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 only 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 brings people back year after year and makes them reluctant to leave. Plus, of course, it has the lowest cost of living in Europe! But of course, it’s exactly this magical quality that you 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 let 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’re serious, you need to learn how to buy property in Spain in a way that will improve your lifestyle, and won’t leave you out of pocket. Below are some suggestions to point you in the right direction. Once you have chosen a place, book into a hotel for a number of days and explore. Ideally, do this at the least appealing time of year weatherwise. Pretend you are a journalist and attempt to find as many drawbacks as possible. When it’s in a hotel area, do you fancy it when most vacationers have gone home? If it’s in a rural location, would you feel cut off in the winter months? If one of its attractions is that it is near an airport, how would you feel if your airline stopped flying into that airport? This one’s a biggie. Hire an attorney whom you can really trust and who really understands all aspects of Spanish real estate law, including planning and zoning laws. Visit here, if you are looking for additional info on murcia property.
Your consulate may be able to provide you with a list of recommended attorneys. Do you know how many individuals have been left bankrupt, with their dreams in shreds, because they did not check planning regulations? Either they didn’t check that they had full title to the land, or they failed to make sure that the property they were buying was legally built on that land. If this occurs, the authorities will simply demolish the property, leaving you with nothing. And this has happened to plenty of people. Remember also that in parts of Spain, even if the property is legally built on the land, the government 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 including the costs 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 start your search for a property, write down your budget and keep looking at it. In the Spanish sunshine, after a couple of glasses of rioja, it’s easy to be seduced by a gorgeous property that you really can not afford. Be cautious about your budget and stick with it. When you have started in earnest on your property search, view the properties as frequently as you desire. If any owner would like to restrict you to a single viewing, walk away. Be careful to check such details as telephone connections, and broadband if this is valuable to you. Following your initial screening, plenty of questions will occur to you so write them down before next time.
Try to visit 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 that way. Alternatively, you may prefer to refinance your current property. Do not forget that in Spain there are initial charges that have 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 cover these. When you have finally got to the point of buying your property, the first thing you do is sign a “reservation” agreement. In other words, the seller has to withdraw the property from the market. Once the attorney’s search is complete, you and the vendor 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 tips about how to buy a property in Spain should make certain that the process goes smoothly and that you don’t fall into any of the pitfalls which many expatriates have struck. Just ensure you’ve covered all the legalities, that you can trust your lawyer or attorney, and that all the paperwork is correctly filed. It seems a hassle at the time. But it is going to enable you to enjoy and profit from your new property for the rest of your life.