Helpful
Hints for Buying Property in Spain
Buying a
property in any country other than your normal place of domicile will
be a big task and if you venture such deals without sufficient prior knowledge
of the existing guidelines, then the entire property buying exercise will
be futile.
Your buying
of property in foreign country will be a successful one provided you know
the prevailing rules or conditions such as legal issues, fluctuating markets,
mortgages, and estate agencies.
Besides this
you may have to consider things such as language differences, market differences,
and taxation differences also.But you can tackle such issues if you have
a prior knowledge about them and furnished below are such details that
you may have to know when you are buying property in Spain:
Off Plan
Market
When you
encounter this term, this means that you would buy a property that is
not yet built, meaning you will buy it “off the plan”.
A developer
in Spain will normally make a true to scale model of the proposed home
and show it to you along with the plan for having a better idea and understanding
about the home.
Under normal
circumstances the developer will belong to a company that will be building
the villa or apartment you propose to buy. If interested, the developer
will arrange for an inspection of site and the ongoing works.
Once you
make your decision and buy the home, after the sale the estate agency
is entitled for a commission on the property’s sale value and the
Sales Consultant will also get a percentage. In an “off the plan”
market, you will be paying less that buying a completed project.
Development
of Property
In Spain,
any property development encompasses several properties consisting of
around 40 apartments, townhouses and villas.
Under any
normal property development, community concept is involved and besides
the home the development will also have pools, gardens and other features.
So when you
buy an apartment under property development, you may also be required
to pay towards the development of pools, gardens, security arrangements
and other facilities provided or proposed in future.
Benefits
that one can reap in buying property in Spain
Just like
in any other country, owning a property in Spain has got its own advantages
and benefits. The first and foremost is the appreciation you get in the
value of the property.
Secondly,
you can let out your home for a reasonable rent to the tourists that flock
Spain during holiday season.
Precautions
to be followed while buying the property
Any benefit
will not come easy and you may have to consider the following and take
sufficient precautions so as to avoid any future loss:
• Most
of the sales agencies do not have professional approach and you cannot
compare the standards with that of UK standards.
• Never
take things for granted especially when you deal with sales consultants.
As earlier said many sales consultants are not professionals and they
make quick money by selling a property to you. Normally sales consultants
work for agencies and you must try to cross check the details from a reputed
source.
• Never
finalise the price quoted by the sales consultants without cross checking
with other sources. You should check these informations for yourself or
in case you are not able to do the checking get it cross checked by someone
you trust.
• Take
enough time to make your decisions and never make hasty decisions. Remember,
buying a property is an investment, so make sure that you buy the right
one for the right price.
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