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Ten top tips for buying property in Spain

The Spanish property market is well on the road to recovery and foreign buyers, especially those outside the Eurozone, are once again rushing to pick up a bargain.

Published: 14 May 2015 16:04 CEST

If you are a Brit thinking of buying in Spain, the general election result last week that saw a surprise victory for the Conservative party has made Sterling even stronger against the Euro, so if you are looking to invest in property in Spain there has never been a better time

But to help you avoid the pitfalls of which there can be many, The Local brings you a top ten guide to buying Spanish property from Laura Richards, Spain Buying Guide Country Manager from the  OverseasGuidesCompany.com.

1. Think about your finances as soon as you can

Once you have decided that you want to move to Spain, it’s important to start organising your finances straight away. You will need to raise money for the purchase of a property, taking into account buying fees and any other costs that could arise; this could include legal fees, registration fees, estate agent commission and more.

2. Accept the consequences of currency fluctuations

Photo: Shutterstock

Currency rates fluctuate continuously, as they are transferred on a ‘live’ market. Very often, a buyer will view a property and decide to buy based on the GBP/EUR rate of that day. As rates fluctuate by the minute, by the time they come to complete on the purchase and make the transfer, the rate could have dropped dramatically.

3. Make sure your budget is realistic

It’s so important to know exactly how much you can afford before you make a trip over to Spain to view property. The last thing you want to do is fall in love with a property and then find out that you cannot realistically afford it. We also recommend speaking to a currency exchange specialist to help you assess the risk of currency fluctuations and guide you on the best ways to protect yourself and maximize your budget.

4.Research the Spanish buying process

With such a huge decision as purchasing property, especially one in another country, preparation will always be of paramount importance. Spend time researching online, but make sure that you ensure everything that you read is the latest version– legislations do tend to change regularly. SpainBuyingGuide.com is always kept up to date, and we receive regular contributions from expats in Spain who can update us on changes as they happen.

5. Research the areas you like with care

Photo: Wikipedia commons/Espenca

Don’t presume that everywhere in Spain is hot, sunny and near a beach. There are myriad different landscapes and climates across the country, and it’s so important to assess each area you like the look of and work out exactly what it is you want from your new neighbourhood – in terms of climate, facilities, residents and anything else important to you.

6.Find the right estate agent

Your estate agent will be one of the most important people to help you on your overseas property journey, and it’s important to make sure you chose the right one. You need an agent that specialises in the areas that you are interested in, who will understand your exact requirements, and who has experience in buying or selling with expats from the UK. Researching online is useful, and will give you an idea of the different options you can chose from. If you know someone who has already purchased property in the area, see if they can recommend an agent personally. It’s so important to make sure you have an estate agent that you trust; this will ensure you can make the most of any viewing trips, saving you both time and money.

7. Visit in the off-peak season

Photo: AFP

It’s a good idea to visit your prospective neighbourhood in the winter as well as the summer. The weather will often be a bit colder and the towns a lot quieter than you would expect, and this gives you a chance to familiarize yourself with all the seasonal differences. In the winter months you may also find that the estate agents have more time for you and vendors may be willing to accept slightly lower offers.

8. Consult an independent, bilingual solicitor that you trust

Having an independent solicitor on your side, someone who is familiar with the buying process in Spain, is really important. They will work with your best interests in mind and will be able to advise you at every stage.

9. Think about renting before you buy

Photo: Shutterstock 

If you are still unsure about the best way to make the move over to Spain and purchasing a property while you are out of the country, why not consider renting a property first? You could always spend a couple of months in a few different places until you find your dream neighbourhood.

10. Avoid risk when sending money overseas

Whatever you decide to do, you can avoid the risk of currency fluctuations by making use of a specialist currency product called a forward contract. This enables you to lock in an exchange rate at the time you commit to purchasing the property, meaning you won’t lose any money if the currency markets move dramatically while the sale is in progress. When the time comes to transfer the final balance for a property, you can be safe in the knowledge that the rate (and therefore the price of the property in sterling) will remain the same – no matter what the market is doing.

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RENTING

The rules and small print for a rental contract for a room in Spain

Renting a room in Spain can often be easier and cheaper than trying to rent a whole apartment or house for yourself, but there are still several things you need to look out for in your rental contract and small print clauses you need to be aware of.

Published: 17 September 2024 09:28 CEST
The rules and small print for a rental contract for a room in Spain

Sharing a flat in Spain may of course not be your first choice; in 55 percent of cases people here do so because they can’t afford their own place. 

Renting a room is now almost 10 percent more expensive than a year ago, according to recent data published by property portal Idealista, costing almost double in 2024 than it did nine years ago.

The national average for renting a room is now €488 per month.

If you’ve come here to be a student or to learn Spanish though, renting a room can be excellent choice.

Due to Spain’s housing crisis and financial constraints, renting a room is no longer only an option for young people in Spain. In fact, in 2022 Idealista found that the average of a person sharing a home in Spain was 34. 

READ ALSO: Renting a room in Spain costs 90% more than in 2015

Renting a room is increasingly popular in Spain, especially in those cities where rent is very high, such as in regional capitals. 

While your contract for renting a room may not be extensive as renting a whole property, it’s still very important that you have one to make sure that you’re protected.

A room rental agreement not only ensures that both parties are clear about their rights and responsibilities, but also avoids potential misunderstandings and conflicts.

Typically, when you are renting una habitación, your room will be your space, but you will have shared access common areas such as the kitchen, living room and bathroom. 

READ ALSO – Aval: How to get a bank guarantee to rent a property in Spain

Factors to keep in mind when renting a room in Spain:

Tenants do not have the right to continue to live in the home beyond what is stipulated in the contract, so your landlord will have greater control over the property.

It is important that the room rental contract specifies the purpose of renting the room and how long it’s for. Generally, this type of rental is regulated by the Civil Code, but it could also be subject to the Urban Lease Law (LAU), even though the existence of this type of lease is not specified.

The room should include basic furniture, and the landlord is responsible for paying the bills initially, although they may be included in the rent.

There’s no minimum legal content that room rental contracts must contain, and it is not even mandatory for it to be in writing. But it is still advisable to get one in writing in order avoid future problems.

READ ALSO: The pros and cons of signing a temporary rental contract in Spain 

According to property website Idealista, room rental contracts should contain these following elements:

  • The duration of the contract.
  • A statement saying exactly which room is being rented out.
  • The rental price, as well as the payment method with which the tenant will pay the rent and when it will be due each month.
  • The services that are included, such as the use of the kitchen and being able to connect to the internet.
  • It’s also important that there’s a clause to say how payments should be divided in case of any unforeseen circumstances.
  • It must be indicated if subletting the room is allowed or not. As stated in the Civil Code this may be possible if your contract doesn’t specifically state that you can’t.
  • If the property is rented by several people, the contract must be formalised between all tenants through a single rental contract and tenants will appear in the same contract.

READ ALSO: Is subletting legal in Spain? 

How to tell if a room rental contract is legal in Spain

For a room rental agreement to be legal, it must contain the following information:

  • Full names, DNI or NIE number, address and telephone number of both the landlord and the tenant.
  • Specify the exact address of the home, the rented room and the common areas the tenant has access to.
  • The start and end date of the contract.
  • The amount of the deposit and the return conditions. It is not mandatory to provide a deposit, but landlords can request it.
  • The monthly rent, the payment method and how to make the payment.
  • It must state who is responsible for the necessary works and repairs in the home.
  • A clause must be included stating who responsible for community expenses, water, electricity, gas, etc.
  • The text must state the conditions for termination of the contract, such as non-payment of rent or failure to comply with the rules or the landlord selling the property.
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