When you are looking to buy a property in Valencia or elsewhere in Spain there are certain features and aspects of it that you decide you want. However until you get here you may not really know because on seeing a place your preconceived ideas can change very quickly. There are certain things you really should remember though and we call those the “Seven Keys to Buying a Property in Spain“. In order therefore here are seven key points for getting the best out of your property buying in Spain.
Decide where you want it.
Sounds stupid I know but Spain is not really a country and Valencia is not really a city, they are both a series of experiences. Property in the city is very different from that on the coast which is different to those commuter towns which are hugely different to the inland more rustic areas. If you have an airy fairy image of Valencia then you wonʼt get what you want. In order to firm up your ideas of what Spain is or should be keep looking at the blog and use the search function to see older posts.
Decide what your budget is and stick to it.
It is blatantly obvious that houses and flats above your budget are going to be nicer than the ones you are shown at a lower budget but most people get lost in the process and happily spend the money that should be ring fenced for feeding them, paying for education for their kids, transport and other living costs when they settle in while they are looking for work or an occupation. Getting that extra bedroom or larger plot of land and thinking it may come in useful one day isn’t a great way of starting.
Know what the costs are.
Many agents are not clear about pricing. They donʼt spell out the 10% tax, the agency commissions, the notary and registry fees, the tax on mortgages or even the opening commission on mortgages either, I could go on. Ask, ask and ask again what the costs are going to be and investigate whether all of those costs are fixed, many are but some are negotiable (Opening fees on mortgages with banks for example)
Realise that almost everything is negotiable whatever the seller may tell you.
If you see a place you like then offer a decent amount (and if it is in the city currently that decent amount needs to be really close to the asking price to get a deal in general). However donʼt overpay because the seller says they will not come down. Once your money is notionally on the table their attitude may change.
Keep an eye on the market before you come over.
Make sure that you are really up to date about what is going on in the national, regional and local market before coming over so that you can make a decision based on knowledge and there is no ignorance in that decision. Again, the best way to avoid ignorance is make sure to read the ebook you got when signing up for the mailing list and all of the other information that you get from us on this blog and social media for the day to day. Some days it is light hearted and others it is serious but it all has a point, to help you know more about moving to and living in Valencia and Spain.
Have an out position.
If you overstretch yourself you will suffer in the future as you will make decisions based on need rather than knowledge. Make sure to have two or three years’ money in the background and that you live frugally until you are earning a good amount. The best way to do this is to have a roadmap on what you want to do when you are here and how you can achieve that. Don’t come over on a whim and a dream, plan and plan well. Also if things don’t work out make sure you can easily sell the property, this is where not overpaying comes in too.
Have everything ready so that you can move if you find the perfect property.
What does that mean? Well, make sure you have an international money transfer account set up. We recommend Currencies Direct as they are superb at the one on one communication and getting you the best rates. On your first visit set up the process for getting NIE numbers. This process is different in each autonomous community of Spain, I said it was a series of experiences not a country remember. The NIE number is essential for buying a property and it can take up to 60 days depending on the region or whether you apply for it in your own country through the Spanish Embassy or Consulate so it is best to start it off even if you are not yet ready to buy. Then when you are ready you are good to go.
There are many other tips many of which are covered in our autoresponder sequence after signing up to our mailing list and the ebook. These are the essential ones which you cannot be without. Follow these steps and you are well on your way towards a successful and much cheaper move to Valencia than if you do not do them. Forget them and you will suffer.