Buying your first apartment can be difficult, but doing so in Barcelona can present its own unique challenges. As a real estate agency based in Barcelona, we have come up with 5 few tips for potential first-time apartment buyers in Barcelona!
1. Identify your wants, needs, and limitations
Barcelona is a popular place to live among locals and foreigners alike. So when buying a first time apartment in Barcelona, it is important to define what that means to you. Is this a financial investment, a short-term residence, or a long term home to grow into.
The answer to this question will provide a framework for your budget, needs and wants. For example, if you plan to marry and have kids in the future, the size and location will matter as your family grows. However, if you’re an apartment buyer looking for return on investment through rent or selling, you may want to place more emphasis on location and special features (i.e. terraces) etc.
2. Future Developments
When buying an apartment in an urban setting, one should anticipate future development: are construction plans in your favor? Many people associated with negative experiences, and while this may be true in the short-term, many projects can work in your favor, so it’s important to stay up to date with city plans. For example, a new building could block your views, but a new metro station could increase apartment value.
3. Apartment Age and changes
Speaking of construction, one of the most appealing characteristics of Barcelona is its distinctive architecture, spanning multiple eras. Much of this allure is due to old age. Which, albeit beautiful, can have consequences. In other words, just because it’s your first apartment, doesn’t mean it’s new.
Whether it’s old appliances and infrastructure or repeated renovations, you should have your apartment inspected by a thyroid party to determine what issues may arise and need to be address. Notably, this includes checking past renovations, which may be superficial solutions that do sufficiently address the source of the problem.
In other words, even the most expensive apartment purchases or renovations can fail to anticipate unexpected issues with supplies, accidents, or other unknowns. So it’s important to have a larger budget than you think you’ll need.
4. Get your documents in order
If you aren’t a Spanish citizen, or are not locally based, you will need one of the following, if not both: an NIE and/or a representative. An NIE, or foreign Identity number, is a unique, numerical-based ID for non-Spanish citizens whole have personal, social, or professional interests in Spain (this applies to EU citizens as well).
Conversely, if you are a Spanish citizen you will have a DNI, national identity number. Acquiring either will have to be done in person, as you will also have to register your residency with the local municipality.
For example, if you plan to live in Barcelona, you will have to register your first apartment in Barcelona with the municipal government. Regardless of whether you’re physically in Spain or not, it is also advisable to hire a real estate or legal representative who is experienced with the local real estate procedures.
All that said, if you are not an EU citizen and have enough cash to buy your first apartment in Barcelona, you may be interested in reading about golden visas, and dual citizenship because Spain encourages foreign investment.
5. The sooner, the better
At the end of the day, Barcelona real estate prices continue to increase, so the sooner you buy, the better. In other words, if you know you want to settle down in Barcelona, or buy property, the sooner you do so, the higher your return on investment.