Overseas Property Investment is the Ideal One!
For investing in an overseas property, Spain is always a tempting choice.
Real estate prices are currently depressed, especially relative to sterling.
The climate is desirable, the balmy waters of the Mediterranean provide luxurious beaches, many properties have letting potential and for many people it's a perfect retirement location.
However, investing in Spanish real estate is something that requires a lot of planning and research.
Visit the Location Several Times You don't want to purchase overseas property on impulse.
Ideally, you should visit a property several times before making a decision.
It's also good to see the location during different seasons.
Many idyllic spots in Spain have long off seasons, and become quite deserted in winter.
Make sure the location is convenient for all of your needs.
Buying to Let in Spain Many people seek to buy property in Spain to let.
There is a potential income to be made by purchasing villas or apartments, which can be let to people on holiday in Spain.
If this is your goal, you have to be sure that the property is in a popular spot for vacationers.
It should be attractive and well kept, and preferably have a pool.
It should also be close to the beach, shopping, bars and other attractions.
It should also be convenient to an airport.
Real Estate Agents You can purchase property in Spain using a real estate agent or you can buy directly from an owner.
Either way, be sure that you can speak enough of a common language (whether that be English or Spanish) that you don't misunderstand each other.
While an agent can help you find a property more quickly, make sure you understand the costs involved.
Commissions can be quite high in Spain, at least 6% in most cases.
If you have time, you can search for a property on your own.
It helps, of course, if you can speak some Spanish.
The best way to search for property is to go to locations where you want to buy and look for "For Sale" (or "Se Vende") signs or to look in local Spanish newspapers.
You can, of course, find properties advertised in the UK, or on the internet, but be sure to check them out thoroughly and visit the location before making any commitment.
Lawyers and Legal Issues If you are not familiar with buying property in Spain, it's a good idea to hire an abogado (lawyer) to help you navigate the deal.
Again, as obvious as this sounds, be sure the lawyer speaks English (unless you are fluent in Spanish).
While it's not absolutely necessary to have a lawyer, it can help you to avoid possible pitfalls of buying property in a foreign country.
You want to make sure you understand all the taxes you may be liable for.
Also, you want to be sure that any property you purchase is completely legal and cannot be seized from you at a later date.
A lawyer can help you prevent this sort of nightmare from happening.
If you are thinking of an overseas property, Spain might be just what you are looking for.
If you do your research and planning, you can find a property that is just right for you.
Real estate prices are currently depressed, especially relative to sterling.
The climate is desirable, the balmy waters of the Mediterranean provide luxurious beaches, many properties have letting potential and for many people it's a perfect retirement location.
However, investing in Spanish real estate is something that requires a lot of planning and research.
Visit the Location Several Times You don't want to purchase overseas property on impulse.
Ideally, you should visit a property several times before making a decision.
It's also good to see the location during different seasons.
Many idyllic spots in Spain have long off seasons, and become quite deserted in winter.
Make sure the location is convenient for all of your needs.
Buying to Let in Spain Many people seek to buy property in Spain to let.
There is a potential income to be made by purchasing villas or apartments, which can be let to people on holiday in Spain.
If this is your goal, you have to be sure that the property is in a popular spot for vacationers.
It should be attractive and well kept, and preferably have a pool.
It should also be close to the beach, shopping, bars and other attractions.
It should also be convenient to an airport.
Real Estate Agents You can purchase property in Spain using a real estate agent or you can buy directly from an owner.
Either way, be sure that you can speak enough of a common language (whether that be English or Spanish) that you don't misunderstand each other.
While an agent can help you find a property more quickly, make sure you understand the costs involved.
Commissions can be quite high in Spain, at least 6% in most cases.
If you have time, you can search for a property on your own.
It helps, of course, if you can speak some Spanish.
The best way to search for property is to go to locations where you want to buy and look for "For Sale" (or "Se Vende") signs or to look in local Spanish newspapers.
You can, of course, find properties advertised in the UK, or on the internet, but be sure to check them out thoroughly and visit the location before making any commitment.
Lawyers and Legal Issues If you are not familiar with buying property in Spain, it's a good idea to hire an abogado (lawyer) to help you navigate the deal.
Again, as obvious as this sounds, be sure the lawyer speaks English (unless you are fluent in Spanish).
While it's not absolutely necessary to have a lawyer, it can help you to avoid possible pitfalls of buying property in a foreign country.
You want to make sure you understand all the taxes you may be liable for.
Also, you want to be sure that any property you purchase is completely legal and cannot be seized from you at a later date.
A lawyer can help you prevent this sort of nightmare from happening.
If you are thinking of an overseas property, Spain might be just what you are looking for.
If you do your research and planning, you can find a property that is just right for you.
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