Charlotte Thompson,  Sunday, 14 January 2024

 

Purchasing a property in Spain, whether as a dream residence or an investment, requires a keen eye for detail, particularly regarding the property's square meterage. Inaccuracies in these figures can be misleading, leading to potential misunderstandings and financial setbacks. This article delves into the typical challenges buyers face with square meter discrepancies in Spanish real estate.

Gross vs. Net Square Meters: Understanding the Difference
A common source of confusion for buyers is distinguishing between gross and net square meters. Gross square meters encompass the entire built-up area, including walls, pillars, and sometimes outdoor spaces like balconies or terraces. In contrast, net square meters refer solely to the actual usable interior space, excluding structural elements and non-living areas. Properties advertised with gross square footage can seem more spacious than they truly are, a vital consideration for those focused on the actual living space.

The Pitfalls of Inaccurate and Misleading Advertisements
Real estate adverts in Spain often contain imprecise or even misleading information. These inaccuracies can range from simple miscalculations to deliberate overstatements of a property's size. Buyers typically spot these discrepancies during viewings or when they compare the adverts to the property's official records, like those in the land registry. Vigilance is key for buyers, who should ideally perform their own measurements or consult with experts.

The Complications of Illegally Extended Properties
Illegally extended properties pose a significant challenge. These extensions, added without the requisite permissions, can lead to legal issues, including the potential for demolition orders and fines. Such legal entanglements aren't just a problem for current owners but can also affect unsuspecting buyers, who might find themselves liable for previous unlawful expansions.

Mortgage Applications and Renovations: When Truth Comes to Light
The real size of a property often comes to light during the mortgage application process or when new owners undertake renovations. Banks frequently demand independent property evaluations for mortgage approvals, during which discrepancies in size may be uncovered. Similarly, owners might encounter unexpected differences in measurements when they start renovating or redecorating.

The Critical Role of Due Diligence
This landscape highlights the critical role of due diligence in the Spanish property market. Verifying the legality and accuracy of property details is essential. This verification process can include checking land registry records, hiring surveyors, and thoroughly examining all relevant property documents.

Legal and Financial Implications of Miscalculations
Misstated square meters can lead to more than just disillusionment; they carry legal and financial repercussions. Properties with unauthorized extensions might depreciate in value, and rectifying these irregularities can incur significant costs. Insurance complications can also arise, as some policies might not cover unapproved structural modifications.

Conclusion
The process of buying property in Spain demands meticulous attention to detail, especially concerning square meterage. Understanding the nuances between gross and net measurements, recognizing the potential for illegal construction, and being aware of the risks of incorrect information are vital for any prospective buyer. By exercising due diligence and seeking expert advice, buyers can navigate these challenges effectively, ensuring a secure and rewarding investment in their Spanish property.



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