3 Questions to Ask Before Buying Property in Spain

I know you’ve been thinking about buying property here in Southern Spain for a while now. Before you start looking for and purchasing property in Spain, I recommend doing some research, familiarizing yourself with the buying process, and answering these three key questions.

Here are three questions in order of importance that you should clearly answer before buying property.

So, where should you start?

3 Questions Before Buying Property

1. Why do you need it?
2. What is your actual budget?
3. What and where can you buy with that budget?

STOP! These questions are not as simple as they seem, but read on to understand what I really mean by them.

1. Why do you need this property?

It seems easy to answer, but if you don’t use your apartment or house constantly, will you let it sit empty or rent it out?

Decide if the property will be for:

1. Only for personal use for you and your family;
2. Only for renting out;
3. Both personal use and for renting out.

I understand one of your answers might be investment, but it’s worth considering whether it’s smarter to do this as a business or as an individual.

2. What is your actual budget?

If you are still in the early stages of thinking about buying property, you might think you need more information about prices, right?

This is a good thought, but you will need information about property prices only once you have a clear, realistic budget.

Please be honest with yourself about your budget, because none of us can exceed our financial limits.

Once you have determined your budget, subtract approximately 10-13% for buying costs here on the Costa Del Sol.

Your realistic budget (e.g., €300,000) – purchase-related costs (€23,000) = money left for buying property (€277,000).

3. What and where can you buy with that budget?

Once you’ve determined your actual budget, it’s time to start researching what you can get for that money and which areas you can afford.

You can do this research yourself or let me handle it.

Many property buyers ask me for miracles, such as:

“Please find a new 3-bedroom apartment near the beach in Marbella with a budget of €100,000 to €300,000.”

Unfortunately, such a wish cannot be fulfilled because the market sets the prices, and in this case, you would need to look at other options.

For example, you would need to start looking 3-10 km inland or consider areas to the east or west of Marbella.

These insights come only after spending a significant amount of time researching the market.

Still, it will be easier for you now because you know your limit and can start to see what you can get for your money.

Feel free to consult with me and save your time.