Reasonable tips to consider when buying property in Spain. Very useful!

Today, I propose to consider these common mistakes that buyers make when buying property in Spain, as the purchase of unnecessarily large objects and the desire to get mortgage for the shortest period. These errors are very important, because if you get mortgage for minimum period of time and then can’t pay it, you have big problems. Not all banks are restructuring and often deprive buyers their property and expose it for sale, and paid money simply disappear. However, let’s proceed directly to discussion of mistakes.

Buying unreasonably large house in Spain

Very often, when we buy villa or apartment in Spain as the second home in order several times per year to rest in it, we ask agents to offer the big villa, the most possible for our money. Although later we realize that house in Spain is large we don’t need it, and maintenance costs too much. And if you want to lease your huge villa or apartment in Spain, you need to find suitable client. Mostly companies of 4-6 people come to Spain and rent apartment with 2 bedrooms. And the competition for the big holiday companies is great. And your home is at risk be unoccupied during your absence.
I recommend you to decide what area you really need before buying property in Spain. Just estimate the size of your family and the purpose of real estate. There is the big difference between the house for family holiday and the house for rent in Spain. Don’t overpay extra money for the square meters of house, they won’t give profit.

Mortgage for minimum period

If you buy property in Spain in the mortgage, try to get if for the longest term, possible for you. Of course, longer tern means bigger interest on it, but the monthly payment on the loan will be minimal. And you can always pay off the loan early. It would cost just 1% penalty of the amount of the remaining debt. Agree, it is cheaper than the inability to pay, restructure it or see how your property goes under the hammer. Insure yourself against possible financial problems in the future, properly allocate your funds!

In the next blog, we will consider important mistakes such as buying property in Spain with the assistance of realtor and whom to ask to choose property for you in Spain. Read our blog and you'll learn how to correctly get the best real estate and not overpay.