Ways to Purchase Spanish Property the Painless Way
Plenty of residents of the UK and Northern Europe are discovering that purchasing property abroad is an feasible and desirable goal. With a drop in the cost of air fares, interest rates in Europe getting lower, and the property itself offering capital growth, countries like Spain have become more tempting to potential buyers. The country of Spain provides the advantage of brief air travel, plentiful sunshine and a thriving economy. It may not have been a good idea to buy in Spain in the past, but it can be done more safely if you stick to some general guidelines. Here is your underlying buyers guide for purchasing real estate in Spain:
- Get your finances together before you do anything else.
Use an expert in mortgages in Spain to help you. Your Spanish Mortgage are a good example - Seek out legal advice before signing any documents.
- Set yourself a maximum budget and stick to it
- You should expect that time deadlines will be protracted.
- Wait until you have the funding in place before committing yourself to a private purchase contract.
- Be aware that the procedure for purchasing in Spain has its own idiosyncrasies and don’t assume that it will be the same as it is in other markets.
- Fully understand the way taxes are accrued based on the specific ownership structure that you choose.
Before making any purchases in Spain, it would be advisable to first approach your lawyer with a series of questions to be answered. 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 signing on the dotted line you should get answers to some of the following:
- Is the property’s land pastoral or urban? What are possible consequences of buying on property that is listed as rural?
- What costs will have to be accounted for, including standard legal costs and tax costs?
- Are there any licenses in place, such as building licenses or first licenses of occupancy?
- If the building is less than ten years old, is there a 10year building warranty in place?
- 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? When in the process are refunds no longer possible?
- What will have to be paid to an attorney, along with other legal charges?
