Are you paying the right amount of money for your property or are you being overcharged? Some sellers will give an unrealistically high property value because they hope someone will “bite” or at least to give them more room to negotiate in case someone tries to lower it down. Some especially individual resellers just don’t know how much their property is worth. Sometimes agents and / or developers jack the price up because they believe that foreign buyers won’t know the market values since they’re not from the region. This can happen if the real estate agent dictates the itinerary of your entire visit so you don’t have time to shop around and compare the prices of properties.

Here are some ways to avoid this situation.

Find a trustworthy agent

It is important to find a good estate agent with unquestionable professional and ethical standards if you are to avoid overpaying or even more serious problems.

Spanish real estate agents know how much the real estate values really are since it is part of their job to go around and check the different houses and lots for sale. If they are competent an trustworthy they should have a better idea than anyone else as to the fair market price for a property. If they are professional and ethical they should assist both you and the person selling the home to be able to come to a fair market price (even if they will normally be paid a commission from the total value earned by seller from the sale).

Gain market insight

Do your research and study the Spain property markert. Try to get a feel for how much houses and lots in the area you are interested in really cost. The web is an easy and effective tool for basic research but there is nothing like seeing the properties or even directly asking people who have a personal and professional understanding of the Spanish property market.

Don’t be afraid of robust negotiations

In the Spanish real estate business it pays to get involved in the details. For example you should always ask for very good construction and examine the finishings to see if it matches the highest standards. And play the negotiation game! Bring down the price, be firm on what you want and how much you expect to pay for the property. Say what you don’t like about the property and be very honest about what you can afford and why you would never pay over a particular price.