Many Europeans now embrace the concept of buying a home in a different country. With a drop in the cost of air fares, interest rates in Europe becoming lower, and the property itself offering capital growth, countries like Spain have become more enticing to potential buyers. Spain offers short air travel time, excellent sunshine and plenty of potential growth. If you’re willing to disregard bad press and follow some basic rules it can be very safe to buy in Spain. The following is a fundamental guide for those interested in buying real estate in Spain:
Arrange your finances first.
Use an expert in Mortgages In Spain to help you.
Before you sign any binding contracts, seek expert legal advice.
To save yourself from becoming financially strapped, you should spend wisely and frugally.
Be ready in case deadlines are stretched.
Do not commit yourself to a private purchase contract until you have the funding that you need.
Be prepared for the Spanish purchase process, which is different in Spain than in the UK and elsewhere in Europe.
Make sure you completely comprehend how taxes are incurred depending on the type of ownership status you select. If you don’t seek specialist advice
Don’t be persuaded to do anything you wouldn’t normally do.
Work with a lawyer independent of the sales agent that you are working with.
In order to keep your best interests a priority the counsel of neutral third party is required.
Before making any purchases in Spain, it would be advisable to first approach your lawyer with a series of questions to be answered. Foreign buyers can run into trouble when engaging in local business transactions, finding that they do not get the results they expected or wanted. Misunderstandings arise because the buyers failed to do their homework, or at least to ask the correct preliminary questions. Before you sign on any dotted line, then, you should consider the following questions
Is the site where the property is located listed as urban or rustic? What are possible consequences of buying on property that is listed as rural?
What costs will need to be taken into account, such as typical attorney’s fees and taxes?
Are licenses already in place, for instance property contracts or first liens of residency?
Is this purchase being bought direct or as part of a cessation of contract?
Will there be any under declaration in this purchase?
Will further costs be incurred by you such as capital gains, inheritance, income or other taxes?
At what point in the process are they considered nonrefundable?
Are there any additional legal costs or fees to be paid?