The Expat’s Guide to Buying a House in Spain

If you’re contemplating leaving your home country (or have already done it), you’ll undoubtedly need a place to live. For many expatriates, this means buying a house—perhaps a simple task in one’s home country. If you’ve got your eye on Spain, your dream of homeownership can definitely be accomplished, especially if you’re willing to do a bit of research and follow our handy suggestions!

Spain is the perfect place to get a great deal on a fantastic house. Due to massive overbuilding revealed by the credit crunch, there is an abundance of real estate to be had at reasonable prices—many offered for less than half of their original price. The Spanish market is certainly one meant for buyers.

If you’re ready to buy, you’ll first need to find a realestate agent with a reputation to back him or her up, as anyone can set up as an estate agent. Make sure that your agent is fluent in both Spanish and your own language to best meet your (and the seller’s) needs. 

Next, don’t worry about having a house built. Because there are so many sitting empty, you’re likely to find a much better deal if you’re able to find a house that already exists. Additionally, many builders go out of business quickly, and this might mean a lot of waiting for you.  When you find your house, insist on a surveyor’s report, which will ensure the safety, security, and quality of your new home. While some sellers won’t want to provide the surveyor’s report, it is important that you make it happen to best protect your investment—EUR 400 now is worth a lot more later. 

Make sure you’re set on a home before you offer a deposit too. In Spain, a deposit is a commitment and you’ll be required to complete the purchase. Otherwise, you’ll lose your deposit (10-15% of the asking price). Also remember that your property debt is now associated with the property and not you, so make sure your lawyer or agent has proof that the seller has fulfilled all of his or her financial obligations.

You’ll also want to make sure you have a Spanish bank account—it will be extremely difficult (read: impossible) to set up utilities without it. Find a bank with an English speaker, which shouldn’t be difficult, and ask if it might be possible to get bank statements in English too.  

Finally, make sure that you’re familiar with the 1988 Law of the Coast governing coastal development. Make sure to purchase a property that is unable to be reclaimed by the government. Also look into the Valencia Land Grab Law of 1994, as some properties, especially in rural areas, may be impacted.

As with any home purchase, make sure to conduct a variety of research and learn the basic vocabulary associated with buying a home. A well informed buyer is a good one! Happy hunting.

Heidi Andrews roots for the LA Dodgers and the freedom to eat chocolate for breakfast. When she isn’t learning to make those cool designs on espresso drinks, you can find her writing about financial freedom, new technology, and investment opportunities for Jason Hartman Media.