Buying A Spanish Property - How To Avoid Paying Too Much
Introduction
For many reasons people buying homes in Spain are often paying
too much for their property and/or services - all of which adds
to the cost of purchase and living. Being in a different country
where you are unsure of the process, and don't have the time to
compare prices, many agents take advantage of you - in fact many
locals will even increase their price if they know it is a
foreigner buying.
So how do you avoid paying too much for your property?
The main problem is that buyers set their own prices whereas in
the UK you are given a realistic (sometimes) valuation of your
property's worth. Many buyers tend to set their prices too high.
This happens for a number of reasons.
1. It means they have more negotiating room when a buyer is
found 2. Typically a foreigner will buy a property because it is
cheaper than a similar property at home. 3. Many people have
unrealistic expectations about what their property is worth 4.
Sellers/agents/developers will increase the price if a foreigner
is buying it
Many people find they have bought a property and then cannot
sell it at even break even for at least two years because they
have been caught out by one of the above motives.
Most agents in Spain are reliable and honest, but a handful have
given the business a bad name - and typically (and strangely
too) it is British and Foreign agents that rip off their own
countrymen. I have seen examples where agents locally have sold
a house for