The Do’s and Don’ts of Buying a Property in Valencia

Spain is currently one of the most popular countries to invest in, (in the world) and certainly remains number one in Europe. This is well justified as the property prices have stayed relatively low and there are still many bargains to be had here, even with the economic growth in Spain, we are now seeing property prices on the rise.

Valencia is the third largest city of Spain with a beautiful coastline and friendly people. Valencia city is a very desirable place as it is a coastal city with a great infrastructure and easily accessible to all European countries with many low cost airlines flying in directly.

Property prices remain cheaper here throughout Valencia, as compared to Spain’s second largest city, Barcelona. In addition, the climate is much warmer here in Valencia all year round, making it one of the most popular places with international property buyers to come and buy their dream villas in the sun.

There are a good choice of villas available throughout the Valencian province in many of the smaller and larger towns, all with beautiful scenery and located just inland from the coast. With varied architecture and charming locations, there is sure to be a home to suit every potential buyer looking to find their perfect property in Valencia. I have listed below a few useful do’s and don’ts when it comes to buying a property in Valencia:

DO’s

1. Once you’ve made up your mind to move to Valencia, the fun part can start and you can begin searching for your perfect Valencian property. When you´re looking at houses, always use a reputable agent, preferably a well established AIPP registered estate agent/inmobiliaria.

The AIPP has been set up to guide and to regulate the international property market and to provide quality assurance to consumers. Azahar Properties have signed up to follow all aspects of the AIPP Code of Conduct and we have been members for many years. The work of the AIPP and that of its Members will improve the quality of the service and product delivered to the consumer when buying property overseas. It is a non-profit organisation.

When you see that a company is a Member, it means:

• A company has been vetted and approved

• A company has submitted to industry standard training

• A company has agreed to follow the AIPP Code of Conduct, one established to help and reassure you, the buyer, by ensuring Members follow professional guidelines.

2. Always use an estate agent with good knowledge of the area you are looking to buy in, preferably local and based here in Valencia. Azahar Properties are based in Valencia and we have lived and worked here for over thirteen years. We have gained vast experience within the property market and are familiar with all of the services associated with property sales and purchases. This is complimented with property management, property reforms and property construction. Through our detailed experience and with selling property throughout the province of Valencia, we are familiar with all of the towns that make up the large and beautiful community.

3. Once you have seen a choice of properties for sale in Valencia, we would advise you to always aim to view a property twice before you decide to make your chosen purchase. You must always ask as many questions as you want to the vendors if they are present, otherwise your estate agent should be able to provide you with the answers to your questions. Azahar Properties always study our properties that we decide to take onto our books to sell. Simon Creed is a property expert and he carefully selects the properties that are advertised for sale through Azahar Properties.

4. Always buy through a lawyer who knows the area of Valencia. We can recommend English speaking Spanish lawyers. Do not try to cut corners. You would always use a lawyer in the U.K. therefore you should ALWAYS use a lawyer here in Spain to manage the full conveyancing in details for your chosen property. A good lawyer will also obtain your N.I.E. (Tax number required to purchase property in Spain) A good lawyer will make sure all the utilities are changed over correctly in to your name once you complete your property purchase. Do not listen to anyone who tries to tell you not to use a lawyer. Of course Azahar Properties will only try to sell you a property that has an escritura (title deed) and one that is registered at the catastral and at the land registry office. However a good lawyer will be able to guide you through the buying process effortlessly, making sure your chosen property is fit for purchase. Your lawyer will also make sure that there are no debts on the property thus giving you further piece of mind and protection.

5. Make sure the property has its own title deed /escritura for both the land and its construction. The escritura should be made available for your lawyer to start their searches. If the title deed is not up to date, then don’t panic as it is always the sellers responsibility to pay for an architect to visit their property if the description needs to be updated. New plans are then drawn up if required so as to update the title deed. This can only be done if the law and classification of the land allows for this. As always speak to your estate agent regarding any discrepancy first. If a problem should exist with your chosen property, listen to see if a legal solution can be offered in conjunction with your appointed lawyer, as solutions in most cases can be found.

6. Another thing to remember is that on top of the cost of the property that you wish to buy, you will also be liable for a ten percent purchase tax. This is a 10% tax that you must pay after you complete your full purchase of your property. The Notary fees are also paid by the buyers, it is the Notary’s job to create a new title deed /escritura in your name playing a very important role. He or she also acts as a witness under Spanish law to the sale and purchase of the property.

Once the paperwork is signed and stamped by the Notary and you complete your payment to the sellers, the keys are then handed over to you, the new owners. Simon always attends the Notary appointments to guide you through every step.

DONT’s

1. Do not try to hold back too much information from the estate agent. Appreciate they are there to consult with you with the aim of finding the correct property to suit your needs. The more help you give them in explaining your requirements, the better choice of properties you will have and the more rewarding your viewings will be.

2. Never part with any money until a contract has been drawn up between the buyers and the sellers. All Arras contracts must be in Spanish to be legal here in Spain, with an exact translation into English for people who do not speak Spanish also within the contract. The contract will outline how the deposit must be paid and will have clear instructions how the sale/purchase will be conducted, under Spanish law.

3. Never use an agent who does not provide a trusted after sales service. Azahar Properties have a good reputation for helping all our clients with many aspects and we appreciate that buying your property is not the end of our service, keeping you happy in your property is our long term goal and having a contact here is priceless.

Azahar Properties look forward to helping you to buy your dream property here in Valencia and assisting you at every stage. You will see that we provide a wide choice of properties for sale in Valencia and we keep our website updated daily.

Happy house hunting!