If you want to avoid buying the wrong house for the wrong price in Barcelona, there is only one thing you need to do really well: dedicated research and due diligence.
It sounded cliche, but these two when done properly, would help you in understanding any issues that might occur with your purchasing. It is a precaution to ensure that your purchase could be completed smoothly, without any lingering trouble to bother you after the sale is closed.
The checklist below might help you to decide what the best property for you is in Barcelona:
1. Reasons to buy.
- Why do you want to buy a property in Barcelona? What do you expect?
- Do you see yourself living there? Do you want to sell it off? Do you want to rent it out?
- Why now is the time for you to buy a property in Barcelona?
- Why Barcelona and not the suburbs; or other Spanish cities? What do you expect?
- Do you have a plan about how you are going to manage this property?
- How much is your budget?
- How many cash you’re prepared to spend?
- Do you need a loan?
- Are you on a mortgage?
- Do you have an additional of 20% budget to spend on top of the property’s price?
- Will you be ready to put a deposit when necessary?
- How much would you allocate for maintenance, construction/fixings, or any other things necessary to add the value of your property?
- Have you considered the budget for hiring a lawyer, notary, property consultants?
3. Return on investments.
- What’s your expectation when it comes to return on investment?
- Are you most comfortable with high, medium, or low risk?
- How long would you expect to gain some profits from your property?
- Are you more comfortable with short, medium, or long term investment?
4. The property.
- What are the things you must have in a property?
- What are things that are good to have?
- What are the deal breaker for a property?
- What kind of locations in Barcelona are you interested in? Why? What do you expect from this location?
- Would you consider buying a cheap property in need of improvement or buying a property that doesn’t need improvement?
- Do you enjoy adding value to a property, making adjustments or changes, or do you hate it?
- Do you know the Municipality’s plan regarding the location you’re interested in?
- Is the area safe?
- Does it have a good transportation system?
- Does it have a good support system that’s important to you or your investment plan? Schools? Stores? Golf club?
5. The property consultant/agent.
- Are they experienced in helping foreigners purchasing a property in Barcelona?
- Do they have a healthy mix of local and international consultants to cater to your needs?
- Are they officially registered and have a license?
- What about their track records? Can you talk to their past clients?
- Do you find them helpful? Do you feel comfortable talking to them?
- Do they have personal contacts to notary, lawyers, public officials, or municipalities?
- Can they assist me through the whole buying process, or only a few steps of the buying process?
- Do they understand the market trends and outlook for different areas in Barcelona?
Answering the checklist before purchasing your dream property in Barcelona could save you from the potential regret of owning a property that doesn’t work for you–or your investment’s objectives. Should you like us to guide you with a professional assessment report on your dream property, your budget and your expected returns, our consultants are always ready to assist you.