Tuesday, 13 July 2010
Buy Property Abroad - To Close A deal RIGHT AWAY Is Not The Right Way
Have you ever wondered why Spain is the most popular place in Europe to buy property abroad or invest your money. Could it have anything to do with the spanish way of life or culture along with the weather or the friendly locals. Why so many people are choosing Spain as their prime location to buy property or a home abroad is purely because they want to.
If you buy property abroad or intend on investing large amounts of money then do not expect an easy ride if you have not done your homework. Remember when buying property abroad whether it is Spain or anywhere else on the planet you need to remind your self - location location location.
How many times have we all heard this but it is a fact that is overlooked when looking for a prime location to buy Spanish property? To get the best deal- the best buy - the best location is to have the best knowledge. Do not make any rash decisions before consulting with an expert in this field.
Laws in real estate differ but the number one rule to adhere to is not to close a deal right away after your first viewing. Do a little research behind the scenes of your chosen prime location. Take notes - photographs and an interpreter with you if dealing with the Spanish face to face?
No matter how much you have your heart set on a property abroad do not rush into anything you may regret at a later date. Some unfortunate people have lost their life savings through dodgy deals.
Things to look out for when buying property in Spain is what facilities are available - like installing a phone line - is it close to shops. See if it has letting potential. Any thing that springs to mind be sure to ask.
When viewing spanish property bring along your notes and fire all your questions at the estate agent don`t leave a stone unturned. An independent advisor is good to have with you when attending appointments. Chat with the locals who can provide you with any intimate details that you need to know of.
If time is not an issue then double back and visit the area 2/3 times this can tell you a lot about the goings on at different times of the day or year. Winter months can isolate areas with solitude so you could be on your own in parts if you intend living in Spain all year round
Spanish property investments with good letting potential are villas or apartments. Remember location location location applies for this type of deal also.
No matter which part of Spain you choose - jot down travel times of local buses/trains to other destinations. Browse all estate agents to check on property prices. In doing this you will know if your budget is in the margin for most house sales.
Take your time with any venture as big as this - view as many properties as you can this will help build up your knowledge of the present market values in the area. Do not cut corners as you may end up losing more than you bargained for.
All legal issues should be left in the hands of a good Solicitor. Before purchasing a property in Spain it is vital to be aware of the legal process and costs.
If you have appointed a good a solicitor then all transactions will be dealt with by an experienced master in the field of legality. By doing this you now have a guarantee that Spanish legal needs are met. Other requirements your solicitor will see to is to make sure the property is registered solely in the vendor`s name and that no hidden clauses lurk like it is free of any mortgages, encumbrances, charges, debts or other liabilities.
Do not finalize any agreements with any other; have necessary paperwork sent to your solicitor. Let them negotiate and discuss matters with the seller`s solicitor.