How to avoid risks when buying a second-hand house in Spain

Buying a house is a significant investment that can be the beginning of a new stage, but it can also become a nightmare. It is essential to take measures to avoid the risks that may arise when buying a second-hand house. Constructive, economic, legal, and fiscal risks can be avoided if the appropriate measures are taken.

One of the most common constructive risks is the presence of faults in the electrical system. It is essential to check whether the electrical installation has an earth connection and is correctly connected to avoid safety problems and malfunctioning of appliances. Another significant threat is leaks and dampness, which often appear frequently. It is important to thoroughly inspect the house since these problems may not be visible to the naked eye. Pipes in poor condition can cause bad odours and water pressure and discharge problems, so a complete inspection is important.

Economic risk can be avoided by conducting thorough research before purchasing. It is essential to know if the seller is the owner of the property and if the house has any physical defects that could be costly. Additionally, it is important to be aware of the taxes associated with the purchase and sale transaction to avoid fiscal problems.

Legal risk is another important factor to consider when buying a house. It is necessary to check whether the improvements or renovations made by the previous owner comply with regulations and have the necessary licenses. Otherwise, we could face serious problems that could even result in the demolition of the property.

Finally, it is important to consider the tax risk when selling the property to a non-resident, which implies a 3% fiscal retention.

When buying a second-hand house, it is essential to conduct thorough research on the property, thoroughly inspect the house, and ensure compliance with all fiscal and legal regulations. These measures will help avoid risks and ensure that buying a house is the beginning of a happy new stage and not a costly nightmare.

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