A Brief Guide to Buying Property In Spain

Defining your Spanish Property needs

A successful purchase starts with clearly defined needs. Don’t make the common mistake of allowing wishful thinking to cloud your judgement when establishing what you need from a property in Spain. Think hard about your situation, both now and in the future, and try to identify the property characteristics that will best fit in with your evolving circumstances. Be prepared to challenge your assumptions about what you really need, and be clear about what you can afford. When defining your needs, it helps to create a clear, written brief that you can give to estate agents so they know exactly what you are looking for.

The sorts of questions you need to ask yourself are as follows:

Will this be a holiday home for a few weeks a year, or will it be a main residence for spending all or part of the year?
A holiday home will likely be left empty for large parts of the year, which means you might be better off with a property that doesn't require a great deal of attention on a regular basis. The last thing you want is for your holiday home to become a burden that interferes with your life.

A more permanent home requires greater thought. You plan to spend large parts of the year living there, so you need somewhere that offers you the optimum quality of life. This means considering the local infrastructure and facilities, community, security, accessibility, and so on.

What are the needs of other family members?
Take into account the needs of other family members when deciding what and where to buy. For example, if you have young or teenage kids, your life will be a lot easier if you a buy property that allows them to have fun without you having to drive them everywhere. Residential estates that attract families are ideal, as both parents and kids are happy.

Is investment a primary or secondary concern?
Spanish property has been a popular investment in recent years, and well-informed investors have done very well out of it. However, many homebuyers have been seduced by talk of fat profits into buying properties that were neither good investments, nor good homes. If you want to buy a home or holiday home, then don’t pay too much attention to the ‘great investment opportunities’ you will inevitably hear about.  Focus your search on quality properties that are a pleasure to live in, and the chances are you will also end up buying a property that makes a good long-term investment.

How much effort do you want to put into maintaining the property?
Property in Spain, as anywhere, doesn't look after itself, and maintaining property in a foreign country can be more of a challenge than at home.

What sort of maintenance budget do you have?
You need to be clear about the maintenance costs that different properties involve, and budget for them before you purchase. Otherwise you may find yourself owning a property that is much more expensive to maintain than you expected.

What sized property do you need?
Be realistic about the size of property you need. Don't buy a property on the assumption that extended family will always be staying, as you may end up with something too big for you. Focus on your own requirements.

What kind of property do you need?
Different kinds of property (for example new build/resale, villa/apartment, on- estate/off-estate) suit different needs, and it is important that you are aware of their relative merits before deciding what to buy.

Which regions best suit your needs?
Whereabouts in Spain to buy is another important question. You may have personal reasons for choosing one region, such as family or friends located there. Bear in mind that each region of Spain has a different set of advantages and disadvantages, and it helps to know which one best suits your needs. The vast majority of real estate agents are locally focused, which means they know very little about the other regions of Spain, and will be determined to sell you a property in their area. If you have no strong personal reasons for choosing one area, then it is in your interests to know about the merits of all areas. You may be surprised to find that some of the lesser known areas are also very attractive place to live or spend holidays.

How important is accessibility?
Convenient access will be important to you if you wish to travel regularly. As an expatriate you will probably find that you need good access, both for you and for the convenience of family and friends who may wish to visit. Good access means a choice of international airports that can be reached within an hour by car. It could also mean proximity to a TGV/fast train terminal.

What is really important to you in terms of surroundings?
Some properties offer rural charm whilst others offer urban glamour. Being in the centre of town, or right on the beach front will have advantages and disadvantages, as will being out in the countryside. What to choose depends on the qualities you value the most at this time in your life. You also need to think about the infrastructure you would like to have around you, such as hospitals, schools, shopping, leisure activities, and so on.

What kind of community would you like to live in?
Some people may prefer the solitude that comes with a house in the woods far from anywhere. Others may like the idea of a vibrant international community that you find on many of the best residential estates. Think about what you would like from a social life if you are going to spend a lot of time in Spain.

What will you need from the property in 5 years time? In 10 years?
Never forget how quickly the years pass by. If you are buying a property for the long term then bear in mind how it will suit your needs as they change over time.

© Mark Stucklin (Spanish Property Insight)

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