Many residents of Britain and North Europe are finding the idea of purchasing foreign property a more desirable and realistic goal. Because these properties offer a good level of capital growth, lower airfares and low European interest rates have made buying in countries like Spain more attractive. The country of Spain provides the advantage of brief air travel, plentiful sunshine and a thriving economy. buying in Spain may have gotten some bad press recently, but it can be safe if you follow some underlying rules. Here is your underlying buyers guide for purchasing real estate in Spain:
- A good rule of thumb is to make sure to have your finances arranged first when buying real estate in Spain.
Consider using a Spanish mortgage expert like Your Spanish Mortgage to guide you through the process. - Before you sign any binding contracts, seek expert legal advice.
- Avoid overstretching yourself financially.
- Stand by for time deadlines to be extended.
- Do not commit yourself to a private purchase contract until you have the funding that you need.
- Be aware that the procedure for buying in Spain has its own idiosyncrasies and don’t assume that it will be the same as it is in other markets.
- Make sure you completely comprehend how taxes are incurred depending on the type of ownership status you select If you don?t seek specialist advice
Before making any purchases in Spain, it would be advisable to first approach your lawyer with a series of questions to be answered. 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 signing on the dotted line you should get answers to some of the following:
- Is the site where the property is located listed as urban or rustic? What complications can come from purchasing land that is rustic.
- What costs will have to be accounted for, including standard legal costs and tax costs?
- Are there any licenses in place, such as building licenses or first licenses of occupancy?
- Is there be a ten year warranty on the building, if the building was constructed less than ten years ago?
- Did you purchase this product directly or was it a cessation of contract?
- Will there be any under declaration in this purchase?
- Are there any additional costs that you will be responsible for, like capital gains, inheritance, wealth taxes or income taxes?
- Are there any unforeseen deposits to pay? When in the procedure are refunds no longer possible?
- Are there any additional legal costs or fees to be paid?
