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How to tell if a cheap flat is really a bargain: checklist before buying

Cómo saber si un piso barato es realmente una oportunidad: checklist antes de comprar

A flat priced well below its area always has an explanation. Sometimes it is an inheritance the family wants to sell quickly; other times a charge, a huge renovation or a building with problems. Before you make an offer, go through this list.

Paperwork

  • Land registry extract (nota simple): owner, charges and mortgages.
  • Owners’ association certificate: fees up to date and approved levies.
  • Habitability certificate and energy performance certificate.
  • Property tax (IBI) receipt and certificate of no debts with the town hall.

The building

  • Status of the technical building inspection if required by age.
  • Facade, roof and downpipes: communal works are paid by everyone.
  • Existing or planned lift, and its cost if still pending.

The flat

Check for damp, the electrical installation, windows and noise at different times of day. Get a renovation quote before signing the deposit contract and always add a contingency margin. If the price is still good after all this, you are probably looking at a real bargain.

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