Property For Sale In Spain - Choosing Made Easy
You can find any numbers of property for sale in Spain. But, before making the big decision a number of factors have to be considered, financial and legal advice should be taken and above all things the advice should be taken slowly and wisely with patience. A single mistake can wreck your entire current as well as future plans. Here are few guidelines that are to be followed before purchasing properties for sale in Spain.
Identify Your Needs and Requirements
The foremost thing to be done before starting your search for cheap property for sale in Spain is to analyze your requirements and make a list of things you wish to have in the property. Know exactly what you need i.e. a villa, house, bungalow, small apartment or cave house, if you are purchasing the property for investment purpose, planning to relocate or wish to use the property as a holiday home. Decide whether you wish to purchase a new or resale property. With the purchase of resale property you can save a lot and can also be hassle free. If you are clear on what you need you can search for a property for sale in Spain accordingly. It will even affect the future decisions.
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Choosing Your Location For Your Properties For Sale in Spain
Plan Your Budget
Analyze your financial status i.e. your earnings and savings and fix the budget you can invest in the property. Now, make a rough estimation of the mortgage you can obtain and then start your search for a property for sale in Spain. While making the estimation remember to consider all the hidden costs, taxes, solicitor fee etc. Various taxes that are to be paid at the time of purchasing the property include the transfer tax, land registration charges, notary charges and extra costs if you are taking on a mortgage. To know information about mortgage interest and the available plans contact your nearest lender. While making the budget estimation never overstretch yourself as you may face unexpected financial costs in future or perhaps an unexpected loss of income. Be honest with yourself and realistic while deciding on the budget and settle on an affordable and relatively cheapproperty for sale in Spain. Considering all the factors.
Sources for finding property for sale in Spain
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Estimate the annual costs of the property for sale in Spain
Make a trip to the property
Remember to never purchase a property for sale in Spain without inspecting it personally. If you are new to property buying take the help of property surveyors. They will check the property thoroughly and give a report on the condition of the property for a small fee. When you visit the property, check the neighborhood community, safety and security of the area, talk to people and try to gather as much information as possible. Make sure that basic amenities such as hospital, bank and the grocery stores are nearby. Visit the cheap property for sale in Spain at different times of the day. This will give you an idea about the environment and how the area will be at different times. There will be areas that are safe to move in the daytime but not after sunset. So, to grab a best property for sale in Spain put your efforts to the full extent.
Appoint a Property Solicitor
Whether you are a foreigner or residing in Spain always appoint a good lawyer to take care of the sale proceedings as the Spanish law is little tricky. An attorney will investigate if the properties for sale in Spain are safe to purchase and there are no outstanding debts attached to the property as you will be liable to it after making the deal. Generally, the attorney fee is 1% of the property price. But, it is definitely worth investing in a lawyer. Choose a best local attorney capable of giving legal advices on the property for sale in Spain and has thorough knowledge of Spanish law. He should be able to guide you throughout the sale process and also help in future tax payments.
Making the payment and contracts
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Registration of the sale deed
After completion of all the formalities, the registration of the sale deed stating the purchase of the property for sale in Spain known as the Escritura has to be done before the a notary and the balance amount has to be paid. All the legal proceedings such as payment of transfer taxes and the other formalities of registration will be completed by the notary, your lawyer or the agent. The lawyer can accomplish the registration process even in your absence if you have given him the power of attorney. If you are foreigner make sure to obtain the foreigners identification number before signing the contract. It is also essential to have the original passport or identification of all the people whose names are included in sale deed.
Taking ownership of the property for sale in Spain
After all the formalities are completed the property will be handed over to you. Now, it is your responsibility to check if all the proceedings were completed successfully and whether the water, SUMA and electricity contracts are successfully transferred on to your name without any debts. You should also make sure that property insurance is paid.
A homeowner who purchases a property by taking care of all the above aspects can enjoy a relaxed and peaceful life in his newly purchased property for sale in Spain.
If you have any questions about purchasing a property for sale in Spain send us an email using the form below.
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