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Spanish Property: The Facts You Need To Know |
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Submitted by Nichole Manning
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Buying property has all of its attendant headaches. There are so many negotiations, legal issues, volatile market prices, mortgages and real estate agencies that you have to contend with and negotiate that it would most likely overwhelm you. Now imagine buying property in another country and what was already big headache is further complicated by other factors. Aside from the usual difficulties you now have to contend with language differences, different market practices as well as unique tax burdens. It is a wonder at all that people still want to buy properties in other countries.
But if the property you will buy is exquisitely beautiful, just like the available properties in Spain, then everything is worth it. What’s more, buying Spanish property is not as difficult as in other countries, making the already alluring prospect actually realistic.
According to a recently held survey by Barclays Bank, up to 4.4 million Britons are willing to buy Spanish property. With Spain’s very strong consumer protection laws as well as safeguards imposed on its property industry, more and more buyers are being assured that investing in a Spanish property is a good, hassle-free decision. And despite negative media coverage on some property-related problems in Spain, an overwhelming 92 percent of families are still considering buying Spanish property. These are sure signs of the consumers’ confidence for Spain’s property industry.
The imposition of many buyer-friendly measures is having positive effects on the Spanish property selling environment. One prominent measure that has boosted buyer confidence is a guarantee provided by Spanish developers that a buyer’s deposit for offplan houses can be refunded if the developers do not take delivery. Another positive measure is that all defects are insured for ten years. These are all incorporated into the latest consumer protection laws.
Of course, even if the environment for buying Spanish property is steadily growing more and more ideal for overseas buyers, there are still some pitfalls that must be considered. The most common problem that buyers of Spanish property face is overpricing. It is not uncommon to hear buyers complaining that a bungalow that they have set their sights on is priced like a palacio. When faced with this dilemma, buyers are advised to become more like sleuths and not like buyers. It is always a good idea to do research first and look around so that they can have a feel for the prevailing market conditions and prices.
It is also a good move to hire a reputable real estate agent in Spain who will help you look for, and negotiate with, sellers for the Spanish property you are eyeing, Real estate agents would have a good idea of the fair market price for various Spanish property. The added benefit of hiring a real estate agent is that you won’t have to worry about the language barrier anymore. Your real estate agent will handle all of the negotiations and most of the paperwork and make ownership of your Spanish property hassle-free.
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