Everyone we spoke to who has been through this process confirmed that a buyer's guide with a checklist and step-by-step explanation can help save a lot of time and money. Part 1 of our series on Buying Property in Spain , gives you advice on how to search for and find your perfect property investment in Spain.
a. Prepare the ground
Finding your dream home will be the first ebay database important step in buying a property. This phase will require a significant investment of your time in researching the area, contacting real estate agents and deciding which ones to work with, attending viewings and obtaining additional information about the chosen property.
Port in Spain
Probably only 60% of real estate agents speak your native language, while more than 70% have simply listed the properties they sell, without having seen them.
As a buyer, you have to be very precise in your search, which is why investors are increasingly turning to a buyer's agent, who can take care of much of this work. The client does not have to pay anything extra, as the buyer's agent's fees are split with those of the real estate agency.
Their job is to research the area, select a real estate agent to work with, assist with the final purchase of the property, and follow up. Unfortunately, most buyers are unaware that real estate agents are employed by the seller, which can create a conflict of interest and compromise their neutrality.
When you start looking, the first thing you need to do is set your budget, which should include taxes and other additional costs. Secondly, make sure that your budget fits your criteria for location and property size. You need to be very precise with your criteria, as the value of the property will depend on its size and location.
This prior information will make your search easier and increase the chances that the house of your dreams is the one you want to buy, and not the one the seller wants you to buy.
b. Start the search process
Now you are ready to go, having defined your budget and the criteria for location and type of property and having activated multiple search alerts. Congratulations! Now the best part of this phase begins.
The first thing to do is to gather all the information about the area that exists on the Internet and other sources. You can spend a lot of time looking for this material and consulting regional guides. That's why we have created neighborhood guides , so that you have a complete overview of each region and town in the Balearic Islands.
Neighborhoods of Mallorca and Ibiza
Searching for properties is the hardest part, and you need to invest a lot of time and money. According to our 2016 research, in Mallorca alone there were more than 15,000 individual properties on the market with different real estate agents.
Multiple listings lead to inequalities in information on prices and other data. Below is a selection of our findings:
In 10% of cases prices vary (28% on average);
In 16% of cases the bedroom data varies (on average 1);
In 25% of cases, bathroom data varies (2 on average);
In 28% of cases the surface data vary (6% on average);
In 39% of cases, the surface area of the plot varies (by an average of 136 square metres);
In 83% of cases the surface area of the terrace varies (8% on average).
