What to Consider When Buying Real Estate?
Author: Eve Keerus-Jusupov, CEO of Merlis Homes SL.
I help you find your ideal second home or commercial property on the Costa del Sol.
The better you understand your own preferences when it comes to real estate, the better. However, remember that a 100% perfect home might not be available on the market. Therefore, you need to think about what are the essential conditions that must be met and what are the optional conditions that would be nice to have.
Essential conditions might include:
- Number of bedrooms
- Number of bathrooms
- Square footage range
- Apartment or house
- In Spain, there is also a type of apartment called a penthouse, which is a rooftop apartment with a terrace that belongs to you.
Sometimes additional essential conditions are added, such as being within 500 meters of the sea or having underfloor heating.
Underfloor heating in Spain is rather rare. If this is a condition, the market immediately becomes much smaller. But then there are several options:
- Choose a new development. If it’s not planned, it can be ordered.
- Be more flexible with other conditions, such as proximity to the sea.
- Wait for a suitable offer.
Determine your questions about the property. Not all questions may have immediate answers, but identify the questions that are most important to you.
25+ Questions to Ask Before Buying Real Estate
- When was the last renovation done – was it cosmetic or thorough?
- Which direction does the property face? For example, southwest-facing properties get a lot of evening sun.
- If it’s an apartment, who are the neighbors, or how often do they change? Is there a nearby Airbnb or Booking.com rental, pets?
- What is the reason for the sale?
- What are the utility costs (ask to see the latest bills)? For example, one buyer wanted to sell their house due to high water bills caused by a leaking sewer.
- Is the homeowners’ association active?
- What is included in the apartment?
- How quickly can the apartment/house be vacated?
- Is there a basement storage or storage room?
- How is parking arranged?
- Is there internet, and how fast is it?
- How close is public transport?
- How close are other essential services – gym, school, kindergarten, shops, restaurants, children’s playgrounds, etc.?
- Is there traffic noise during peak hours?
- Is the area too windy and cold during winter?
- If it’s an older building, how old are the roof, windows, wiring, plumbing, heating system?
- What heating systems are installed, and how much is the electric bill if using a heat pump?
- Are the electrical outlets standard? (Sometimes British owners have three-prong outlets.)
- Where are the water meters, electric meters? How do you sign contracts for them?
- Do windows, doors, and balcony doors open without issues?
- Who is registered in the apartment, or is there a tenant with a valid lease?
- What are the traffic conditions between your new home and work or school?
- Where does the garbage go, and is it sorted?
- Is there an elevator, and is it regularly maintained?
- Are there any unwanted guests like cockroaches, rodents, ants?
- Are all additions or modifications legal? Check before purchase – for example, if the pool was planned with the house or added illegally.
Take time and spend time walking around your potential new home’s neighborhood, including at night.
Transaction Costs – What to Consider
First, set your minimum and maximum budget. Remember that, in addition to the purchase price, there are transaction costs to consider.
If you’re buying new development, add approximately 13% to the property price. If it’s a second-hand property, add 10% to the transaction price.
