Sometimes when you are looking for a property to buy in Valencia or elsewhere there are certain things you need to know. If you make a mistake it can end up costing you big time in terms of wasted money, wasted time and huge frustration. So today I thought it time to let you know about the biggest mistakes you can make when searching for Valencia Property and what those mistakes can mean for you.
Contact Every Agent
Logically you want the largest choice available for your property search, you want the best selection and you might think that the best way to get the best choice is to contact as many agents as possible. That would generally be a bad idea. Most agents have maybe one or two properties you might be interested in and more importantly they generally will not even bother to answer mails (The number of times our clients tell us that they had contacted agents with no reply prior to contacting us is unbelievable) You should contact an agency that can provide you with the widest choice through a single point of contact, a buyers’ agent of course. That is what we do at Valencia Property.
We sort the wheat from the chaff and get you the best selection of properties for your particular needs. We have contacts with all of the major agents in and around Valencia and we also know which agents to avoid. We keep an overview of the market on a daily basis checking out new properties that come onto the market that may suit you, our client.
It really is a waste of your time to contact a load of agents in and around Valencia. Let us organise your time better and your property visits in a more efficient manner.
Be Unclear About What Type of Property You Want
“I want a villa in the countryside, no, an apartment overlooking the beach, no scratch that, a townhouse in a small village, no, forget that have you got a loft conversion, but I really like…”
You get the idea. The more scattered your thinking, the less chance you have of finding what you want because, truth be told, you don’t know what you want. You need to know, not exactly what you want but at least a ball park for your preferences and then let us find that diamond in the rough for you. After all, if you don’t know what you want then how can we find it for you?
Not Know the Area You Want
Equally, what if the perfect house for you is in an area you don’t like or doesn’t work for other reasons such as proximity to schools, work etc… You need to have an idea of areas you would like to be in and places you definitely wouldn’t want to be in. How do you know this? Take a look at our blogs about districts in Valencia and the best towns around Valencia as a starting point. Or maybe take our orientation tour as a first point of contact.
Not Get Your NIE Number Sorted
As we have said before getting the NIE number is a big deal and is essential to be able to complete on any purchase of Spanish property. Therefore it’s best to get started on the process as soon as possible so if you need to move quickly on a property you can. You don’t want the fact that you haven’t managed to get your NIE in time to be a factor in losing out on a property or even worse losing your deposit. Believe me this almost happened this year as a client’s lawyer (Not our recommended ones) didn’t manage to get the NIE on time and was extremely lucky that it came through on the day of the signing after extending the contract for a month beforehand to give them even more time to do it. This was a huge risk and extremely stressful for the buyers and everyone involved.
Don’t Open A Spanish Bank Account
You will need a Spanish bank account even if you don’t particularly want one. Most utility companies will require a Spanish account to direct debit your payments and you will most probably need to raise a bank draft for payment for the property you buy in the notary’s office. You are best doing it while you are here and we can organise it for you as part of your orientation day. However it is now possible to open an account and onboard you remotely with some banks so bear that in mind too.
Make Ridiculously Low Offers
Some property markets work on supply and demand and offers are a part of the process. Really low offers are often considered the norm and nobody bats an eyelid. However in Spain remember one thing, if you make what the owner considers a really lowball offer they will consider it a personal insult and refuse to drop even a cent! Yes, that happens. They might also send you to hell and refuse all further contact (And this also happens). It’s the agent’s job to make offers but we will guide you on what might be considered as an offer and what might not so you don’t get shut out in this way.
Allow Yourself to Be Manipulated By Agents
If you go through an agent working for the seller, traditional estate agents, then expect them to try and manipulate you into purchasing what they want to sell you. How do thy do this? Well, they take you to ten useless properties that will not suit you before taking you to the one that ticks a few of your boxes then try to grind you don’t into buying it by stating that’s the best there is and, tired from your wasted days out, you go for it. That’s one typical way. Equally they may have people waiting to come out and go in as you visit as they have made sure to make all appointments on the same day at the same time to create an illusion of demand for that property.
Don’t let them do this. Go through a buyer’s agent instead and control the narrative.
Believe “Experts” on Facebook Groups
There are so many experts on social media these days who spend their time perusing Facebook groups looking for potential “clients” for their “services”. From relocation advice, to NIE consultants and even yes, estate agents. Some are good but most have too much time on their hands and are just trying to position themselves in a space to create a commission from your innocent question. never trust advice in Facebook groups from well meaning (or not) people. Only last week an “expert” told someone that Ruzafa in Valencia was just like Benidorm. He has either never visited Ruzafa, or Benidorm… or both.
Also beware that the moderators of certain groups have it as their personal fiefdom and they only allow “Friends” to post there (Friends means companies who pay to appear and don’t have their posts either deleted or moderated)
Believe the Line “Tiene Muchos Novios”
This is my favourite and it is what an agent does when they want to rush you into a quick decision. They create false scarcity and excess demand by using the line “Tiene muchos novios” (Literally “it has a lot of suitors”) My answer to that one is always the same, “but nobody has bought it or made an offer yet, strange that!“
Try To Save Money By Not Using a Lawyer
The payment to the lawyer is painful of course as it may seem that the lawyer hasn’t done anything. You don’t see the process of conveyancing in the background and, especially with city apartments, the process may well seem very quick. However, paying the lawyer could be the biggest thing you do in making sure you can buy a property securely and with certainty about its legal status. Lawyers can charge up to 1% of the purchase cost of a property on higher price properties but will have a minimum, usually around 1200-1500 Euros for their work. They are also bonded meaning if they make a mistake you are covered by their insurance for your losses (Be careful with this though as many lawyers are only covered for the minimum amount of 60k)
Trust Your Bank in Your Home Country
Using your bank in your home country to change your Pounds, Dollars, Yen, Kroner, Pesos, Yuan etc… into Euros could be a huge mistake costing you maybe 2-3% of your purchase price. They may be all friendly and nice to you but that is because they are making a huge amount of mney from international money transfers by giving exchange rates which are extremely favourable for them but not so much for you. We recommend Currencies Direct in Valencia for money transfers as they have an office here, have been providing services to our clients for a decade now without any problems and they are efficient and friendly without ripping you off. They also have an agreement in place with La Caixa bank here to save you a lot of money when the money is received and more importantly so you don’t get overcharged for your bank drafts on purchase. Read more about them here.
You could place a deposit without having a serious contract in place, you could place it before your lawyer has checked out the property and without a condition in the contract, you could buy an illegal property off a bloke in a pub, you could trust your agent who is working for the seller… there are any number of other mistakes you could make. We have seen most or all of them over the years. Let the fact that we have seen all of the mistakes people have made over the years guide you. Come to Valencia Property and be certain that we work in your interest, that you are working with professionals (Even though we don’t wear suits) and that you will get the best selection and the best deal. We have been doing this for years and our clients love us, in general 😉
Golden Visa Property Of The Week
As usual we present you with one of the latest Golden Visa properties . Remember your Golden Visa can be got by buying one or more properties to a value on the deed of over 500k and it gives you unlimited free movement in and around Spain in the Schengen countries in Europe. An excellent investment for non EU families.
In El Plantío, one of the best urbanizations in Valencia and a 15-minute drive from the city, you will find this wonderful villa, with beautiful views.
This impressive house is built in the style of a masia, a traditional farmhouse, and you can see how well it fits in with the natural environment around it. It is distributed over two floors and a semi-basement. It has 4 bedrooms, an office, large kitchen, 3 bathrooms, living room with fireplace and an ample covered terrace. In the basement is the garage and a cellar.
The exterior has a swimming pool with a house for a purifier and a paellero-barbecue area.
There are quality features throughout the house, including central heating with radiators throughout the house, Terracotta flooring and wooden doors, windows and shutters.
As you can see from the photos this property is surrounded by trees and nature, however it is still very convenient to the airport (10 min) and to several international schools located nearby. Valencia city is only 15 minutes and the beach another 10.
Good house, good area, good value, simple as that.
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