Many Europeans now embrace the concept of purchasing a home in a different country. Because these properties offer a good level of capital growth, lower airfares and low European interest rates have made buying in countries like Spain more attractive. Spain has a quick flight time and a great climate, and much achievable prosperity. If you’re willing to ignore bad press and follow some underlying rules it can be very safe to buy in Spain. The following is a fundamental guide for those interested in buying real estate in Spain:
- A good rule of thumb is to make sure to have your finances arranged first when buying real estate in Spain.
An spanish mortgage can steer you through the complex process
- Before you sign any binding contracts, seek expert legal advice.
- Set yourself a maximum budget and stick to it
- Stand by for time deadlines to be protracted.
- Don’t trap yourself into a contract until you have money ready.
- 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 realize the way taxes are accrued based on the specific ownership structure that you choose.
Many examples of people buying foreign property have negative results because they didn’t ask the right questions before they began the transaction. Before you sign on any dotted line, then, you should consider the following questions
- Is the land that the purchase sits on registered as urbanized or rustic? What might happen when purchasing rustic land?
- 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?
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- Is this a result of a foreclosure or direct sale?
- In this specific purchase, will any be under declaration?
- Will further costs be incurred by you such as capital gains, inheritance, income or other taxes?
- Are there any unforeseen deposits to pay? At which stage of the transaction are they deemed nonrefundable?
- Are there any additional legal costs or fees to be paid?
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