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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