Once you’ve been out to Spain on a viewing trip or two and you’ve found your perfect property (perhaps from our property portal!), then it’s time to make an offer. This is a stage where you need to move fast, but you also need to make sure you keep the upper hand. In this, Part Five of Buying in Spain, we’re looking at how to make an offer on a house in Spain. These are our top seven tips to make sure everything goes smoothly.
1. Know your subject matter
Your estate agent is an invaluable source of information and can help guide you on whether you’ve chosen a fair ballpark to make an offer on a house in Spain. However, don’t solely rely on them – they will be paid more commission the higher price you pay (they represent the seller at the end of the day). Instead, make sure you also do market research and have a read of our news section to keep up to date. That way, you can make an informed judgement yourself.
Make sure you also do market research and have a read of our news section to keep up to date. That way, you can make an informed judgement yourself.
2. Show you mean business
At the end of the day, you’re involved in a business transaction (or, more accurately, you’re leading it). Don’t come across as too keen, or you may find the vendor tries to take advantage of this. Equally, try not to seem too blasé. Be serious and polite, letting the selling team know that you understand the market and you’ve seen a number of homes.
3. Turn on the charm
You’re buying something that someone as invested a lot of love, time and attention into. If you’re too aggressive with pricing or in your attitude, it could kill off good will. Always negotiate through the agent, but you can still add a personal touch, such as by writing a letter to the vendor, explaining why you want to purchase the property.
Find out more about how to negotiate abroad in our free guide, How to Negotiate Abroad.
4. Own the negotiations
When you make an offer on a house in Spain, you want to make sure you’re the one leading the conversation. Remember that the seller needs the sale, so you’re in a position of strength. You could walk away at any minute and buy something else; the vendor needs to make the money.
5. Make quick counter offers
Any delay in responding means you risk the deal falling through as the seller can take other offers into consideration. Before you make an offer on a house in Spain, ensure that you’ve already decided on your negotiating room for your budget. That way, you can respond quickly and confidently.
6. Don’t stress if it doesn’t come through
Some people will make an offer on a house in Spain and see it fall through. It can be difficult, but the best thing to do here is to try not to worry. Many people later end up relieved, rather than regretful – and have found an even better property down the line.
7. Speak to your currency specialist
Make sure to speak to your currency specialist before you make an offer on a house in Spain. You don’t want to be delayed in transferring funds – and see the deal fall through. Changing exchange rates mean it’s hard to judge how much you’ll pay at any one time. As such, our partner, Smart Currency Exchange, recommends to our readers that they use a forward contract, fixing the exchange rate for twelve months for no extra money.