If You Are Buying Property In Spain and Want To Negotiate The Best Price, These Tips Are For You…
Let’s admit it. No matter your budget, it is very satisfying knowing that you are getting the best price when buying property in Spain. We are all natural bargain hunters. Some of us maybe too much so that we actually miss out on the best deals (but we are not here to talk about that today).
There are no real secrets to negotiating the best price when buying property in Spain. However, from our experience as Personal Property Finders, the following tips will put you in a strong position to secure your Spanish property at the best price.
Here are our 7 Top Tips for negotiating the best price when buying property in Spain:
1. Do your market research:
Use internet portals and property publications to make price comparisons between properties in your target areas. In Spain, property prices tend to vary drastically, compared to other countries. A value cannot be put on a property simply by knowing its dimensions and postcode.
It is important to research different areas and to have an understanding of prices before moving forwards. If you want to question the asking price for a Spanish property, ensure you have your facts in place first.
2. Understand “Why” the property is for sale.
Despite what some “experts” might tell you, just because a property has been on the market for a long time, does not mean that the vendor will drop the price (please believe us on this one!). Understanding why a property is for sale is key to judging the negotiation limitations. A good estate agent will do their best to achieve the best sales price possible for their vendor. As your personal property finder, we will use our knowledge and expertise in order to understand how far negotiations can be pushed, without the risk of you losing your ideal property.
Note: Ask us about the 4 apocalypses of Spanish property price!
3. Play it cool … but not cold!
I am a true believer that you know you have found your ideal property, the moment you walk through the door. Sometimes, the moment you walk through the gate. And I am speaking from personal experience here.
It is not unusual for owners to be present during a visit when you are buying property in Spain. Playing it cool when you have fallen in love with a property is key to negotiating the price. It is important, as your personal property finder, that we are in a strong bargaining position in order to secure the best price for you. Controlling emotions is essential.
4. Present yourself as a strong and attractive purchaser.
Property is personal. People, even when selling, can become emotionally involved in the process. It is not unusual for extremely reluctant sales here in Spain. The more attractive a vendor perceives you, the more likely you are to successfully negotiate a good price. When I say attractive, I am referring to factors such as:
- being in a strong financial position to secure a fast sale if required. ie. being a cash buyer or having a pre-arranged mortgage.
- having a deposit lodged with your lawyer (this is key!).
- having a clear time frame that suits the vendors own plans.
- being polite and interested in the property without taking it too far. It is easier to negotiate and make friends later 😉
5. Use a Currency Transfer Company to have your funds in place
If you need to exchange currency to complete your purchase (ie. from sterling or dollars to euros), it is very advisable to consult with a currency transfer company before you find your ideal property. This can save you a substantial amount of money.
There is no point negotiating a fantastic property at an excellent price if you then lose what you have saved by having to exchange currency in a hurry at a low rate.
6. Your starting offer price is the key to a successful negotiation process.
Believe me when I say that there is no hard and fast rule for negotiating the price when buying property in Spain. The only surety is that the final price will be somewhere between your starting offer and the asking price.
However, if your starting offer is too low, you may lose the deal right there and then. This is where we, as your personal property finders, will ensure the ball stays in the court until the best price is agreed.
7. Ask the question “Is the price negotiable?”
Last but by no means least, before focusing your attention on the tips above, remember to ask the question “Is the price negotiable?”
In recent years, many property owners have reduced the asking price for their Spanish property. Many properties are now being sold well below the initial purchase price (as a result of ridiculously inflated prices during the boom). Some vendors, Spanish owners in particular, will not negotiate on price.
That doesn’t mean that furnishings etc cannot be negotiated though 😉 If you don’t ask …
As soon as you are ready to start your property search