10 Ways To Save Money When Buying Your Spanish Property

Or 10 ways for getting the best value possible when buying Spanish Property.

When you are going to be buying Spanish property you obviously want to get the best value for money. However that does not only mean finding a property and negotiating a price that suits you and then sitting back and congratulating yourself on a job well done. There are so many other ways to save money on your purchase that if you do not do them then your costs for the purchase could be thousands of Euros higher than they otherwise would be. Take a look at ten of the ways in which you can save money when buying your Spanish property.

1) Use a property finder. As we have mentioned in our blog post here on our sister site at the Spanish property network, you have a choice when looking for property in Spain, you can go it alone, use an estate agent or use a property finder. In order to ferret out the best deals for you we recommend using a property finder. They sort the wheat from the chaff, try to get inside of your head and find out exactly what you want rather than trying to sell you what they have and will give impartial advice regarding the things you get shown. Well worth the investment as you are likely to save thousands.

2) Use a currency firm. If you are transferring money from one currency to another do not use your bank directly as they will mercilessly rip you off. Use a currency firm. We work with many to get you the best deal. Typically they will save you a couple of thousand Euros compared with your bank on every 100k transferred. The competition is greatest in the UK market so the best deals are often when you transfer either to or from the UK market. Click the image below for example to see one of our partners.

Currencies Direct
Currencies Direct

3) Use a Recommended Removal Company. When you are transporting furniture or personal items the range of companies offering to do it is huge and the prices you will get quoted are also hugely varied. It is not usually the case that the more expensive the better they are either. Use a recommended company, we have a few depending on where you are coming from, and ask about their full insurance as a little money spent on insurance can save a lot of time and hassle further down the line.

4) Buy a Furnished Property. Listen, I know you have furniture you like at home and you want to bring it here and use it but just think, it costs you to get it here, it was bought for another house in another country in another style and it may be too big, small or the wrong style. Consider buying a property that comes fully furnished even if you do not like the furniture in the house that you are buying. Furniture is not too expensive in Spain and bit by bit you can replace the bits you don’t like with an eclectic mix of things that may suit you and the property much better.

590000 Euros Valencia Furnished Penthouse
590000 Euros Valencia Furnished Penthouse

5) Use a Lawyer and Get a Power Of Attorney. Using a lawyer may seem counter intuitive when looking at saving money on your Spanish property purchase as they cost money and especially if you are buying at the lower end of the market it adds a considerable cost to the purchase. However not using a lawyer can be hideously expensive as many people have found over the years after trusting the developer/agent/builder and their lawyers (Usully a brother in law or other family member just looking after their interests).

Regarding giving the lawyer a power of attorney, this means they can sign for you saving you the expense of another trip for signing for the property and they can also do anything for you in future when it comes up rather than you having to fly out at short notice to sort out a problem.

6) Get A Survey Done. Hold on Graham! You said save money not pay money out! However again here a survey on a property whether it be a walk through survey or a full survey may bring up problems that you have overlooked when visiting a property and can save you from making the mistake of buying what may well be a moneypit in the future or give you an idea of how much any potential problems will cost to remedy. This allows you better negotiating terms with the owner perhaps.

7) Buy from a Horseman. What? Somebody selling a property who falls into one of the four D categories of Death, Disease, Divorce or Debt (See our post about the Four Horsemen of the Spanish Property Apocalypse here) will give you a better deal than somebody who doesn’t need to sell and is just testing the market with their pricing. Where there is pain on the selling side there is often a mutually beneficial solution that helps the buyer to get a good deal.

8) Have a Plan B. Don’t put all of your eggs into one basket. Be prepared to walk away from a deal if the owner puts too many stipulations, inconveniences or traps in your way. Do not just set your heart on one property. remember a property is just bricks and mortar, when you come to Spain to buy from abroad in many cases you are buying the lifestyle. Obviously the property is important but it is not the be all and end all of the move. There are lots of properties for sale.

9) Don’t be Afraid Not To Buy. When you buy you pay 10% tax (Or maybe more see our post here) you pay commissions, you pay notary, registry and gestor fees and probably for a lawyer too. You may have already paid up front for a survey and the lawyer may have checked the property out and therefore charged you. Consider those upfront costs as a good investment in education if you decide not to buy. You will have to pay them again on your next property but if there are red flags heed them. It’s the gut feeling too, is this the right property for you? If it is and there are no red flags go for it. However if there is that little niggling feeling in the background and the lawyer says “no way”, then listen. Don’t feel the pressure to buy.

10) Ask Awkward Questions. Don’t be afraid to be obtuse. Ask awkward questions to the lawyer, the estate agent, the relocation agent, the property owner, the owner’s dog, any neighbours etc… Remember it is a large investment to buy a property even at a bargain price so make sure you get the full information about the property before going ahead with it. Lots of people don’t like to impose, don’t like to embarrass people. However knowing the full facts is important so ask those questions. Your wallet wil thank you.

So there you go, ten ways to save money, in some cases a lot of money, when buying property in Spain. You can always get the best value in Spanish property by following these simple steps. You will save thousands if you do them all even if some of them require an upfront cost. Don’t skimp on them and make sure to do them and your Spanish Property purchase should go through without a hitch.

Of course the other option is to use our services whether you are buying in Valencia or buying in other parts of Spain. Get in touch and we will guide you and help you to save thousands on your purchase while getting you something that suits you perfectly.

500000 Euros Valencia Penthouse Apartment
500000 Euros Valencia Penthouse Apartment

One thought on “10 Ways To Save Money When Buying Your Spanish Property

Comments are closed.