Many people dream of buying their property in Spain. That’s because this country provides them with not only superb quality of life, but also a perfect holiday. And these are justifiable reasons. Who wouldn’t want to live in a country that offers a benign climate, welcoming population, and intact culture?
However, there are some disadvantages that come with purchasing properties in Spain, or as the locals say propiedades en venta, which can put your investment at risk. It’s therefore wise that you know these pitfalls so that you can avoid them. To help you make a safe investment, we’ve listed some risks of buying a house in Spain.
Purchasing in the wrong location
When buying a house, it’s easy to put all your focus on its design and forget the area. However, note that homes in Spain are not cheap. Imagine what happens after you’ve spent thousands of euros on your house, then you realize that you don’t like living in that location. It’s therefore essential that individuals spend enough time checking out different places to get the best fit.
For those buying a property built, it is wise inspecting it to ensure that it is in good condition before making a purchase. An architect can help you detect hidden defects such as cracks, moisture risks, or settlements. If there are any defects, buyers are given a warranty of three years. Also, the law issues a grace period for buyers to claim hidden flaws of second-hand houses, no matter their age.
Fraudulent statements from real estate agents
Realtors are essential when buying your house. They make the process seamless for clients. However, sometimes, they do lie concerning certain documents. Just like in all professions, they are good and bad realtors. There are cases where agents don’t act in your best interest. Therefore, it’s always wise that an individual ensures that the documents are legit. Certain certificates, such as Habitability, are compulsory, and real estate agents may not easily obtain them.
Some of the land in Spain has been used for industrial purposes. But because of the local urban regulations, some grounds which were previously used for industrial purposes can be constructed into dwellings.
You should, therefore, be very careful before purchasing land which was being used for industrial activities. Individuals should take time to assess that environment to determine if there is any soil contamination as well as other environmental liabilities that may arise.
If buyers can’t identify the polluters, they may be charged with costly legal liabilities.
Property and surface boundaries
For large properties that are purchased as they are or using the Caveat emptor principle, individuals should hire an expert surveying engineer to determine the exact size of that land. Otherwise, you might end up paying adjusted prices or get in disputes with your neighbours.
In most cases, the real size and that stated at the Cadastre, or Land Registry don’t match. A surveyor will, therefore, reveal the actual surface of that property before you purchase it.
These are some risks that can jeopardize your investment. It’s therefore wise that you take them into account as doing that will ensure that your investment is safe and secured.