Avoiding pitfalls

02. August 2023

When buying and selling property in Lanzarote, there are several common mistakes that people make. Here are some of them:

Not conducting proper research: It's essential to thoroughly research the property market in the specific region where you intend to buy or sell. This includes understanding the local property laws, market trends, and prices. Lack of research can lead to overpaying or undervaluing a property.

Not seeking professional advice: Engaging qualified professionals such as real estate agents, lawyers, and financial advisors is crucial. They can provide guidance, handle legal aspects, and ensure that all necessary paperwork is in order. Relying solely on personal knowledge or advice from unreliable sources can lead to costly mistakes.

Ignoring legal and financial considerations: Spain has specific regulations and laws regarding property transactions. Failing to understand these legal requirements can result in significant problems. It's important to verify property ownership, check for any outstanding debts and ensure that all necessary permits and licenses are in place.

Underestimating additional costs: Buyers often overlook the additional costs associated with purchasing property in Lanzarote, such as taxes, notary fees, registration fees, and legal fees. It's crucial to consider these expenses and budget accordingly to avoid unexpected financial burdens.

Not verifying the property's condition: Buyers should conduct thorough inspections of the property, especially if it is a resale. Checking for any structural issues, plumbing or electrical problems, or hidden defects is essential to avoid unpleasant surprises after the purchase.

Overlooking location considerations: Location is a vital factor in the property market. Buyers should consider factors such as accessibility, proximity to amenities, transportation links, and the neighbourhood’s overall desirability. Overlooking these factors may lead to difficulties in selling the property in the future or limited rental potential.

Not understanding the local culture and customs: Cultural differences and local customs can significantly impact property transactions. Understanding how negotiations, timelines, and communication styles work in the Spanish real estate market can help avoid misunderstandings or potential conflicts.

Remember, these are general mistakes, and it's always advisable to seek professional advice and conduct thorough research when buying or selling property. At Lanzarote Investments, we are delighted to assist every step of the way, for a smooth trouble-free transaction.