Have you ever wondered why Spain is the most popular place in Europe to buy property abroad or invest your money? People are choosing Spain as their prime location to buy a property or a home abroad is because they want to. It’s an ideal location for many.
The Reality Of It
If you buy property abroad or intend on investing large amounts of money then do not expect an easy ride if you have not done your homework. Remember when buying property abroad whether it is Spain or anywhere else, you need to remind your self of where this property is located and what rules and regulations follow that.
How many times have we all heard this but it is a fact that is overlooked when looking for a prime location to buy a Spanish property? To get the best deal, the best location is to have the best knowledge. Do not make any rash decisions before consulting with an expert in this field.
Laws in real estate differ but the number one rule to adhere to is not to close a deal right away after your first viewing. You would think this is common sense, but most people follow their hearts and not their heads. Do a little research behind the scenes of your chosen prime location. Take notes, photographs, and an interpreter with you if you are not fluent in Spanish.
No matter how much you have your heart set on a property abroad, do not rush into anything you may regret. Some unfortunate people have lost their life savings through dodgy deals and it could’ve been avoided had they researched the property more.
Things to look out for when buying property in Spain is what facilities are available. Would it be difficult to install a phone line? Is it close to shops? See if it has letting potential, for things that you want to implement into the property. Anything that springs to mind, be sure to ask whoever is either showing or selling the property.
When viewing a property in Spain or really anywhere abroad, bring along your notes and so you won’t forget any questions to the estate agent. Be sure not to leave a stone unturned. An independent advisor is good to have with you when attending appointments. Chat with locals as they can probably provide you with any intimate details that you need to know of.
If time is not an issue then double back and visit the area 2-3 times. This can tell you a lot about the property if you are able to visit at different times of the day or year. Winter months can isolate areas with solitude, so you could be on your own in parts if you intend living in Spain all year round.
No matter which part of Spain you choose – jot down travel times of local buses/trains to other destinations. Browse all estate agents to check on property prices. In doing this, you will know if your budget is in the margin for most house sales.
Take your time with any venture as big as this and view as many properties as you can. This will help build up your knowledge of the present market values in the area and give you plenty of options to choose from. Do not cut corners as you may end up losing more than you bargained for.
All legal issues should be left in the hands of a good solicitor. Before purchasing a property in Spain or any other country besides your own, it is vital to be aware of the legal process and costs.
If you have appointed a good a solicitor then all transactions will be dealt with by an experienced master in the field of legality. By doing this you now have a guarantee that the legal needs are met. Other requirements your solicitor will see to is to make sure the property is registered solely in the vendor’s name and that no hidden clauses lurk.
Buying property abroad is always an exciting step and can pay off in the end. Be sure to be smart, do your research, and stick to the basics. It’s important to explore every avenue when it comes to laws as well as the property itself. Happy house hunting!