Buying property in Spain is a dream for many expats, particularly in sought-after areas like Mijas Costa and the Costa del Sol. However, not all transactions go smoothly. In this video, Keith from Target Property Spain explains the top 3 reasons property deals fall through and provides practical tips to help international buyers navigate the Spanish real estate market successfully.
1. Financing Issues
Many deals collapse because buyers assume mortgage approval is guaranteed. Non-resident buyers often face lower loan-to-value ratios, and banks may change terms last minute. Keith advises securing mortgage pre-approval before making any offers to avoid disappointment.
2. Legal Complications
Property issues such as missing licenses, illegal extensions, or debts tied to the property can stop a sale in its tracks. Expats are encouraged to work with an independent Spanish lawyer to carry out full due diligence before signing contracts.
3. Buyer Hesitation & Currency Risks
Some deals fail because buyers get cold feet, especially with overseas transactions. Exchange rate fluctuations can significantly affect budgets. Working with an FX specialist can help protect against unexpected currency swings, ensuring the purchase goes smoothly.
By understanding these common pitfalls, buyers can significantly reduce the risk of a failed transaction. Keith emphasizes that careful preparation, expert guidance, and proactive planning are key to successfully purchasing property in Spain.
For personalized advice on buying property in Mijas Costa or across the Costa del Sol, contact Target Property Spain here to speak directly with the team.