Property Spain

Spain has witnessed bustling real estate activity and price rises over the last couple of years. Property Spain has gained great importance and popularity because of its reputation as a favorite tourist hub. This has also led to quick profits and tidy incomes for most investors. However before you take the plunge there are some things you need to know before investing.

5 essential things you must know

It may seem all hunky-dory to buy that dream home in Spain. However before buying it is essential to understand what will ease the process. Most property Spain has is along the coastal regions where prices are very high. Therefore it makes sense to invest wisely so you don’t lose out in the process. 

1. Learn the language: If you’re a foreigner wanting to invest in property Spain, it is time you learnt Spanish. It will help you negotiate prices better, realize if you’re being conned and above all, even from a long term perspective, prepare you for settling down in Spain.
2. Know the health care facilities offered: Although property Spain may be enticing, if you’re from a developed country, chances are you might find the health care facilities offered in Spain a tad backward. Therefore, at least initially you need to have the basic medical supplies at hand so that you are prepared for any eventuality.
3. Schools and education: If you intend to permanently move to Spain and invest in property Spain has to offer, consider exploring the schools and educational facilities in your destination. This will help you be better prepared when you land there. It will also prepare your children for their education.
4. Seek a real estate agent’s help: You will find it much easier to evaluate the best properties if you hire a real estate agent. They will guide you better and get you the best deals in the market.
5. NIE number: Did you know that before you can invest in any property Spain you will need an NIE number? This is a unique tax identification number that will enable you to complete formalities of any property purchase. You can get this number through a solicitor.

 The process of buying property Spain 

There are a series of stages to buying property in Spain. After selecting the suitable property, you need to sign what is known as a ’reservation agreement’. This is a written agreement between you and the vendor and it clearly lays down the roles, responsibilities, various clauses etc.  At this stage you will need to pay an upfront amount or fee equaling one or two percentage of the value on the property. After this the vendor will withdraw the property from the market to disable any deals on it from other buyers. Your solicitor will then perform ‘land registry checks’. This seeks to establish that the property Spain is clear without any pending liabilities. After this a contract is drawn up which is then signed by both concerned parties. Then the title deed gets transferred in your name.

Get in touch with the industry experts at www.buyspain.co.uk for more details. Steve Magill has written several articles with regard to the Spanish property business. As a Fellow in the British Association of Entrepreneurs (FBAE) he is considered an expert consultant when it comes to real estate in Spain.

For more information about the property for sale in Benlamadena Costa please complete our property criteria report.