Interested in buying property in Spain - a Paradise?
If you longing
for owning a mansion or at least a mansion type house, then Spain is the
place for you.
The design
and style of houses in Spain are so different and captivating that many
foreigners have started investing in homes in Spain.
Besides the
splendour of these houses, there are other factors that entice people
in buying homes in Spain. The Stucco archway, tiled courtyard and great
incorporated ambience are the few interesting factors that are responsible
for alluring the buyers.
More than
the Spanish homes, one can also have a farm with great view of the surroundings.
But before stepping in to buy any property, it is better if you understand
the prevailing rules and regulations to make your investment easy and
safe.
In the last
few years, the real estate has seen a phenomenal growth in Spain, which
has attracted non-Spanish residents to invest in properties. Further,
the properties are reasonably priced and one can get a loan with a low
interest rate.
The next
alluring factor is the great life style of Spanish people coupled with
a perfect weather. Due to many conducive factors, experts have estimated
that investors will buy over one and a half million properties in near
future say in another 5 years.
When you
have decided to invest your hard-earned money in Spain, it is always better
to put your steps a little more cautiously. Before making big investments,
do a research first and arrive at the suitability.
Ensure that
the description made in the agreement match with the actual presence once
you visit the property. Ensure that you get the right and correct papers
and cross check the seller’s papers also.
Engaging
a lawyer is the best idea and the lawyer who has got a thorough knowledge
about the prevailing laws and intricacies will be able to guide you through
the deal correctly.
Make sure
that all laws are complied with so that you will net get cheated with
the help of any loophole.
Consider
the following suggestions when you go property purchase in Spain:
Engage
your own translator - This can make you to understand their local
language properly and can save you from intentional traps laid out by
the agents.
It is also
advisable to engage a private translator so as to avoid the possibility
of translator colluding with the agent for any possible wrongdoing.
Though you
may have to pay a little more money towards the service for the translator,
it is worth spending the amount when compared to the resultant genuineness
of the transaction one can have.
Watch
for the competitive foreign exchange rate - Most properties in Spain
are priced in their currency and the exchange rates may vary everyday.
Learn the
market fluctuations in foreign exchange and try to grab the best rate
when available. Complete the deal when the rates are favourable and you
can save a quite big money if the property value is high.
Watch out
the tax rules – if you are planning to build house over the and,
it is better to build all portions of the building in one go as the building
with its additional facilities will be taxed in one lot.
For example,
if you add a pool at a later date you may end up in paying more tax by
way of additional luxury tax.
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