If you have managed to find the property you were looking for in Madrid, congratulations. However, keep in mind that the buying process can be frustrating in another country especially if you don't know the market or the specific laws in Spain that apply in this area. It is advisable to have cash ready in the bank and to grant power of attorney to a professional you trust in Spain if you are planning to buy a house. The firm Moving2España has made the following recommendations to foreigners who have fallen in love with a property in Madrid:
Move fast, but not too fast
The Madrid market is in a very positive and dynamic moment, so there is no need to delay the decision to buy a property in the capital of Spain. Ask a lawyer to make sure that there is no debt attached to the property and that the seller is the legal owner of the property.
Have all your financial and legal affairs in order
We recommend that you do the following before you start looking seriously at the real estate market in Madrid:
● Have cash available, change your currency to Euros and have money ready to make the transfer. If you are buying with a cheque, give yourself time to have it issued.
● Have all your legal documents in order. We recommend that you give a Power of Attorney (POA) to someone in Spain that you trust. This way, you will be able to move quickly when necessary and you won't have to travel to Madrid during key phases of the transaction.
Make sure you get an independent valuation
This is important for two reasons: first of all, you'll know first-hand the average price in the area and secondly, it will help you negotiate the final sale price.
It's always a good idea to look at prices of comparable properties for sale in the same neighbourhood. In the case of wanting to buy the property for the future, it is important to see if the property is a good investment.
Negotiate the price sensibly
Negotiating the price of a house in the Madrid market is perfectly acceptable, but remember that the income from the sale of the house represents a substantial percentage of the net worth of most sellers. The firm recommends staying calm and always being polite.
Don't focus too much on finding your ideal home in Madrid
If you're looking to buy a property to rent out, don't focus on finding an ideal property. Find two others that you really like and that are good investments, and then negotiate all three at the same time. The Madrid property market moves quickly and negotiation can be difficult. Between 30% and 50% of transactions are lost in the negotiation process.
- Find property for sale in Madrid
- Have a look at this advice on buying a new build in Spain
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