Property Renovation in Spain: Legal and Banking Considerations
You only have to do a quick search to see that there are some incredible renovation possibilities in Spain. Whether it’s a large yet slightly run-down farmhouse or a 60’s flat in need of some light, the options for renovation in Spain seem endless. But, as in any country, a renovation is not to be taken lightly. There are several things, both legal and financial, that you must consider before buying property in Spain and embarking on your dream property renovation. If you do, you could design your perfect home and it could work out cheaper than buying!
8 Legal and Banking Things to Think About When Renovating in Spain
#1. Think About Permits
Of course, this is one of the most important things to think about even before you buy. You need to know that what you want to do with the property is legally viable. Permits are issued by city councils (Ayuntamientos) and you’ll need to get one for each aspect of the property renovation. If you’re working with a renovation company, they might take care of the permit process or you may be able to pay extra for this service.
#2. Be Realistic About Your Budget
This is one of the hardest things when it comes to renovating a property in Spain. Especially when you think of all the beautiful local materials you could use to make your renovation even more unique. But really, you need to be realistic about what you can afford and plan from day 1. Make a list of your priorities and budget accordingly. For example, have you always dreamt of an outdoor eating area with a built-in BBQ? Then budget well for that and reconsider using expensive marble for the bathrooms.
And something else to be realistic about is that it will always cost you more money than you think. However much you’ve budgeted. So budget for that too. Put a sum of money to the side for the inevitable change in material prices, old pipes or rotting floorboards.
#3. Use Professionals (Even If You’re a DIY Whizz)
That doesn’t mean you can’t do little bits or paint top-ups but you really should hire professionals. They know what they’re doing and, even if you think you’re paying more money, you’ll actually be saving it down the line. They’ll get it right the first time and will know what to do if they come across anything unexpected. You won’t have to pay for things to be redone which might be the case if you do it yourself.
#4. Set Out Objectives With The Experts
You need to have a clear plan of what you want from your renovation. Not only to keep your budget intact and ensure you get that inbuilt BBQ, but to also make sure you get the exact home you want. It can be difficult to imagine how a property can change – especially when it comes to layout – and this is where a professional comes in. They can help bring your objectives to life and let you know if it’s legally and financially viable.
Some objectives to think about are:
● Diverting foot traffic
● Adding more space
● Adding more specific rooms (more bathrooms or bedrooms)
● Adding storage
● Making the home open plan
● Adding a WFH space
#5. Research Your Building Company Carefully
You don’t want to take a risk when it comes to your property renovation in Spain. You need to make sure you find a building company that you can trust and that will renovate your property to the highest standards, without charging extra for doing so. A great way to do this is via word of mouth. Ask friends in your area or join local groups to see if anyone knows of a building company that’s done a good job and ask if you can see the property. It will give you a good overall impression of how they work and the finish of the renovation.
#6. Be Patient
Just as you need to be realistic about your budget, you also need to be realistic about time. There will undoubtedly be some setbacks to the timeline – and that’s OK! Whether it’s waiting for materials, workers being sick or unforeseen problems, you’re going to have to be patient. But, the great thing is that it will all be worth it in the end!
#7. Ask The Right Questions
You need to be sure that you know the answers to common renovation questions. Some of the most important ones to think about are:
● Do the prices include IVA (VAT)?
● Are the indicated prices variable or fixed?
● Does the building company have third-party insurance?
● Does the company complete all the work? Or do they employ others for specific jobs?
● How will the quality of the materials be assured?
If, when asking these questions, something doesn’t feel right, follow your gut. There’s nothing wrong with getting a second opinion.
#8. Think About How Green The Renovation Should Be
How environmentally friendly a property is is becoming one of the biggest selling points in Spain. Ensuring your property is well-insulated, uses environmentally friendly materials and includes things such as solar energy systems can help you save money long term, reduce your carbon footprint and allow you to ask for a higher price when you come to sell.
Property Renovation in Spain: Final Thoughts
Renovating a property in Spain can be the perfect way to get your dream home for less money. But there are several legal and banking aspects you need to consider. A renovation can be really rewarding but, unless you prepare yourself for it, it can be emotionally and financially draining. Following these 8 tips can help ensure you’re prepared for your Spanish property renovation. Furthermore, opening a Bueno Bank Account allows you to easily control all your finances, transfer money and set up payments for your renovation wherever you are!