It's high time someone advocated the use of common sense and suggested that those people looking for that dream home in Spain actually apply a cautious approach to buying!
After all, real estate is such a significant purchase for most people that you'd think people would be only too ready to think twice and long and hard before committing to purchase ? especially when buying abroad where the rules and customs differ greatly to what we may be used to.
But it seems that so many people are seduced by the sunshine in Spain and by aggressive and slick agents and developers that they are willing to purchase unseen, to buy off-plan or even remotely via the internet and to basically purchase without the slightest clue about just what it is they're getting for their money.
People are buying Spanish property without the completion of surveys, without employing independent legal advice, without considering the long term investment potential of their property and without considering the practicalities of owning a second home in an overseas location?and what's more worrying is the fact that due to Spain's universal appeal more and more people are doing so every year.
So, the time has come to promote the idea of applying a cautious approach to buying property in Spain starting with - don't leave your brain on the plane?
When you arrive in Spain you will undoubtedly be seduced by the surroundings of your chosen destination, you will be able to immerse yourself in the dream of owning a home in the idyllic location and living a holiday-like lifestyle all year round should you so choose?and these feelings will leave you elated but vulnerable to the traps and pitfalls that are there at every stage of the property buying process. Remember, those traps and pitfalls exist in every country in the world and do not change just because you've change country!
Therefore, before you even travel to Spain you have to arm yourself to deal with buying a property. If you get your mindset right and you set yourself a realistic budget based on the research you do into the types of property you're interested in and the region you're interested in you will step off the plane prepared.
Employ defensive tactics - know that if something looks like a bargain and is selling at a price that is 'too good to be true,' chances are you should walk away! Remember how you would behave if you were buying back home and while I'm definitely not suggesting you set out determined to see the bad in everyone and convinced that each person you speak to is trying to rip you off, I am telling you that not everyone you come across will have your best interests at heart!
Find out how the property buying process works in the region of Spain you're interested in, you need to know whether you will be asked for a securing deposit when you register an interest in a property, you need to know how much this will likely be. You have to know whether an offer is legally binding, you need to understand how property law works in your region of choice. All this research can be done before you even set foot on the plane! If you arm yourself with solid basic facts then you will be in a strong, confident position and you will be less likely to fall for estate agent exaggerations.
Don't be rushed into making a decision or parting with cash. Make sure you employ independent and qualified legal support to ensure your interests are protected. If you are unsure of the meaning of any paper work you are asked to sign make sure you get it translated. Pay attention to detail ? make sure boundaries are marked on the contract you sign, make sure your solicitor confirms them with the local land registry office.
Never ever assume anything; never ever accept it when someone assures you of a fact?get facts and assumptions confirmed by having them written into the legally binding contract. Don't become a victim of the Spanish property market by failing to do your homework and by being a passive purchaser.
Do your comprehensive and boring homework and approach buying a property in Spain in the same way you would approach buying a property back home ? it really is that simple!
Rhiannon Williamson is the publisher of http://www.shelteroffshore.com - the online resource for investment property abroad, offshore investing and living overseas articles, guides and resources.
Click the following link for Spanish property and moving to Spain articles, guides, resources and recommended reading.
To make the maximum profit on your investment properties, you'll... Read More
Apartment hunting is not the easiest thing around. You may... Read More
Many who have bought and sold properties through Realtors numerous... Read More
There are a great many books and web sites devoted... Read More
Excluding some professional real estate agents buying a house is... Read More
There are serveral things you need to think about and... Read More
Years ago, the only person that could buy a home... Read More
In many places you can buy a house and a... Read More
Many people are familiar with the concept of sub-dividing a... Read More
Selling your own home can be a time-consuming and frustrating... Read More
If you want to become a real estate investor, find... Read More
Are we in a housing bubble? To answer that question... Read More
Most business owners will, at some point, want or need... Read More
Fixtures, related to real estate, are items that were originally... Read More
Many of us dream about owning the vacation home in... Read More
Downtown Minneapolis is rich with true metropolitan charm. With the... Read More
"Begin With The End In Mind"I first heard the phrase... Read More
Sometimes when we are very busy professionals and very rich... Read More
The Real Estate Settlement Procedures Act (RESPA) is a consumer... Read More
Purchasing a property, either as an investor or as a... Read More
With today's planned lifestyle communities, golf and boating enthusiasts have... Read More
My husband and I were eating breakfast at the Good... Read More
1. What happens to the seller's credit rating when they... Read More
I have done so many appraisals where I saw obvious... Read More
In addition to zoning, some properties have covenants recorded at... Read More
According to the Federal Housing Finance Board:... "As of October... Read More
Houses for sale by owner, also known as "FSBOs," are... Read More
What if two people pooled their resources and began investing... Read More
When buying and selling homes, the property purchase is often... Read More
By being creative, you can play the game of real... Read More
This story is true and not meant to hurt anyone,... Read More
Demanding consumers"Internet buyers tend to be better informed on market... Read More
What if you want better cash flow from your rental... Read More
When trying to sell a home, silence isn't always golden... Read More
Excluding some professional real estate agents buying a house is... Read More
Awaken to the sounds of softly rustling trees and tranquil... Read More
I have been a mortgage lender for many years and... Read More
In addition to zoning, some properties have covenants recorded at... Read More
For those looking to invest in the real estate market?keep... Read More
Avoid 12 Common Mistakes Made by Novice Investors and Ensure... Read More
Good Homes Under $50,000? My wife Ana and... Read More
We have been studying a trend of new home buyers... Read More
When it comes to investing, everybody has certain goals and... Read More
What is a "distressed" property? What is "bargain" real estate?A... Read More
Properties for sale or to rent on the Costa BlancaAs... Read More
Follow a few simple guidelines, and marketing your own home... Read More
Owning a house is part of the American Dream. Depending... Read More
Property investing prices pick up following a cooler winter last... Read More
When painting your home for resale, choosing the right colors... Read More
In Real Estate "Time" is a Wealth Development ToolsReal estate... Read More
Looking to buy real estate in Utah? The market has... Read More
Do you have bad credit, no credit, filed a bankruptcy,... Read More
Last week, we started a multi-part series about how to... Read More
You hear it asked on the radio, in the newspapers... Read More
Finding the right buy to let mortgage is crucial to... Read More
Buy HUD homes are sometimes the cheapest option available for... Read More
So, it's home hunting time. Where do you start? Who... Read More
Babyboomers whose children have left home, commonly known as "empty-nesters"... Read More
Decide to Invest in Real Estate Foreclosure InvestingWith the increase... Read More
The power of goal setting has been well documented and... Read More
How do you find a house for ten or twenty... Read More
The discount on a foreclosed property is not as great... Read More
Keeping your existing house when you buy a new one... Read More
Brazil Property - FortalezaThe PlaceWhat to do in a place... Read More
Buying foreclosures can be extremely profitable for real estate investors.... Read More
So how do you find the best foreclosures. Its not... Read More
Real Estate |