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 has a quick flight time and a great climate, and much possible prosperity. It may not have been a good idea to buy in Spain in the past, but it can be done more safely if you stick to some general guidelines. The following is a fundamental guide for those interested in buying real estate in Spain:
Arrange your finances first.
An Mortgages In Spain specialist can steer you through the complex process
Take expert legal advice before you sign on any dotted lines.
Take care not to reach beyond your financial limits.
You should expect that time deadlines will be extended.
Do not commit yourself to a private purchase contract until you have the funding that you need.
The Spanish purchase process is not the same as it is in the UK and other places
Fully understand the way taxes are accrued based on the specific ownership structure that you choose.
Don’t be persuaded to do anything you wouldn’t normally do.
Hire an attorney that is not involved with the sales agent you are using.
You should have an impartial representative to ensure that your best interests are always taken into account.
Before you make any purchases, it would be wise for you to approach the situation with a list of questions that for your Spanish Lawver. There have been a lot of situations where buyers from abroad do not get the results they seek because they either asked the wrong questions or did not ask questions at all before hand. Before you sign a contract, you need to think about the next few questions, and others that you may have:
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?
If the building is less than ten years old, is there a 10year building warranty in place?
Did you purchase this product directly or was it a cessation of contract?
In this specific purchase, will any be under declaration?
Are there any additional costs that you will be responsible for, like capital gains, inheritance, wealth taxes or income taxes?
Do any deposits need to be paid? At which stage of the transaction are they deemed nonrefundable?
Are there any additional legal costs or fees to be paid?