With recent news that the Spanish property prices are on the decline, we thought it would be good to produce a list of tips for buying property in Spain. So here they are:

1. Make sure you actually go to Spain and have a good look around to find a place you like.
2. You will pay a higher amount for property in Spanish resort areas or major cities. Generally the price of property inland from the coastal areas can be significantly cheaper.
3. Do not make a decision to buy on the spur of the moment as making a mistake could cost you a lot of money. Take time to do proper research and make sure that your expectations are not unrealistic.
4. Your property will need to increase in value by around 15-20% in oredr for you to break even after buying and selling.
5. Do not remortgage your property in your home country to buy a Spanish property as you could end up losing both.
6. Be sure to number crunch if you are buying for rental income or purely for investment.
7. If you are buying a Spanish property off-plan, be sure to get a bank guarantee, otherwise you risk significant financial loss.
8. Be sure that all paperwork is totally in order and verify (through your lawyer) that there are no hidden surprises.
9. Use an independent lawyer who speaks fluent English.
10. Try renting a property in your chosen area first to get to know the locale and to decide whther owning a property in Spain is something you really want.
11. Think about buying a Spanish timeshare if you just want a place to visit a few times a year.
12. Think about the long term and what you want from your a property in Spain. Do not risk buying a Spanish home that you cannot afford in the hope that the Spanish property market will increase, as you could be left with a large debt and a property you cannot sell.

Remember that although the Spanish property market may be in decline, this is potentially a good time to buy as many existing owners of Spanish homes may begin to think about selling up for a discount.