, don’t forget to look into your options for a mortgage with a bank in Belgium or directly in Spain.
Pitfall 5: waiting before starting the first procedures
To undertake all the formalities of buying your future property in Spain, one piece of information is essential: your NIE!
This is the “Número de Identidad de Extranjero”, in other words, the foreigner’s identification number. With this identifier, you open the door to every Spanish administrative procedure for a foreign national and, in your case, the signing of the purchase deed for your future property.
You must therefore plan ahead to obtain this information, as it can take several weeks. If you’re in Belgium, you’ll need to go to the Spanish consulate nearest to your home.
But don’t worry! The Secundo teams handle the formalities to obtain your NIE, along with the other procedures in general. It’s part of the Secundo services and, all of it, free of charge!
Obtaining this number will also allow you to open a bank account directly with a Spanish bank. This can be useful for taking out your mortgage directly in Spain, as you’ve just discovered, or for linking your upcoming bills tied to your house or apartment. You’ll thus avoid additional banking fees!
Pitfall 6: not thinking about your future
As with any purchase of this scale, it’s important to picture yourself ahead and to try to anticipate certain scenarios. Reselling this property may perhaps become a necessity: you no longer like its location, your family situation has changed, you have new life plans, or you no longer really use it and you want to rent it out!
So it’s an element to take into account right from your search! The most sought-after properties will be the easiest to resell! For rentals, tourists are most often interested in practical apartments that won’t push up their budgets.
A purchase in Spain with complete peace of mind!
There are many factors to consider before the future purchase that will change your life! The ideal is to be supported by Secundo. Every formality is carried out by our teams and at no extra cost! Get in touch with them without delay and let yourself be guided all the way to your new life in Spain!