Spain's real estate market has not escaped the crisis, and is also experiencing falling prices, providing a wealth of investment opportunities. But if you're thinking of buying an old property in Spain, you need to take a few precautions.
Debts
In fact, the purchase procedure, which takes just 15 days, can be concluded while debts still exist on the property. These may include electricity or water bills, as well as condominium fees unpaid for several years, local taxes or restoration work to be carried out by the town council's urban planning and architectural departments. And in Spain, the former owner's mortgage debt is transferred at the time of the transaction, with the deed of ownership. In fact, when you sign the deed at the notary's office, you become the owner of the property, with all its associated debts. Spanish law stipulates that the new buyer is responsible for investigating the matter, and subsequently proving that the sums due have been paid.
The quality of the works
Another pitfall to avoid when buying buying property in Spain by the beach. Builders have had an unfortunate tendency to construct buildings without taking into account the marshy nature of the land, and the quality of the work is sometimes poor, with a real risk over time.
Location
Finally, the construction madness of the 2000s in Spain has led to the creation of veritable dormitory towns, with vacancy rates that will make your investment difficult to rent, as well as sometimes being isolated and therefore leading to risks of deterioration or non-payment of condominium fees, for lack of residents.
Before investing, it's essential to take precautions regarding the liabilities of the previous owner, as well as the construction quality of the property you wish to buy. Contact N1immo for fast, reliable assistance in buying in Spain.