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Why buy property in Spain?
Spain has much to offer the weather weary residents of its northern
European neighbours. It's little wonder over the past 20 years or more, increasing
numbers of people have been selling up and moving to a land free of smog, to a land where
black ice and fog and days of endless rain are unheard of.
Thousands each year are
relocating to this truly cosmopolitan part of the world where one never feels like a
foreigner and the sun shines 320 days a year.
Preliminary considerations
The
decision to buying a property in Spain is something very personal and it depends on
multitude of factors.
It is very important, before jumping in with both feet, to
consider seriously what you hope to achieve, and when you hope to achieve it. Don't start
looking until you know what you are looking for, and until you are ready to go ahead. A
little forward planning will give you a clearer idea of what you want, where you want it,
and what you can afford. It will also save you an awful lot of time and wasted effort.
Ask yourself the following questions:
Where? What? When? How Much?
WHERE - Deciding on the location. It is
a good idea to take time to explore |
the region before deciding to buy. Take a couple of weeks
holiday and try and get to know what it's like out of season when the tourists have left.
In July and August the beaches are full, and so are the car parks, wall-to-wall people,
hustle and bustle, and its usually very hot. Try it in the winter or spring time and
discover what living in Spain is really all about.
Do you want to be in the town, just on the edge of town
or away from it all in the countryside?
WHAT- deciding
the type of property
Establish as far as possible exactly what you are looking for.
Is it a holiday apartment, a detached villa, a link house, a new property or a second
hand property? Will you live permanently or will you rent? Do you need a swimming pool?
How many bedrooms do you need? Etc. etc. |
WHEN - Deciding time scales
If you
plan to buy your property within the next six months then now is the time to start
looking. If its going to be more than six months, concentrate on finding the best general
area rather than seek out individual properties. If you're not ready to buy then don't
waste your own and others time by looking until you are.
HOW MUCH - Calculating the budget.
It is pretty obvious you need to know how much you have to spend, and how much you can
afford. Whether or not you need to arrange a mortgage. If this is likely to be a
requirement then it would be wise to arrange this, at least in principle before you go
too far.
It is also worth familiarising yourself with the property market in general
as far as you can to get a feel for the prices. £100,000 might buy a nice
three-bedroom villa in one region, whilst in another you might need twice that amount for
a similar property. Bear in mind also that in your budget you should allow for Taxes,
Legal and Notary fees, which can amount to quite a significant figure maybe as much as
10% of the purchase price, depending upon the sale value the property is declared as
being worth in the title deeds or Notarised public document known as the escritura.
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