Congratulations are in order if you have been successful in locating the Madrid real estate you were looking for. However, keep in mind that the process of purchasing something in another country can be difficult, particularly if you are unfamiliar with the local market or the specific laws of Spain that apply to this area of the country. If you are considering purchasing a home in Spain, it is recommended that you do two things: have ready cash in the bank and give power of attorney to a reputable real estate professional. The following are some suggestions that the company Moving2Espaa has given to non-Spaniards who have fallen head over heels in love with a property in Madrid:
Move quickly, but not too quickly
Since the real estate market in Madrid is currently in a very upbeat and active phase, there is no reason to put off making a purchase decision in the city that serves as the capital of Spain. Consult a legal professional to verify that the seller is the legitimate owner of the property and that there are no outstanding debts associated with the property.
Ensure that your financial and legal matters are in order before proceeding
Before you devote significant time and energy to researching the real estate market in Madrid, we strongly suggest that you take the following steps first:
- Ensure that you have access to cash, that you have converted your money to Euros, and that you have the necessary funds ready to make the transfer. Give yourself enough time to have the check issued if you plan to pay for the item with a check.
- Ensure that all of your necessary legal documents are in order. We strongly suggest that you entrust someone you know and like in Spain with the responsibility of holding a Power of Attorney (POA). You won’t need to go to Madrid during crucial stages of the transaction if you do things this way because you’ll be able to move quickly when the situation calls for it.
Make certain that you obtain a valuation from a third party
This is essential for two reasons: first, you will have direct knowledge of the average price in the neighborhood, and second, it will assist you in negotiating the price of the final sale. Both of these benefits are important.
Examining the asking prices of other, similar properties that are currently on the market in the same area is a prudent thing to do at all times. If you want to buy the property with the intention of using it in the future, it is essential to determine whether or not the property would be a good investment.
Make a rational offer to lower the price
It is perfectly acceptable to negotiate the price of a house in the Madrid market; however, you should keep in mind that the income from the sale of the house represents a sizeable percentage of the overall net worth of the majority of sellers. The company suggests maintaining composure and being courteous at all times.
You shouldn’t put too much emphasis on locating the perfect home in Madrid
Don’t get caught up in trying to find the perfect home if you want to invest in real estate for the purpose of renting it out. Find two more that you are interested in and that would be good investments, and then negotiate the terms of all three of them at the same time. The real estate market in Madrid moves at a rapid pace, which can make negotiation challenging. During the process of negotiation, between 30 and 50 percent of potential deals are dropped. Contact us if you are thinking about buying or selling property in Madrid Spain.
