Don’t forget to get your currency exchange sorted!
Currency exchange is often overlooked until the last possible moment, but the impact of currency exchange rates on the price of your purchase in Spain cannot be highlighted enough.
If you need to convert sterling into euro to purchase your new property, the rate of exchange that you receive when you make that transfer will directly impact the price of your property – and if you don’t agree the exchange rate in advance, you are essentially purchasing the property without knowing the total cost in sterling. This part of the process is often left until the end of the journey, even though you can save or lose a significant amount of money here – depending on the rate you achieve when you make that transfer.
After all, currency rates fluctuate continuously. The amount you pay in sterling for, say €100,000 in the morning, will be different even that afternoon – so over the course of days, weeks and months this amount can change dramatically.
Usually when an interested buyer is purchasing their dream home in Spain, their currency exchange process will be based on the rate on the day they decided to buy the property they find. However, the very nature of exchange rates means that they could quite easily actually pay a vastly different sum by the time they come to actually make their purchase.
However, there are ways around this – namely by speaking to a currency specialist,as soon as you know that you want to buy property in Spain. They will have a number of tools and resources that you can use to make the best of your purchase – such as a Forward Contract, which can be used to book an exchange rate now for a purchase later.
Using this tool at the point that you agree to buy your new dream home in Spain means you can agree the price of your property in pounds at this point – and not worry about the price changing by the time you come to complete your purchase.
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