Buying a Spanish property seems like the dream for many of the British people. For some this dream has been a reality for many years, however these lucky few made the move during the mid 1980 at a time when the price of a property was affordable. These properties were not just two bedroom apartments, but spacious three bed roomed houses or even a large villa situated in the heart of Spain.
However, for those looking to buy a Spanish property now will find that prices are not as affordable as they perhaps were ten or twenty years ago. For first time buyers it is imperative that they take their time before making the jump forward and buying a property. The risks involved in making an investment abroad is something that needs to be considered, and with the property market left at an unpredictable state buyers should seek professional and expert advice otherwise risk seeing their dreams turning sour.
There is still hope for buyers looking to buy abroad and although there are risks involved, those who begin their research can make the move without too much to worry about. Buying Spanish property can be, and should be, a simple process. The first step is to get to know the property market in Spain and be very aware that the property market here is filled with bad organisations that cannot be trusted.
Researching into reputable organisations and knowing what to expect from their services (fees, charges and overall costs) is something that buyers should become knowledgeable on, avoiding the risk of over spending. Always use an independent lawyer, this way you can trust their judgement and know exactly on what you are spending your money.
Be clear about what your needs are, what you can afford and make a good judgement on what your circumstances are like now and in what they will be in the future. Ask yourself questions and prepare yourself before purchasing. Why are you buying the property? What will it be used for - holiday home, tourist accommodation, or long-term residential home for you and your family? How will you maintain the property? Is this investment your main concern for life? Where will the property be located?
The next step is to arrange your finances. This is something that you should do whilst researching the Spanish property market and organisations. Make a clear budget of how much you are willing to spend on a property, whether it is a new build or a property that will need some work carried out onto it. It does not cost you a penny to have all your financial arrangements completed early on and the benefits are that it helps you to establish the advantages/disadvantages of taking out a mortgage in Spain.
Leaving the above to the last minute will lead to an expensive mortgage and extra expenses added on top. Buyers should also manage the exchange rate, as you may be organising and planning your finances but this will lead to nothing if you do not remember to do this in Euros. Approaching a good finance broker will help you to better prepare for the mortgage costs, as well as planning for your future commitments.
Having your finances sorted for future commitments will have you prepared for the worst and reduce the risk of losing out in the end.
Finally, always check the contract and all documents before signing the contract. If you have found a property, have made regular visits to the property and are happy with everything do not be too hasty in sealing the deal. Make sure you understand everything on paper and have every corner covered.
All legal formalities should not be signed off unless you have the all clear from you lawyer. Completion of the purchase usually entails signing the public deed in front of the notary public and paying the vendor the full amount. This then officially becomes your property, even though you will still have to register your property with Spain's property register.