Pitfalls of buying Spanish Property

You might have heard horror stories about people who came to regret buying Spanish property. Often they leapt into a deal to buy their own villa. Spain, as it turned out, was not for them. Others experienced some problem with villas in Spain they had not bargained for.

Most of these problems have their roots in the naivety or negligence of the buyer rather than the Spanish property market itself.

Is a villa in Spain definitely for you?

Emigrating is not something you should enter into lightly. You should take your time to arrive at a decision taking your family, financial and health situation into consideration. Holidaymakers return home each year in love with Spain but you have to consider what it would be like to actually live there.

Many stay at a set of luxurious villas in Spain during the height of summer and think things are like that 24/7. A few months later they are not so sure, missing family and friends and desperate to return but for the villa in Spain they are saddled with.

Buying into a development of villas in Spain on impulse

Spanish property development is not always a trouble-free industry. Many have bought property on impulse and come to regret it because they did not fully consider location or extra costs.

There may be problems with Spanish property that a layman could not foresee. Get a survey on any Spanish property before signing anything.

Valencia land grab laws

This controversial law was passed in 1994 when large areas of the Valencia province were undeveloped. It was intended to help local authorities improve the infrastructure of the area and build low-cost houses.

However, in recent years it has been used to seize land from property owners to aid development of new estates. Worse still, it is done without recompense for the owner who is left out of pocket.

Other points to note if you are in the market for a villa in Spain

Any debts which are still owed on Spanish property must be paid by the new owner. Ensure there are no such debts before committing to buy a Spanish property.
In areas where excessive development has taken place the effect on the local water supply and the additional sewage and waste disposal problems has been severe.
Always employ a lawyer to advise you before making any decision to buy property in Spain, as the laws are markedly different. Also have them confirm the full costs involved in purchasing.
If you require finance to complete the purchase of your Spanish home do not commit unless you are sure you can have your deposit refunded if finance is refused.
Insist on a Bank Guarantee for large sums of money paid to developers. This is done to protect you in the event of developers going bust before your villa in Spain is complete.
Make a Spanish Will as not having one can delay your heirs from taking control of the Spanish property they inherit.
Do ensure you have sufficient insurance to cover villas in Spain or any other property and its contents.

These pitfalls should not deter you if you desperately want to buy Spanish property. Villas in Spain feel very different to live in rather than just holiday in. Make sure you have thought everything through and seek professional advice before buying your villa. Spain might be your dream but do not let it end up a nightmare.