Is it Dangerous to Buy Property in Spain?

Almost everybody is now aware of Spain’s popularity as someplace this is dangerous wherein to buy assets. Indeed, in reality, every week, a headline seems inside the worldwide press highlighting yet some other scandal regarding Spanish belongings. Again and once more, stories describe the plight of humans who’ve bought property owners in Spain handiest to discover, to their horror, that their residences property owners have potentially ruinous problems. Some of those properties aren’t fully prison or challenge to sizable liabilities, at the same time as others risk the obligatory loss of a part of their land or, worst of all – a probable demolition order.

It is sufficient to make all people taking into account moving to Spain alternate their thoughts. Almost everybody is now aware of Spain’s popularity as someplace this is dangerous wherein to buy assets. Indeed, in reality, every week, a headline seems inside the worldwide press highlighting yet some other scandal regarding Spanish belongings. Again and once more, stories describe property owners’ plight of humans who’ve bought property owners in Spain handiest to discover, to their horror, that their residences have potentially ruinous problems. Some of those properties aren’t fully prison or challenge to sizable liabilities, at the same time as others risk the obligatory loss of a part of their land or, worst of all – a probable demolition order. It is sufficient to make all people taking into account moving to Spain alternate their thoughts.

So, is it without a doubt dangerous to shop for property in Spain? Well, the sincere solution to this question is a certified – no. No, in case you understand what you’re doing and no – if you are exceptionally cautious and realize the ‘rules of the game’. The problem is that most people who purchase belongings in Spain achieve this carelessly while naively imagining that the Spanish assets industry operates lots the identical way as inside the UK. It does now not. Not in any respect! In reality, knowledge of this factor, in its most uncooked and brutal form, is critical if you are to shop for belonging in Spain that is a secure and sound purchase – both from the point of view of legality and investment.

After seven years in Spain (consisting of running considerably inside actual estate), I suppose I even have seen, one way or some other, maximum of the problems and scams referring to Spanish property. Unfortunately, 1/2 of Spain’s belongings issues result from the very nature of the Spanish assets industry and 1/2 via property customers themselves – who are regularly taken advantage of and act like ‘lambs to the slaughter. Of course, there are pointers to shopping for Spanish property correctly. Some of the most essential are:

1. Know the difference between ‘Urbanized,’ ‘Fully Urbanizado’ and ‘Rural.’ To recognize these definitely critical Spanish assets terms isn’t ‘rocket science’ – but is so fundamental that you need to now not even be looking at belongings in Spain earlier than you realize what they imply and their very severe and differing implications.

2. Every Spanish asset should have a Licencia de Primera Ocupación or First Occupancy Permit (from time to time called a ‘Certificado de Habitacion’ or ‘Cedula’). If it does not have one – do not buy it.

3. Only buy a belonging without difficulty re-saleable – so be prepared to compromise on what you want if it manner buying re-saleable assets. Obviously(!), understand (objectively) what is or isn’t re-saleable. Guidelines are to be had, and they may be essential…

4. Never confuse a ‘good buy’ rate with a sound purchase. The two are not necessarily the equal aspect! This is as authentic of a property crash as it’s miles of a boom.

5. Never accept the very lifestyles of a property in Spain as evidence of its legality – even though it has been around for a long term. The assets may additionally nevertheless be unlawful, semi-criminal, or have large capacity liabilities.

6. Be extraordinarily wary of purchasing any Spanish property situated within much less than at least 100 meters of the highest point that could be reached with the aid of the sea in a major hurricane.

7. Always use a Spanish lawyer to your conveyancing who:

a. Is completely impartial of the vendor and an estate agent.
B. A professional in conveyancing.
C. Completely fluent in your language.
D. Fully and properly insured.
E. Is prepared (and does!!) region all advice in writing to you.

8. Always use a nicely certified, completely insured, skilled constructing surveyor to survey your property – even supposing this indicates the use of an ex-pat surveyor. (Good Spanish surveyors specializing in in-house survey paintings are very hard to discover).

9. Never pay any ‘black’ money for Spanish belonging – i.E. Cash that isn’t shown on the Escritura (deeds) as a part of the overall assets purchase fee.

10. Never be forced, in no way rush, and constantly double-check what you are advised – and reap written evidence if you have the slightest doubt about the fact of some matter.

Follow the above, and you will be properly on your way to shopping for a valid property in Spain. Break the ‘guidelines’ and act without the proper understanding, and you will almost, in reality, regret it! Finally, I need to pressure that you may pass to Spain and purchase assets in Spain properly. We did – and our assets have been a sound preference on all stages. Even now, in the midst of a massive property crash, it’s miles without problems re-saleable and has preserved the essence of its price. But then we knew what we had been doing and that moving to Spain to shop for assets became an undertaking requiring extreme education and making plans – if it was now not to end in catastrophe.

Of path, in case you are moving to Spain permanently and intend to buy belongings in Spain, then the stakes couldn’t be better. Indeed, if you make an error, it can be one so one can fee you your lifestyle savings, flip a dream into a nightmare, and hazard the entirety which you have labored hard for over many long years. All of which is senseless – when you have the right understanding. After seven years in Spain (consisting of running considerably inside actual estate), I suppose I even have seen, one way or some other, maximum of the problems and scams referring to Spanish property. Unfortunately, 1/2 of Spain’s belongings issues result from the very nature of the Spanish assets industry and 1/2 via property customers themselves – who are regularly taken advantage of and act like ‘lambs to the slaughter. Of course, there are pointers to shopping for Spanish property correctly. Some of the most essential are:

4. Never confuse a ‘good buy’ rate with a sound purchase. The two are not necessarily the equal aspect! This is as authentic of a property crash as it’s miles of a boom.

7. Always use a Spanish lawyer to your conveyancing who:

9. Never pay any ‘black’ money for Spanish belonging – i.E. Cash that isn’t shown on the Escritura (deeds) as a part of the overall assets purchase fee.

10. Never be forced, in no way rush, and constantly double-check what you are advised – and reap written evidence if you have the slightest doubt about the fact of some matter.