Buying a property in any foreign country including Spain can be a difficult undertaking especially if you do not have the essential information needed in order to arrive at a sound decision.

There are lots of things to consider before deciding what to buy such as legal issues, fluctuating markets, mortgages, and estate agencies. There is also a lot to deal when it comes to language differences, market differences, and taxation differences.

But these issues will be addressed one by one if you just have sufficient information for you to analyze all there is that you have to know before you buy a property in Spain. Here are some of the essential information that will sure help your decision:

Off Plan Market

When you hear this term, this means that you would buy a property that is not yet built, meaning you will buy it “off the plan”. In Spain, usually there is a developer that will have scale models, plans, and a show home made available for you to view.

This developer is the company that builds the apartment, villa, or townhouse that you wish to have. If you want to view this show home, the estate agency employers or the so-called Sales Consultants will meet you and take you around different developments. Then upon the completion of a successful sale, the estate agency is entitled for a commission on the property’s sale value and the Sales Consultant will also get a percentage. The advantage of buying a property “off the plan” is that you pay a lot less than you would when the property is completed.

Property Developments

In Spain, there are property developments wherein a development usually encompasses several properties consisting of around 40 apartments, townhouses and villas. Basically, these property developments are enclosed communities on which aside from the properties, there are also amenities like gardens, pool or pools, and other facilities.

If you prefer to buy one apartment from property development, you would pay towards the development that also covers the cost of pool and garden maintenance as well as security. It is said that these developments are usually kept very nice looking and really well maintained.

Benefits of Buying a Property in Spain

Just like in any other country, there are certainly benefits when you buy a property in Spain. One of which is that your property will usually increase in value if you buy your property “off plan”. Your property may cost around 150,000 euros, and upon completion of the development, which is the first point at which you can live in your property, the value may have risen considerably.

Another benefit is that during variable tourist seasons, you can have your property rented, let’s say for half a year, so there is sufficient amount to cover your mortgage, and then the remaining half of the year can be for your own use. But in reality, this does not usually happen which is why property buyers should not rely on this alone as income in order to pay for mortgage.

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If you have the preference for mansion type houses, then you must try to visit Spain and get in before all the best ones are sold. Home selling in Spain has been rampant because many buyers have a desire for the peculiarity of the style of houses there. Owners of these properties know that there is a great demand for their properties and have made a good profit from the sale of them.

Aside from the splendour that these houses offer to the customers, there are other factors that entice anyone who visits Spain to fall in love with the country. The typical Spanish house has a unique charm that is rarely seen elsewhere!

Step through the stucco archway, linger in the tiled courtyard, and enjoy the ambience of a beautiful Spanish home. There are also farms in Spain that provides a great view of the surroundings. But before doing so, there is much to understand before buying a property in Spain. There are rules and regulations to follows and the laws are not to be ignored.

The property market in Spain has been blossoming these past few years and more non Spanish residents have been taking advantage of the many offers they have. These are also aided by the fact that Spain offers low interest rates and the properties are reasonably priced.

Other factor that attract people to buying property in Spain is the great Spanish lifestyle and the fantastic weather. Plus, buying property in Spain is a great investment as well. Estimates by experts show that in the next five years or so, there will be more than a million and a half properties that are going to be bought by non-natives of Spain.

But before you start taking your money out of the bank, it is wise to do a lot of research first. Many people have been taken by the promises made by sellers that they have forgotten to protect themselves. Before buying any big investments, such as properties, do your research first.

It is very advisable to first make a visual inspection of the property. Make sure that what is described on the sales contract is actually found in the property. Also, make sure that you have access to all the right documents as well as the papers of the seller. This is where a good real estate lawyer comes in.

Enlist the services of a good Spanish lawyer that’s adept with the local real estate laws. Have them investigate the legalities of the transaction. Make sure that all laws are followed so that you do not get duped on a loophole or non-compliance rule.

Here are also some tips you can use when buying a property in Spain:

Have your own translator. If you don’t have a good grasp of the language you may fall in a trap. Many real estate agents are too eager to sell the property that they sometimes may forget about certain aspects of the deal.

Some of them produce their own translators to aide you, but, sometimes, something gets lost in the translation, especially if they see you are eager to buy. Get a private translator so that you can fully protect your investment. The fee for their services will be worthwhile rather than lose money on your purchase of a property in Spain.

Watch the foreign exchange rate. Most properties in Spain are priced in their currency and the exchange rates may vary everyday. See or consult someone that can forecast and watch over the exchange rates. When the rates are in your favour that is the time when you send the payment over. This could save you a lot of money especially when the amount involved is a bit high.

If you decide to build a house on land that you bought in Spain, make sure that you have everything built at the same time. This is so that the taxes can be paid all at the same time at the smaller regular rate rather than having to pay extra for a luxury tax rate when you decide to add-on, say a pool.

When investing or buying property in Spain it is always best to give it a lot of thought and a lot of preparation. This is for your own protection.

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It is always important to consider the location of your prospective property purchase. If you were buying a property in your home country it would be easier because you would be familiar with your culture, your people and even the area. But in Spain however it is very likely that you are unfamiliar with all the above aspects. Whether you are a regular visitor to Spain or not it is vitally important that you are very clear in your mind what you looking for. Many property ventures have ended in tears because people have not thought carefully about ‘Location’ from the very beginning.

My friends Jean and Peter decided to retire to glorious España. Their plan was to rent a beautiful villa with a pool, next to a holiday resort that they have visited many times before. They were extremely happy with the villa they have purchased. Initially the couple used the villa for short two week holidays with friends and family.

Very soon the couple decided that the time is right to move in permanently. This would prove to be a mistake.

As a fulltime living space; they soon discovered there was no room to keep anything in storage. The villa was always ok as a short term stay but in the long term people need storage space and this became an enormous problem. They had no shed, not enough cupboards, no garage space… they had to sell or give away precious belongings simply because there was no where to put them. They also complained that although the villa was a perfect haven in the summer, in the winter it was chilly and windy. The thin walls and cold tiled floors offered little comfort. The area were it was located was spookily deserted during the winter months as the holiday season had ended. That resulted in leaving then feeling isolated and alone. Even the local shops and bars were closed.

Eventually they sold up and bought a lovely home in a residential area which is populated all year round and where all bars and shops 12 months of the year. Best of all there are round fellow ex-pats to talk and socialise with. The moral of this story is that you must think hard about the location of your intended purchase and what you would like to use the property for.

By: Justin Colins

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Justin Colins is a successful Spanish real estate agent who lives and works in Spain. His properties are proudly presented at www.Espana-por-favor.com. He also supports www.gettothetop.info and www.solicitors-uk.info.

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