Many people buy property in Spain to spend the winter period in the sun instead of the freezing temperatures back home. Others buy property because they want to settle permanently in Spain. The number of people from outside Spain that have bought a property in Spain is not clear but what we do know is that the number reaches to several hundred of thousands already, resulting in entire foreign enclaves in Spain such as Dutch and English.
Spain has much to offer. The country is very diverse. Spain is an ideal country both for those not really interested in mastering the Spanish language, for those wanting to live among their fellow compatriots and for those interested in a more adventurous way of starting a life abroad.
The vast majority of people that have bought property in Spain over the past years have retired from work and are now experiencing the laid back Mediterranean livestyle. Spanish areas are becoming increasingly popular among a younger population. As a result the demographic composition is shifting towards a younger and more dynamic group of people interested in buying property in Spain.
When buying property there are a few points you need to keep in mind. Accessibility of the property (for example travel time to and from the nearest airport) is a very important issue many seem to forget. It is advisable to gather information at local government offices to find out whether there are no large development projects planned just beside your property. This could ruin the pleasure of living in your new home and could also influence the value of your property.
As it is becoming increasingly difficult to find properties in the more popular destinations, real estate developers have sprung up constructing new complexes of apartments and luxury villa’s focussed on newly arriving foreigners. Multiple Spanish travelling companies have noticed these developments as well and are offering trips in order to let potential buyers view their potential homes.
In addition to the information presented above, you can use the following checklist:
- Is the estate agent trustworthy?
- Do I have a lawyer?
- Does the real estate developer have a good reputation?
- Is the salesman indeed the owner of the contract?
- Is the contract legally binding?
- Am I sure that I will get my “property proof” (escritura) after the last payment?
- Am I sure that I will get my construction licence?
- When I am buying a property before completion of the development, am I sure the eventual property is conform the construction licence?
- Are there any liabilities related to the property?
- Do I have any guarantee for the advance payment that I make?
- Do I have a fixed date where the construction must be completed with a fine clause attached making the constructor liable in case of delayed completion?
- Do I know what construction materials are used?
- Am I able to reduce the payment in case of construction failures?
- What will the yearly costs for maintenance be?
Article written by: www.propertyalert.org