Buying property in Spain is becoming increasingly popular with Europeans looking to buy somewhere that they can relax during their holidays. People normally buy properties so that they can use the for a holiday home for part of a year, although some people also buy them as a form of investment where they can hire them out to other tourists for their holidays. Investing in real estate is particularly popular in regions such as the Costa Blanca and Costa del Sol.
Important Tips when Buying Spanish Property
Whenever you want to buy a home it is very important that you find a reliable real estate agent, this is especially important when you are buying property in a foreign country such as Spain. There are unfortunately plenty of real estate agents that are trying simply to make money without bearing in mind your best interests. It might also be a great help if you can speak Spanish, this will make it much easier to communicate with others.
You will also need to hire yourself a lawyer, you can normally find bilingual lawyers who will be able to explain the terms of contracts to you in English. They will also be able to act in your best interests when looking at mortgages, and other requirements. Hiring a Spanish lawyer will make things much easier because they will already be familiar with all of the laws and regulations with regards of Spanish Real Estate.
Sometimes your real estate agent might suggest a certain lawyer to use, however it is always a better idea to hire one yourself so that you can be sure they only have your best interests in mind. You might be able to get some recommendations from a neighbor or friend, and this will be a great way to find a reliable lawyer.
Also remember that you will have to pay other taxes at some time in the future, if you sell your property then a number of taxes will be payable. Capital gains tax will be charged when the property is sold, the cost will depend on the sale price of your property. This could end up costing you a considerable amount of money if you are not careful.
Borrowing money
Few people have enough money to buy their own property in Spain which is why they might be interested in borrowing money as a mortgage to do this. Most people will need to take a mortgage out in order to purchase their own vacation property. There are many different types of mortgage, so it really does pay to spend time comparing the different types so that you can be sure you're taking out the right mortgage.
You can take out an international mortgage with a bank from your own country. Many of the larger lenders will offer specialist mortgages for international purchases. These are normally offered for people that already own a home in their own country, and are looking for a second home. You will normally have to pay a 30% payment up front and will then be able to borrow up to 70% of the value of the property.
One of the best ways of affording holiday homes is to take out a second mortgage. If you have a lot of equity in your main home then this might be a great option. Do remember however that if you don't keep current with all of the payments that you could stand to lose your home. Make sure that you can afford to fund everything, otherwise your home is at risk.
Important Tips when Buying Spanish Property
Whenever you want to buy a home it is very important that you find a reliable real estate agent, this is especially important when you are buying property in a foreign country such as Spain. There are unfortunately plenty of real estate agents that are trying simply to make money without bearing in mind your best interests. It might also be a great help if you can speak Spanish, this will make it much easier to communicate with others.
You will also need to hire yourself a lawyer, you can normally find bilingual lawyers who will be able to explain the terms of contracts to you in English. They will also be able to act in your best interests when looking at mortgages, and other requirements. Hiring a Spanish lawyer will make things much easier because they will already be familiar with all of the laws and regulations with regards of Spanish Real Estate.
Sometimes your real estate agent might suggest a certain lawyer to use, however it is always a better idea to hire one yourself so that you can be sure they only have your best interests in mind. You might be able to get some recommendations from a neighbor or friend, and this will be a great way to find a reliable lawyer.
Also remember that you will have to pay other taxes at some time in the future, if you sell your property then a number of taxes will be payable. Capital gains tax will be charged when the property is sold, the cost will depend on the sale price of your property. This could end up costing you a considerable amount of money if you are not careful.
Borrowing money
Few people have enough money to buy their own property in Spain which is why they might be interested in borrowing money as a mortgage to do this. Most people will need to take a mortgage out in order to purchase their own vacation property. There are many different types of mortgage, so it really does pay to spend time comparing the different types so that you can be sure you're taking out the right mortgage.
You can take out an international mortgage with a bank from your own country. Many of the larger lenders will offer specialist mortgages for international purchases. These are normally offered for people that already own a home in their own country, and are looking for a second home. You will normally have to pay a 30% payment up front and will then be able to borrow up to 70% of the value of the property.
One of the best ways of affording holiday homes is to take out a second mortgage. If you have a lot of equity in your main home then this might be a great option. Do remember however that if you don't keep current with all of the payments that you could stand to lose your home. Make sure that you can afford to fund everything, otherwise your home is at risk.
About the Author:
Andreas Sosadi repeatedly publishes reports on ideas relating to buying property in benidorm. On his site you can have a look at his comments on property in benidorm spain and benidorm spain real estate.
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