Ways to Buy Property in Spain the Simple Way
Many UK and North European citizens are finding the idea of purchasing overseas more attractive and achievable. 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 tempting to prospective buyers. Spain offers short air travel time, outstanding sunshine and plenty of potential growth. Although purchasing property in Spain has received a bad rap, you can get a great deal if you follow a few basic guidelines. The following is a fundamental guide for those interested in purchasing real estate in Spain:
- Arrange your finances first.
Consider using a Spanish mortgages expert like Your Spanish Mortgage to guide you through the procedure. - Before you sign any binding contracts, seek expert legal advice.
- Avoid overstretching yourself financially.
- You should expect that time deadlines will be protracted.
- Don’t trap yourself into a contract until you have money ready.
- Be prepared for the Spanish purchase procedure, 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 expertadvice
Before making any purchases in Spain, it would be advisable to first approach your lawyer with a series of questions to be answered. Many examples of people purchasing foreign property have negative results because they didn’t ask the right questions before they began the transaction. Before completing the transaction, you should get answers to the following questions:
- Is the land that the purchase sits on registered as urbanized 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 there any licenses in place, such as building licenses or first licenses of occupancy?
- If the property is under a decade old, does it include a 10 year building warranty?
- Is this a result of a foreclosure or direct sale?
- In this specific purchase, will any be under declaration?
- Be sure to ask what extra costs you might be liable for, such as taxes on capital gains, inheritance taxes or income tax.
- Do any deposits need to be paid? When in the process are refunds no longer possible?
- What will have to be paid to an attorney, along with other legal charges?
