There are plenty of good reasons why you ought to buy an apartment in Spain. Of course, the main one is that you'll have a place to stay while you're here. If you ever want to relocate to Spain, that will be your new home. And if not, you can always use it as a vacation home. Not to mention the option of getting it rented out by others so you can earn a few extra bucks. See? The sky's the limit when you buy an apartment in Spain. However, when you do begin the purchasing process, it'd be good to follow some tips like negotiating the final price and joining the Golden Visa program.
Get a Spanish Property Lawyer
While it's not exactly a requirement, it's a lot easier to buy an apartment in Spain with the help of a Spanish property lawyer. Especially if you're a foreigner who's not all too familiar with the laws in the country. And even more so if you don't speak or understand Spanish. Your Spanish property lawyer will deal with all the legal issues when it comes to purchasing your new property in Spain. This, then, will lessen your workload so you can focus more on the property at hand. Do make sure that the lawyer you hired is trustworthy!
Be Careful When Hiring a Real Estate Agent
You also have to be careful when hiring a real estate agent. Remember that it's essentially their role to be your mouthpiece when communicating with the seller. There are a lot of things to consider
first before hiring a real estate agent. What's the experience? Have they sold homes in the area you're looking into? How much are they looking for in commission? What do their previous clients say about them? It's better that you look into all of these first before partnering up with a real estate agent. There are still a lot of scammers in Spain as well as there rest of the world!
Negotiate The Price of The Property
Remember that the purchasing process doesn't officially start until you, the buyer, make an offer. The seller might set an asking price, sure, but at the end of the day, it's your money. So it's only natural that you negotiate for something lower than the asking price. In fact, the seller ought to expect it. Only then can you start negotiating. Just remember to be careful with your offers. Going for a price that's considerably lower than the asking price might lead the seller to look for another buyer instead. Always be fair with what you put on the table!
Always Conduct a Property Survey
It should already be a given that you will survey the property before buying it. Photos on property listing websites and video tours can only do so much. To really get a good sense of the property in Spain and what it's truly worth, you'll have to visit it yourself. Let's say you're relocating to Barcelona
and you already have a place in mind here. Shouldn't you see the home yourself before you choose to reside here? Of course! In fact, seeing the property in person will help you negotiate for a better and fairer final price!
Join The Golden Visa Program
Now, what if your Schengen Visa
doesn't allow you to visit Spain multiple times? How will you be able to check out the property then? Well, you can always join the Golden Visa program. This is a new scheme here in the EU that lets foreign property owners get a residency visa. You will, however, need to invest over €500,000.00 in said property to be eligible. Once you do that, you'll be granted a residency visa that will let you stay in Spain indefinitely. This is the most suitable scheme for those who plan to live in the country.
Put A Mortgage Clause in Your Contract
More often than not, since properties do cost a lot, even here in Spain, you'll likely need to get a mortgage to complete your purchase. However, many mortgage lenders will not complete your agreement until you own the property. So when you're writing up the contrato de arras
(deposit contract), make sure to include a clause that allows you to pull out of the agreement if you can't acquire a mortgage. This then lets the seller return your deposit. Such cases may not be that common, but they do happen. As the saying goes, 'it's better to be safe than sorry!
Create a Spanish Will
Finally, once you've bought the property in Spain and the keys are already in your hands, don't hesitate to write up a will. Not that it's a requirement or anything, but if you want to leave your property to your heirs, this is the best way to ensure it. And don't think that if you're not a legal resident of Spain that your will won't be valid. Anyone with assets in the country—which in your case is your newly-bought property—can write up a valid will. Rest assured, the Spanish government will legally recognize it!
It may be your dream to finally buy an apartment in Spain but before that can come true, there's a lot you need to do. Don't worry! As long as you follow these helpful tips, rest assured it will be smooth sailing from here!