How to purchase property in Spain has been a favorite question for buyers for some decades. Now investors are catching on. Spain has a magnetism that’s hard to describe and that few other nations possess. It’s not just the spectacular scenery, fantastic beaches and yearlong sunshine. It seems to be something about the easy, relaxed pace of life and the exuberance and happiness of its people, which draws people back year after year and makes them reluctant to leave. Plus, of course, it’s the lowest cost of living in Europe! But clearly, it is just this magical quality that you will need to beware of when it comes to purchasing property! It’s deceptively simple to fall in love with a house that is bathed in sunshine, with a sensational view, and allow all common sense fly out of the window as thousands of British buyers have discovered to their cost. Stranded with no property and no money, many are wishing they had never heard of Spain. So if you are serious, you need to learn how to buy property in Spain in a manner that will enhance your lifestyle, and will not leave you out of pocket. Below are some suggestions to guide you in the ideal direction. Once you have chosen an area, book into a hotel for a number of days and explore. Ideally, do this at the least attractive time of year weatherwise. Pretend you are a journalist and try to find as many downsides as you can. When it’s in a hotel area, do you fancy it when most vacationers have gone home? When it’s in a rural location, do you feel cut off in the winter months? If one of its attractions is that it’s close to an airport, how would you feel if your airline stopped flying into that airport? This is a biggie. Hire an attorney whom you can really trust and who really understands all aspects of Spanish real estate law, such as planning and zoning laws. Your consulate may be able to provide you with a list of recommended attorneys. If you’re searching for additional info on financing a Spanish property, click at more tips.
Do you know how many people are left bankrupt, with their dreams in shreds, because they did not check planning regulations? Either they did not check that they had full title to the land, or they failed to make sure that the property they were purchasing was legally built on that land. If this happens, the authorities will simply demolish the property, leaving you with nothing. And this has happened to lots of people. Remember also that in parts of Spain, even if the property is legally built on the land, the authorities can return the land if they decide they want it for municipal development. And there’s nothing you can do about it. This is known by English speakers as the “land-grab” and has happened, for example, in areas of Valencia such as the Costa Blanca. Though this was declared illegal under European law, many overseas property owners are still threatened with loss of the property. So do take quite clear and thorough legal advice before proceeding. Before you begin your search for a property, write down your budget and keep looking at it. From the Spanish sunshine, after a few glasses of Rioja, it is easy to be seduced by a gorgeous property that you really can’t afford. Be clear about your budget and stick with it. When you have started in earnest in your property search, see the properties as frequently as you wish. If any owner wants to restrict you to one screening, walk away. Take care to check such facts as telephone connections, and broadband if this is valuable to you. After your initial viewing, a lot of questions will happen to you so write them down before next time.
Try to go to in different weather conditions and at different times of the day. For financing, the easiest way to increase a mortgage is often by visiting a Spanish bank. You can usually get up to 80 percent of the purchase price like that. As an alternative, you may prefer to refinance your existing property. Don’t forget that in Spain there are first charges that need to be paid up front. These include transfer tax, stamp duty, fees to the notary public, and title changes to the deed. You need to allow about 10 percent of the purchase price to pay for these. When you have finally got to the point of purchasing your property, the first thing you do is sign a “reservation” agreement. This means the seller has to withdraw the property from the market. Once the lawyer’s search is finished, you and the seller sign the “sale and purchase” contract. This is legally binding and all of the details of the property must be correctly entered. On completion day, you and the seller, both with your attorneys, attend the office of the notary public to sign the final contracts. The process is now complete. Relax with a glass of wine and enjoy your new property. These hints about how to buy a property in Spain should ensure that the process goes smoothly and that you don’t fall into some of the pitfalls which many expatriates have encountered. Just ensure you’ve covered all the legalities, which you can trust your lawyer or lawyer, and that all the paperwork is properly filed. It appears a hassle at the moment. But it will let you enjoy and profit from your new property for the rest of your life.