Buying Your Spanish Property
The continuous decline in the prices of properties is really bad news to Spanish property sellers. However, this means a grand opportunity for anyone who wants to buy a holiday home or a secondary or permanent residence in Spain. Indeed, there is a plethora of bargain properties waiting to be sold; from town houses to luxury villas, apartments near the beach to commercial properties in the big cities or some fincas in the rural areas, there is so much to choose from at unbelievably cheap rates.
However, can you really buy a property safely in Spain? Is it dangerous to invest in the Spanish property market these days? Well, if you actually know what to do and you understand the 'rules of the game', there is no need to fret about buying properties in Spain. Many of the unwanted circumstances could have been easily avoided by taking the right advice and doing exactly what needs to be done.
You can always buy property in Spain safely regardless of the crisis in the market and in the economy. There is no need for you to say goodbye to your savings which you have worked really hard for over the years, and turn your dreams into nightmares. You will be able to buy a decent Spanish property without having to sacrifice a lot of important things in your life. However, you really need to proceed with caution and to take note of the following guidelines:
Be clear about your goals and preferences. Finalize your decision to move to Spain and to buy a property. Imagine where you want to relocate and work out how much you can afford to invest. Ponder on all the things that need to be done as well as the consequences of your decisions and actions.
In addition, be prepared to take on the risks and challenges of buying a property in Spain. You should know by now that buying a Spanish property is only for those who truly want to buy a property in Spain for personal use or those who are not really after the profits.
More importantly, study the market. Be aware of the many things going on around Spain's property market, particularly with regards the rise and fall of the prices as well as some recent developments in the planning laws and many other relevant aspects. You must be well-informed so research extensively.
Also, learn about the Spanish laws and other rules relevant to buying and owning a property in Spain. Many foreign buyers found themselves coping with various issues simply because they failed to equip themselves with all the information necessary to secure a legal purchase. The more you learn, the better.
Check out many different properties, and location. Attend property trade fairs and, if possible, visit numerous sites personally. This will enable you to scrutinize the area thoroughly and learn about the neighborhood. Evaluate every important aspect and compare the features of each property or location.
Remember not to search and buy emotionally as this will blind you from the negative factors associated with a certain property. Find out which type of property is ideal and safe for investment. Analyze not just the costs and fees of buying a property but also the costs of living in the area of your choice.
Deal with all the processes involved using the help and guidance of professionals. Hire a building surveyor, a real estate agent and a conveyancing lawyer. Take your time in finding knowledgeable and skilled members of your property buying team. Otherwise, it will be easy to get lost and be a victim.
Search for reasonable and legally sound bargain properties with the aid of a reputable real estate agent. However, lead the search and ensure that you are clear with your demands. See to it that you understand the buying process and all other tasks that need to be carried out efficiently and legally.
Once you have set your sights upon a property, check all the documents needed and confirm the legality of the property. This is why you need an English-speaking solicitor to help you out, especially if you are not yet fluent in Spanish. Know about the required documents and other legal processes.
Think about how and where you are going to buy the property. Will you consider repossessed Spanish properties? Perhaps you prefer off-plan or you want to deal with the seller directly. No matter what type of property you wish to buy and whether you are going for a mortgage or buy with your cash on hand, always remember that it pays to be vigilant and systematic. Assess various options meticulously.
Inquire about taxes, additional fees and other costs involved. Do not be fooled by the fantasy that a bargain is always a bargain. Some very cheap Spanish properties have hidden costs. Make an estimate of some potential expenses that include repair and maintenance costs, taxes and utility bills to be paid for.
Never sign anything immediately, especially if you do not understand the document. In fact, do not do anything in haste. It is never wise to be in a rush, particularly when dealing with legal matters. You should at least be knowledgeable of some important Spanish property terms such as 'Urbanizado' and 'Rural'. Furthermore, demand to see the 'First Occupancy Permit' or 'Licencia de Primera Ocupacion'.
The bottom-line is that the security of any purchase or your property investment in Spain all depends on your own decisions and efforts. It doesn't matter if there are loads of bargain properties out there. What matters is how you take on the challenges of buying a Spanish property. Should you cut corners in order to buy your desired property at a very cheap rate in no time? Maybe you should just stick to the rules and be wary of all your actions. It's really up to you, and the outcomes vary according to your choices.