Do you need a survey when buying a property in Spain?
As it is not a legal requirement to conduct a survey on a Spanish property many people are dissuaded in paying for one
It may be that they are put off by having to deal with potentially translating paperwork, or lulled by the relaxed purchasing environment of the Spanish. And there is of course costs associated which a seller may suggest is an unnecessary expense that will simply delay matters (and none of us want to spend money we don’t need to!).
We asked AIPP members ST Consultores, to tell us what type of surveys are available, what the costs are and why in their option it is critical to get one.
Let's start with why get an Iberian Property Survey?
“Because it will reduce the chance of discovering any defects or nasty surprises about the property’s condition after you have bought and will help you assure the safety and suitability of the property. In other words, the survey can avoid you committing to a potentially fatal investment. Furthermore, if there are some problems, it will help you to negotiate the price or insist certain works be carried out before the house is purchased.”
What about newer properties?
Spanish building regulations have improved immeasurably over the last 20 years or so, but even recent properties might still have been built by ‘cutting corners’ and need checking over by a professional.
Which survey do I need?
RICS Condition Report – Survey Level One
Designed for new properties and conventional homes, it provides a clear report on the condition of the property and any urgent attention required.
RICS HomeBuyer Report (S / S&V) – Survey Level Two
Contains all the features of the Condition Report and it also includes some advices on defects that may affect the value of the property with repairs and ongoing maintenance. It can include a market valuation if required for mortgage purposes.
Structural Report – Survey Level Three
The most comprehensive report includes defects, repair and maintenance options. The Structural Report is usually only necessary if the building is old or suspected of being unsound or if you are planning major works.
So how much do they cost?
The costs vary depending on the size of the property:
Below 125 Sqm
CONDITION REPORT €300
HOMEBUYER REPORT (SURVEY) €400
HOMEBUYER REPORT (S & V) €500
126 – 300 Sqm
CONDITION REPORT €450
HOMEBUYER REPORT (SURVEY) €550
HOMEBUYER REPORT (S & V) €650
Above 300 Sqm
CONDITION REPORT €600
HOMEBUYER REPORT (SURVEY) €700
HOMEBUYER REPORT (S & V) €800
STRUCTURAL REPORT Budget will vary depending on size, age etc. so please enquire
Areas according to Cadastre. VAT not included
How long does a report take?
It can vary according to the complication of the survey, but a report is normally available 72 hours after the inspection of the property. We are aware of urgency, especially when clients are reliant on the report to make a decision of purchase or to manage repairs in his/her property and endeavour to provide the fastest possible service.
Our thanks to Santiago, Corporate Director of Grupo Sociedad de Tasación specialized in providing independent real estate services such as valuations, surveys, project monitoring, market research, asset management, expert technical analysis and real estate consultancy. Find the contact details of ST Consultores, company member of Grupo Sociedad de Tasación on the AIPP member directory here
Contact ST Consultores direct on +34 91 183 54 30