You are decided to make an offer on a Spanish property, but you have some doubts about the initial amount you should offer to the seller.
Once you have decided to make an offer on a Spanish property that you are interested in, it is usual to have some doubts about the amount that you should initially offer to the seller. How much to offer on a Spanish property?
Even though in Spain we are not in the habit of thinking of an initial offer 10% lower than the initial price as a standard step –such as happens in other countries-, it is not unusual at all that the final sales price is lower than the price initially requested by the seller, especially when the property is a resale property.
Discounts on new build properties are rather less frequent.
There could be plenty of circumstances that are conducive to making a ‘cheeky’ offer and by how much below the asking price such as:
- the age of the property,
- its condition at the time of the sale,
- the area in which it is located,
- the demand in that area and price of similar properties, and, of course,
- the seller’s need to sell (which we cannot normally know).
You also need to factor in the total costs of buying a property in Spain.
In any case, the assistance of independent professionals in Spain will assist you in determining the importance and relevance of the above issues to the property you are interested in making an offer on.
Typically your lawyer and an architect will help you by arranging a report on the Spanish property you are buying that can answer the above questions and help you to make an appropriate offer taking into consideration all of the above, through to negotiating with the vendor.