Spain Advisors

27/10/2024

Please attend our seminar for expats who want to find & buy property in or near Barcelona. We’ll discuss:
1) The market for 2024/2025. It’s a good time to buy.
2) How to search for property. Save time.
3) Making visits and negotiating the price. Don’t overpay.
4) The legal process. Made easy.
Presenters: 1) Mark Carr, buyer’s agent and USA attorney.
2) Nicola Smith, property finder and Founder of Homesmith.es.
Date: Nov. 7, 2024, at 7:00 pm. Presentation + questions & networking.
Place: CREC Co-working, Gran Via 672, downstairs, BCN. map
To reserve: Online: https://www.homesmith.es/event-details/barcelona-home-buyers-event
Or by email to: [email protected]. Seating is limited.
Cost: 5€ to cover the venue; cash at the door or pay at the link.

17/09/2023

BARCELONA BUY PROPERTY SEMINAR
A Mortgage Officer and a Buyer’s Agent will discuss:
1) The Market for 2023 & 2024
2) How to Get a Mortgage
3) How to Find & Negotiate a Property
4) Legal Aspects of the Purchase Process
Presenters: (1) Leopoldo del Cid Villas Boas of UCI, one of Spain’s largest lenders.
(2) Mark Carr, a buyer’s agent and USA attorney.
Date: September 26, 2023, at 7:00 pm to 9:00 pm
Presentation followed by questions.
Place: CREC, Co-working, Gran Via 672, sala Sheldon Cooper, BCN. map
Seating is limited. Please email to reserve: [email protected]
Cost: 5€ to cover the venue; cash only.

12/09/2023

Do it for the kids.

Democrats Abroad strives to provide Americans abroad a Democratic voice in our government and elect Democratic candidates by mobilizing the overseas vote.

09/01/2023

BUY PROPERTY SEMINAR
We’ll discuss:
1) The Market for 2023
2) How to get a Mortgage by Leo del Cid of the lender UCI
3) Search and Negotiating Tips
4) Legal Aspects of the Process
Date: January 17, 2023.
Time: 7:00 pm to 9:00 pm (Presentations & Questions)
Place: CREC Coworking, Gran Via, 672, Sheldon Cooper Room, BCN. Map
Presenters: (1) Mark Carr, a Buyer’s Agent and USA attorney
(2) Leopoldo del Cid Villas Boas, a mortgage officer at UCI, one of Spain’s largest lenders.
5€ for the venue, cash only please.
Please reserve a seat to [email protected]
Seating is limited.

03/10/2022

BUY PROPERTY in BARCELONA, SEMINAR
Is it a good time to buy? How much should I pay? Join our ‘in-person’ seminar where we’ll discuss:
1) The Market Today
2) Finding the True Cost of a Property
3) Search and Negotiating Tips
4) Mortgages
5) The Purchase Process

Date: March 11, 2022.
Time: 7:00 pm to 9:00 pm (1-hour presentation + 1-hour questions)
Place: CREC Coworking, Gran Via, 672, Sheldon Cooper Room, BCN. Map
Presenter: Mark Carr, a Property Advisor with 8 years experience.

19/01/2022

I’m Mark the page owner. I’m looking for a flat and talking to banks about a mortgage right now. There’s an efficient way and a wrong way to do it. I’m happy to share my experience and hopefully save you some time and frustration in your search. Join my Zoom seminar on buying property in Barcelona.
Date: January 25, 2022 at 8:00 pm (1-hour presentation + 1-hour questions)
Presenter: Mark Carr, a Property Advisor with 8 years experience.
Email to get the Zoom link: [email protected]
We’ll cover:
1) Search Tips
2) Mortgage Tips
3) Negotiating the Price
4) The Legal Process
It’s Free

17/01/2022

FIND & BUY PROPERTY SEMINAR
Looking to buy property in the Barcelona area? Join our Zoom Seminar! We’ll discuss:
1) How to find a Flat or House
2) Assessing & Negotiating the Price
3) Getting a Mortgage
4) Effect of COVID
5) The Legal Process in Buying
Date: January 25, 2022 at 8:00 pm (Tuesday)
Duration: 1-hour presentation + 1-hour questions
Presenter: Mark Carr, a Property Advisor with over 8 years experience helping non-Spaniards find and buy property in the Barcelona area.
Reserve: Email Mark at [email protected]
Free

04/10/2021

Hiring a Buyer's Agent in Barcelona
Mark Carr is a Spanish-speaking 'buyer’s agent’ who’s been living in Barcelona for 21 years. An attorney from the USA, he’s been helping foreigners buy property in the Barcelona area for over eight years and bought a flat there himself in 2010.

What is a Buyer's Agent?
An advisor who is duty-bound to advance the buyer’s interests in a property purchase. In the US, 88% of buyers hire them and 91% say they would do so again. Why? It’s worth it. A buyer's agent can save you time, stress and sometimes money.

A Real Estate Agent vs. a Buyer's Agent
The real estate agent is duty-bound to represent the property owner and help them sell the property. The buyer’s agent is on the other side advocating for the buyer.

The Buyer's Agent’s Responsibilities
Help find properties that meet the buyer’s criteria
Determine its fair price (there’s no ‘market price’ for property in Barcelona)
Investigate the real estate agent, the property and the seller (due diligence)
Negotiate the price
Manage the purchase process
Recommend mortgage banks, surveyors and other real estate professionals

Four Features to Look For in a Buyer’s Agent
1. Local Market Expertise. There is no ‘market price’ for property in Barcelona so sellers list for the price they want. Assessing a property’s fair price requires comparing it to past sales and visiting similar properties. As most buyers don’t have the resources or time, experienced guidance is necessary.
2. Direct Experience. Since the process can be unpredictable and complex, only an agent who has managed several previous purchases can foresee problems and avoid them, such as the pitfall below.
3. Contacts. A purchase can require the assistance of several parties: a mortgage bank, an architect, a plumber, an electrician, a renovation specialist, etc. Having an agent with reliable professional contacts is invaluable.
4. Passion for the Work. The best agents have a deep-rooted desire to help their client find their dream home in Barcelona. Perhaps because they already did so themselves.

How to Find a Buyer’s Agent
Recommendation from a trusted source. The most popular method for the obvious reason — if an acquaintance had a positive experience with an agent, you’ll likely enjoy the same.
Reviews from previous buyers posted on Google and social media. Google reviews are not edited by the agent.
Recommendations from other professionals in the real estate sector.

A Typical Pitfall - The Mortgage Bank’s Assessment
The bank assesses the property’s value and grants a percentage of either the assessed value or the purchase price - whichever is lower. If the assessment is lower than the purchase price, the mortgage might not be enough to buy.
True Case. The purchase price was 300k€ and the Buyer paid a 10% deposit. They needed 240k€ (80% of 300k€) to buy. The bank’s assessment came back at 290k€ and they granted 232k€ (80% of 290k€). Unfortunately, 232k€ was not enough. The buyer either had to cancel the deal and get their deposit back (good luck) or start over with another bank and a new assessment. Assessments are paid by the buyer and they’re not cheap. Preparing for this, and other risks, will help you avoid them.

This article was co-written by Rachel Maison of a USA real estate service. See more at this link. https://cashformichiganhouses.com/

18/06/2020

How to Value Property in Barcelona, June 18, 2020

A common question: “Is the listed price for this property fair?”

Answer: There is no 'market price' for property in Barcelona as each flat or house is too distinct to establish uniform pricing. The price of two flats in the same building may differ greatly.

So how do I find the value of a flat? Follow these steps:

(1) Price per square meter (sqm). Divide the property’s price by its size. There are two sizes:
(a) Constructed. The flat's total surface including balconies and patios (construido). A 300,000€ flat with 100 sqm construido = 3,000€/sqm.
(b) Usable. The flat's indoor space (utiles). It's about 10% smaller. 300,000€ / 90 sqm utiles = 3,333€/sqm.

A big difference. The size online is 'construido'. If you search the ad you might find ‘utiles’. Always measure the flat yourself when you see it. Don't trust anyone on size.

(2) (a) Calculate the average price/sqm usable for five flats you see online. if you can’t find the usable, use construido.

(b) Calculate the same average for three flats you visit. Visiting is necessary to know the size for sure. Be sure to stay in your purchase area.

(c) The average of these two numbers is a fairly reliable market price in that particular area.

(3) Exceptions. The properties below don’t fit this calculation:

(a) Terraces. This is about 12 sqm or more of outdoor space. There are two types:
Walk-out Terrace. It's on the same level as the flat, they’re scarce, in high demand and have their own market. Expect to pay at least 20% above the average price.

Rooftop Terrace. You have to climb steps to get there and it might be 'community' or open to all tenants. Clients with children tend to use them the most. They get especially hot in the summer and require a climb. Don't pay more than 10% over the average.

(b) Basement. Less demand and lowly-valued by assessors because of mold and similar issues. Strive to pay 10% less than average, even if it has outdoor space.

(c) New Construction. A newly-constructed building of flats or a newly-renovated flat. There's less risk of damage, modern appliances and you’re paying the renovator’s profit. Expect to pay 20% above average; or 35% if it has a terrace.

(d) Fixer-Upper. The flat that needs work or repairs so its price depends on these costs. You can save money buying cheap and renovating yourself so it's a good option. I can recommend architects and renovators.

If you follow the above valuation steps, please let me know. Property prices fluctuate continuously and I'm open to feedback.

04/03/2020

For Property Buyers: Know the ‘Arras’ Contract

It contains key terms and locks both sides to the deal: If you don’t buy you lose your deposit, normally 10% of the price; if the seller walks they pay you back double the deposit.

Investigate the property first. If the seller refuses to give you documents - red flag - they probably have something to hide. You must confirm the true owner, the agent is legitimate (not all are) and any liens on the property are lower than the sale’s price.

In addition, here are a few basic Arras terms:
1) Seller’s Penalty. By law, if the Seller fails to sign the deed, they must return you double the deposit.
2) If the deed can't be signed for a reason beyond anyone's control, the Seller will return the deposit.
3) Property Repairs. A common area of dispute. You must describe any unpaid past repairs, and future repairs, to the building or flat; and who has to pay them. Repairing buildings in Barcelona can be really expensive.
4) Your Mortgage. If it's not approved yet, propose: "The Buyer will pay part of the purchase with a mortgage. If the mortgage is not approved, the Seller must return the deposit." The Seller might not accept, but you have to try.
5) Pay the Seller so if the deal falls through you only have one party to chase for your deposit. Propose: “The Seller, or their Agent, or both, must pay back double the deposit to the Buyer if the deed cannot be signed ...”
6) Time. Give yourself plenty of time to sign the arras and to sign the deed. Being rushed is the main cause of mistakes.

Finally, don't pay anything if you have doubts, it's hard to get money back once paid. For questions feel free to email [email protected] or call 664 665 365.

21/02/2020

The Cost of Owning Property in Barcelona

Property in Barcelona is not cheap, but ownership costs are not bad. Generally the owner must pay the following (most quarterly):

1) Local Property Tax or IBI. It's about 1.5% of the property’s ‘tax’ value (valor cadastral). It’s paid to the nearest Ayuntamiento, where you can also get the tax value. It ranges from 20% to 70% of the property’s price. It depends on when they did the last assessment. For a flat that costs 300k€, the IBI is about 500€ per year.

2) Ordinary Community Fees. The flat owners in a building hire an administrator to maintain the building and make repairs. The fee depends on the number of flats, whether there’s a doorman (portero), a swimming pool, elevator, etc. You should estimate 1000€/year.

3) Special Community Fees. If the building needs something expensive repaired, the flat owners create a fund to raise the money. So they pay a little extra each quarter. The amount depends on repair cost; something you must investigate before you buy.

4) Property (Homeowner’s) Insurance. This is required. The cost depends on the property’s size and whether you insure the flat’s contents or just its structure. Est. 300€/year.

5) Life Insurance. If you get a mortgage, most banks require you buy life insurance that covers the balance of the loan. If you die during the loan’s term, the bank collects it. The cost depends on your age, health, s*x, etc.. The cost must be confirmed before you sign off on the mortgage. Estimate from 250€ to 1000€ annually.

6) Utilities. Normally there are three: water, electricity and gas. The amounts depend on usage. Expect to pay from 100€ to 180€ per month.

7) Other. If you buy in an ‘urbanización’ or planned community there's a community fee. The costs vary and might substitute for a cost above. Finally, in some towns there’s a trash removal fee (100€/yr).

Notes:

a) The numbers above are rough estimates and actual costs may differ.
b) You must pay IBI and a community fee for a parking space or a storage room as they’re treated separately from the flat. The costs are about 10% of the same costs for the flat.
c) The costs above assume the owner is an individual, not a company.

Thanks for reading and we wish you the best in your property search in the Barcelona area. Feel free to email or call for comments or questions. Mark Carr at +34 664 665 365 or [email protected]

16/02/2020

Seminar: BUYING PROPERTY and GETTING A MORTGAGE in BARCELONA
Speakers: Mark Carr of Spain Advisors, a Purchase Advisor & Bozena Brunowska, a Mortgage Expert at Mortgage Direct, SL

A presentation focused on:
1) The market now and whether it’s a good time to buy
2) Search strategies
3) Price-negotiating tactics
4) Mortgages: terms and how to get one
5) A review of the legal process

Date: Feb. 26, 2020 (Wed) at 7:00 pm
Place: c/ Bruc 149, Barcelona (The DepotLab Co-share)
Cost: 6€ at the door (cash only please)
Duration: 1 hour presentation + 1 hour questions/networking
Reserve: Email Mark at [email protected]
Seating is limited to 25 and sells out fast