subject: Dangers to be Aware of When Looking for a Barcelona Real Estate Investment [print this page] Every country has different ways and means of doing business. Real Estate is no different and can vary from country to country even if those countries are neighbouring countries with similar cultures and financial set-ups. Spain is no different and in a city like Barcelona there are many ways to go about finding a property. As a seller, you can promote your own property, and this is almost always the cheapest way to look for a good deal, especially in the current situation. However, there can often be many surprises which are not always so transparent between a new buyer and the seller who is accustomed to the way things work in their home city. For example, its very easy to mask a few little details and go ahead with a sale, especially with foreign investors who arent fully savvy to the ways of a city and its structure. Take for example, in Barcelona the issue of official protection apartments, or Pisos de Proteccion oficial these apartments are apartments which have been built for former owners who were forced out of their home for urban redevelopment. This happens a lot in the old town, where old factories or dilapidated buildings have been strewn down in space of newer more modern buildings. However, this process has been going on for decades, so its possible to find apartments which are second hand and at least ten years old, but still bear the official protection seal (which never leaves). Finding such a property can be easy, as this is not disclosed with a huge sign on the building or plaques on each door. So, what to do if you suspect that the apartment could be one of these? Or how to simply put your mind at rest? Ask for a copy or to view a copy of the deeds from the owner, where little things such as this which can later provide massive headaches are clearly stated. If the seller has nothing to hide, then theyll be happy to provide such information. Another, admittedly less common, phenomenon is that some buildings may have a comunal apartment or piso compartido within the block. This is an apartment which may be rented and the income divided between the remaining owners within a block each owner having partial share of the apartment which belongs jointly to all the neighbours. This sounds like a great deal, right? Wrong. On the rare occasions that the apartment is rented for lengthy periods with no problems, perhaps this could be considered as a benefit and maybe pay for the communal costs a building may have. However, the apartment is the responsibility of everyone, and any repairs, refurbishments and other costs involved lie with you as a new owner, too. And remember, your share of the apartment is sold on to the next owner, so you dont reap any benefits or make any profit there, either. Another problem in Barcelona, especially in the old town regions such as Raval, Gotico and Barceloneta, are the installations. Many buildings have redundant electrical fittings and cables, which do not comply with current laws and regulations. The current owner of the property you may be interested in can have no problem coping with the odd fuse blowing and shortage of appliances, but if you move in to the property, you may have some unexpected costs coming your way. In order to change the name of the bills of all of your utilities, a qualified inspector needs to come and review the property, and give you a new certificate known as a bolitin official. If this inspector finds anything out of date, or simply not conforming to current legislation, you are required by law to fix all of these things before service can commence often meaning a complete overhaul of electrical installations, which involves ripping cables out of walls and ceilings as well as the added cost of the new cables, sockets, light fittings and switches, etc. The age of a building also plays a big part in other possible surprises your friendly owner might neglect to tell you. If the building has no elevator, perhaps there has been an agreement between neighbours to install one soon meaning youll be forced to share the bill of this installation and maintenance even if youre moving into a ground floor apartment! There can often be structural deficiencies with older apartments on lower floors of old buildings. The use of wooden beams were popular in the past but as lower apartments literally prop up the rest of the buildings weight, and can tend to sag and bend, thus giving your apartment structural problems. These kind of deficiencies are often found when a surveyor is sent to value the property, but this is usually after youve given a down payment to take the property off the market. Certain buildings constructed in the 1950s and 1960s used as asbestos, which is a highly dangerous material now banned for years in the construction sector. The list can go on, and while its possible to try and investigate all things, as a foreigner, you may not have time. One way to ease the pressure of this worry is to contact a reputable local estate agency. These agencies are in tune with the history of Barcelona and can advise as to possible discrepancies with a property description, its location and even building structure, given that they are the experts in their field and will cover the whole of the citys real estate square miles. The costs involved can save you considerable amounts of time and more importantly money, as they also know the market prices and can evaluate a price and suggest your bid to make an offer!
Dangers to be Aware of When Looking for a Barcelona Real Estate Investment
By: David Brydon
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