Spain › Buying, Moving, Owning & Living Overseas › What are the pitfalls of buying property in Spain? › Reply To: What are the pitfalls of buying property in Spain?
Here are top ones
- Failing to get your registrations in place before the buying process – NIE number, Spanish bank account
- Not doing a proper job researching the property
- Understanding ALL the costs involved in buying a house and beyond
- Failing to understand the contracts
- Proper checks on the legal status of the property eg illegally built
- Setting up an account with a currency specialist – a ridculous number of people lose a tonne of money to bad exchange rates
Using recommended experts will significantly reduce the risks eg a good independent lawyer, agent and currency specialist, but you still need to some work yourself.
Best of luck!