Buying a Spanish property is euphoric and scary for someone moving overseas. On one hand, you are moving into a property in the sun. On the other, you are committing to the repayment of a lot of money.
How to Avoid Buyer’s Remorse
Buying a property can throw your emotions all over the place. First, you are ecstatic when the seller agrees to your offer. Soon thereafter, you start worrying about the price, potential problems and the commitment you have made to move overseas. It can be a monstrous rollercoaster for your emotions. You need not have buyer’s remorse.
The first issue giving rise to remorse is almost always the purchase price. If it makes you feel any better, the seller almost always thinks they should have asked for more. In truth, the agreed upon price is almost always pretty fair. If you have taken out a mortgage for your Spanish property, the lender is not going to give you a loan well in excess of the value of the property , so you can rest assured you probably got a fair price. Yes, you may have paid €10,000 too much, but it is a relatively insignificant amount given the value of the property over time.
The second area of remorse is the payment obligation. Buying a Spanish home sounds great until you realize payments of €750 or €1,500 are due each month. What if you lose your job ? What if someone gets sick ? What if I cannot settle in Spain and want to return to my native country ? What if, what if, what if… Stop worrying. Life is full of risks and buying a Spanish home is a relatively minor one compared to other decisions we have to make. If you default on a mortgage, so what ? Yes it is bad, but they are not going to put you in jail. Most successful business people fall on their faces five or ten times before hitting it big. In a worse case scenario, you can do the same.
Remorse can be an all encompassing thing. If you let it take hold of your emotions, you are going to suffer for no reason whatsoever. Remember, real estate is an excellent long term investment. If you keep the property in decent shape and hold on to the property for five or ten years, you will inevitably come out ahead. Stop stressing out and enjoy your new home !