Did you know that Spain is currently ranked second to the United Arab Emirates as the best country for first time home buyers? According to the recent report of UK-based relocation service MoveHub, the affordable property prices and high salary growth in Spain make it an ideal place to live in. Let’s add the fact that Spain is home to many beautiful places and amazing food. Spaniards are social beings so you can expect a lively sense of community almost everywhere. You can enjoy a great lifestyle in Spain even though you are not rolling in the dough. If you are interested in relocating to Spain or buying a property for investment purposes, here are the most important things to keep in mind:
- Familiarize yourself with all the legalities involved. What’s nice about Spain is that they have no restrictions for foreigners when it comes to buying a real estate property, regardless if it is commercial or residential. You only have to get a Foreigner’s’ Identification number before viewing any prospect property. It is easy to fall in love with the properties because of the inexpensive costs and low-interest rate for mortgage financing. However, most properties in Spain, especially the old village properties are not registered. Check if it the property you wish to own is enlisted both in the Land Registry and Catastral Registry. Otherwise, stay away from unregistered properties because they are prone to demolitions.
- Contact an estate agent. The agent should be able to help you right from the very first step, which is securing an Offer to Purchase. Get help from a Spanish estate agent who is conversant with the legitimacy of the properties. It would also help if the agent is there to assist you when viewing the property. An estate agent should guide you in finding the perfect property based on your preferences. With countless property sales, it is a relief to find someone who helps you narrow down your options. The agent should give you the important details not just of the property itself but also the surrounding areas.
- Get legal advice. Your legal representative shall review the “Reserve document” before you sign it. Make sure that your lawyer is an independent lawyer, meaning he is not connected to the property developer or the estate agent. Your independent legal advisor should check the ownership of the property or if it has any outstanding debts. In getting a lawyer from Spain, check if he or she is registered with a Spanish board association. A good lawyer should have a knowledge of the Spanish inheritance law.
Buying a property abroad always requires more time and research. View the property in person. Do not simply rely on the internet. Visit the property at least twice before making a decision. Most importantly, arrange your finances accordingly. Take note of all the other costs involved, from notary fees and lawyer fees down to transfer taxes. In case you are considering mortgage finance, you have to accomplish an Agreement in Principle before signing any contracts.