Buying a property in a foreign country, or indeed in your own country, is a big decision which should not be taken lightly. There are a number of factors which you need to consider before you can go ahead with your acquisition of you dream Spanish property. A bad property investment could be dire for you and your family financially and in addition you may run into several legal pitfalls if you do not know what you are getting yourself into. Juan Lopez is the sales manager of a local estate agency in Javea on the Costa Blanca and he offers these tips.
Do your homework
The Spanish property trends may see house prices fluctuate quite dramatically. Different regions in Spain often experience different property price cycles. You may find that property prices in northern Spain are on the rise, but you might not find the same happening in more rural areas.
For certain people there may also be limitations on property ownership. When you are ready to buy a property in Spain you need to make sure that you have the legal right to do so. Fraudsters offering property abroad are always looking for victims, so make sure you have all the legal documentation in order before you hand any money over.
Get professional assistance
If you are looking for the best deals on property available in Spain it is recommended that you take a look at the local real estate directories. Even if you are familiar with the real estate trends in Spain, make sure that you have the assistance of a local property realtor or reputable property developer.
Additionally, by enlisting the services of a professional in Spain you want to buy a property you will have first-hand access and guidance to all the information which can assist you in your search for the perfect property.
Get a legal representative
It is always a great idea to hire a professional lawyer if you are looking at buying a property in Spain. This person will be able to assist you with any legal matters pertaining to the property you have in mind and also be able to guide you through any red tape, should there be any. In addition, your legal representation will be able to make sure the sale goes through without a hitch by dealing with any legal problem, should they arise.
Have documents translated
It is vital that you make sure that you have any documents translated before signing anything. A real estate transaction is an important agreement you are signing into. Make sure you understand all aspects of your agreement especially if it is written in a foreign language. The last thing you would want to happen is for you to run into problems because you simply did not understand the document you were signing.
Save money on payments
It is a great idea to set up a regular payment service because you might find that many local banks would offer poor Forex rates. You can easily save money by making use of a payment service. To find the best payment solution you are going to have to visit your local bank and have a chat with someone who has sufficient knowledge of Forex.