Many UK and North European citizens are finding the idea of buying abroad more attractive and achievable. Since decent capital growth is offered, lower air prices and interest rates have made purchasing property in Spain more desirable. Spain offers short air travel time, excellent sunshine and plenty of potential growth. buying in Spain may have gotten some bad press recently, but it can be safe if you follow some basic rules. Here is your basic buyers guide for purchasing real estate in Spain:
- When considering purchasing property first look to arrange your finances.
Consider using a Spanish mortgages expert like Your Spanish Mortgage to guide you through the process. - It is important that you obtain professional help before venturing into any unfamiliar legal territory.
- Set yourself a maximum budget and stick to it
- Stand by for time deadlines to be extended.
- Wait until you have the funding in place before committing yourself to a private purchase contract.
- The Spanish purchase procedure is not the same as it is in the UK and other places
- Fully understand the way taxes are accrued based on the specific ownership structure that you choose.
Before you make any purchases, it would be wise for you to approach the situation with a list of questions that for your Spanish Lawver. There have been many instances where international buyers have been unable to get the results they seek because they didn’t know what questions to ask. Before you sign a contract, you need to think about the next few questions, and others that you may have:
- Is the property’s land pastoral or urban? What are possible consequences of purchasing 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 licenses already in place, for instance property contracts or first liens of residency?
- Is there be a ten year warranty on the building, if the building was constructed less than ten years ago?
- Is this purchase being bought direct or as part of a cessation of contract?
- In this specific purchase, will any be under declaration?
- Are there any additional costs that you will be responsible for, like capital gains, inheritance, wealth taxes or income taxes?
- Do any deposits need to be paid? At what point in the process are they considered nonrefundable?
- Are there any additional legal costs or fees to be paid?