Costly currency mistake costs a Spanish property buyer thousands!
Buying property in Spain; Some horror stories.
We have sold hundreds of millions of euro worth of Spanish property over the years. Like all Spanish agents we like to emphasise the positives of buying and living here in Spain- the sunshine, the low cost of living, the relaxed lifestyle for families and singles alike. We think that to show how we are different (and better) we should tell people like you some things that can go wrong.
From time to time we´ll blog here with tales of these costly mistakes, stressful deals and in some cases, horror stories.
Here is a deal we were briefly involved in last December.
A buyer contacted us, James from Coventry, UK. He had been referred to us by a friend, who used us for every service- Buying, legal, tax, NIE, property rental- everything and was delighted with us.
James, an intellectual, had read all the books about buying property in Spain. He made a load of errors- like the fact he spent too much and had to get an expensive bridging loan until the flat he owned back home was sold but the biggest mistake he made was he talked to his bank about transferring money form the UK to Spain. They told him that they will charge him ZERO commission, just an administration fee.
We had already told James that he needed to use one of our recommended currency companies to get his sterling into euro and specifically into the lawyer’s client account. By simply ignoring this information, James who was already tight for cash to complete the deal, paid an additional 3% on top in administration fees and poor exchange rate. Sure, they didn’t charge “commission”, but he paid an extra 7,500 Sterling to buy his house in Spain which he could have saved had he used SpanishHomes.online to get his currency organised.
At least he used us for the purchase and we did save him almost 10,000 euro in total.
It just shows you though, if you believe in our company and trust us, you unlike James, will save a considerable amount on your Spanish property purchase.
Even if you are buying from another trusted and recommended Spanish agent, get in touch with us and we´ll put you in contact with Ken who can help you save thousands on your currency exchange!