Buying a property, after divorce or death of a loved one, is often cited as being one of the most stressful things in one’s life. You may have the idea of the ‘perfect property’ in the ‘perfect location’ but having a degree of flexibility can open your eyes to more potential opportunities. There’s a wealth of information available online from getting a mortgage to solicitors but it is well worth taking time to do your to do your homework before diving straight in. So to help you through the maze of buying property in Barcelona, here are BCN Advisors’ top ten tips for making the process as stress-free as possible.

How to buy property in Barcelona: recommendations

1. Location

This is a word that that we hear ad infinitum when it comes to buying a home and prices can vary significantly. Ask yourself these two questions: ‘do I want to live in an already gentrified neighbourhood that has seen established price rises since the property turnaround such as Eixample, Barcelona Old Town and the Zona Alta?’ or ‘would I prefer to look at areas with good investment potential (such as Nou Barris or Sant Martí?)’. These areas are not quite as central but offer better value for money. If you need to sell quickly in a difficult market, however, prime properties sell the quickest.

2. Negotiation and keeping your cool

Real estate agents will price a property according to the local market but just because a property is listed at a certain price, it doesn’t mean that is what the seller will accept. Take advice from your agent about a starting offer price and then negotiate via him or her to ensure that the best price is reached for both parties. Temper your enthusiasm when viewing! If the estate agent or vendor gets the impression that you really love the property, you will be putting yourself on the back foot when it comes to getting money off the asking price.

3. Good communications

Check out your transport options. Barcelona, including the suburbs, is very well communicated by train, metro, tram and bus. Properties that are within easy walking distance of public transport tend to have better resale value. However, properties that are further from public transport tend to be cheaper. If you’re buying an apartment or home with short-term or long-term rentals in mind, take into consideration important amenities like shopping, markets and restaurants – both for enjoying the best of the Barcelona lifestyle yourself but also for making an appealing rental home. It is also worth taking into account the distance to roads that connect to main motorways and the airport.

4. Talk to the locals

If you like a property, take time to explore the neighbourhood. Some questions you might want to ask yourself are: What are the amenties for children like? How far to the nearest shop or metro/bus station? Where will I park my car? Are there good restaurants / bars / cinemas in the area? Most people are happy to give advice to the people who may become their new next-door neighbours! If you are buying for short-term rentals, visit the area in the off season. Your estate agent may well be able to answer these questions for you.

5. Legal representation

Although not obligatory, we recommend using a solicitor to manage the purchase of your property.Your lawyer drafts and reviews contracts on your behalf, explains what administrative issues you face, carries out any due diligence and arranges all the required documents to complete the process such as registering the property and tax payments. Ask your estate agent, friends or relatives for good recommendations for lawyers and get different quotes as costs can vary. However you’ll need to factor in around 1% of the purchase price for legal fees. We recommend you go with the one you think will provide the best service, not necessarily the cheapest.

6. Getting a survey

Surveys are also not oblgatory when buying property in Spain but again, we recommend getting one to ensure that there are no significant problems with the property as it is the buyer’s responsibilty to discover any defects. Obviously you will want to get a survey prior to the exchange date.

7. Prepare to be patient

It typically takes at least three months to get all the paperwork in order although in some cases it can be less if there is no chain and/or you are buying in cash. It is advisable to keep in regular contact with your legal representative as there may be information you can provide to speed up the process.

8. Check annual charges

If you are considering buying an apartment, check the annual community charges and any building costs in advance. Owners are, by law, obliged to be members of the community of owners, (Comunidad de Propietarios). The fees go to the upkeep of the common areas and any other services that the community vote for. These fees will vary according to the costs of maintenance and which services are comunal.

9. Find a good mortgage adviser

Since the property crash in 2008, Spanish lenders have tightened their criteria and increased the amount needed for a deposit. Seeking advice from a qualified mortgage adviser will provide you with the information you need on interest rates and whether a flexible or fixed rate is better. It is advisable to get an ‘agreement in principle’ from a lender before you start searching. This will give you an idea as to how much you can borrow.

10. Budget for other costs

We normally advise to factor in an additional 10% for fees on top of the purchase price. This includes local taxes, notary fees and legal fees. In addition to this, there are also survey costs, removal costs, buildings insurance, initial furnishing and decorating costs and, if relevant, mortgage arrangement fees.

Buy a flat in Barcelona is easy with BCN Advisors. Visit our page to buy flats in Barcelona and see all the oportunities avariable. We are at your disposal to help you find your ideal home!

The top ten tips for buying a property in Barcelona