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7 thinks to consider when buying a resale Property

When buying a resale property, it is important to consider some aspects that will avoid possible trouble for you in the future. In this article we provide 7 tips.

One of the most important decisions when we have decided to buy a property in Spain is whether it is new or a resale. There is a wide variety of resale property in the Costa Blanca North, and if there is something that catches the attention of these properties, it is undoubtedly its price. In this article, we will review seven aspects to consider when you are looking to buy a resale property.

1. Check the condition of the property.

When looking at a resale property, ensure you look thoroughly at all aspects of the house including the external finish, internal finish, to see if there is any damage which could be casued by cracks or damp. Checking the electrics work, the windows open and close properly and other details are important when making a decision on buying a property. Make sure the room sizes and living space match the description you have been given. Also, i fan extension has been added to the property or some reforms, then ensure the paperwork is available to be checked.

2. Ask the neighbours.

Having a quick chat with the neighbours can sometimes be a priceless exercise. Sometimes a property is too cheap for a reason in that maybe there will be some extra money needed to be spent on the property or there is an issue with it. This information should be known before it's too late.

3. Go to the Land Registry.

It is essential to approach the Land Registry to obtain vital data on the ownership and possible charges / debts that may be linked to the property. A Nota Simple is the document that provides all of this information. The Nota Simple can contain many surprises that are worth knowing prior to you buying the property. This is something which you can do or your solicitor can assist with.

4. Speak to the Community of Owners.

You should verify that the owner of the property has been paying his community fee´s and is up to date, otherwise, the debts could move onto you as a buyer. Again, your solicitor will be able to assist in checking this prior to completion.

5. Check the information on annual payments within the Town Hall.

Every year homeowners have to pay an annual tax called SUMA or IBI. If you are looking to purchase a resale property then you need to verify if this tax has been paid. You can obtain this information at the Town Hall or ask the seller for receipt of the last payment. From a legal aspect, your solicitor will also be able to check this.

6. If needing a mortgage, check you can obtain one prior to buying a property.

If you require finance to assist you with the purchase, before you make any payment, make sure that the bank has pre-approved the mortgage application. This will prevent unnecessary suffering if you find the property which you like and then cannot get the mortgage.

7. Understand the financial costs of buying a property in Spain.

When you buy a resale property, you must pay a series of taxes and fee´s liked to the Price of the property, which includes IVA (VAT), Notary fee´s, Land Registry fee´s and also check the cadastral value. Clearly understanding the additional legal costs before you pay a deposit on a property can again, save any unnecessary problems moving forward.