If you are in the UK or another European country and are looking to purchase a home or second property in Spain, there are five essential steps to follow.
Primarily, it’s imperative that you first contact the local Land Registry to obtain an updated search. This will verify that the current owner of the property you are looking at is legally registered as such and ensure that the property is not subject to any development schemes or any legal charges. This search will also reveal whether the official descriptions of the property size, features, and boundaries match what they actually are.
- Ask how long the property’s current owner has owned it and what price they paid for it. For example, if the property was purchased for 150,000 euros six months prior and is currently for sale at the same price, contact the estate agent to find out why and obtain further advice.
- Take the opportunity to gain as much information as possible regarding the current for-sale prices of any similar properties in the area.
- If a company currently owns the property, contact the Commercial Registry to obtain a search to determine whether the company is solvent. In addition, you will also want to find out with the assistance of lawyers which individual can legally sign off on behalf of that company.
- Get in touch with the local Town Hall to define whether or not any permits needed either have or will be granted. You only need to do this if the property contains a home that has been recently built or has an existing structure that will need reforms in the near future.
The initial phase of the property buying process involves heavy research. The planning stage is when you must gather every bit of information possible, to make an intelligent decision. While you may be familiar with overseas properties, the first stage of this investment decision should include talking with various invaluable resources, including knowledgeable real estate agents and seasoned overseas property consultants.
Buying a second home in Spain is a good investment, especially with many bargain apartments currently available for sale and rent. Low pricing and low mortgage rates sweeten the deal not only for the Brits but others in the market for an overseas haven. The cost of living, growing tourism, and increased property values emphasise the point that the sooner you buy, the better. Brits can easily purchase a place to take a holiday, to move into when they retire, or to visit for part of the year, and generate extra income by renting the home out to tourists in the summer as a vacation let.
There are many reasons beyond what has already been mentioned as to why anyone would love to call Spain home. The favourite benefit is the beautiful weather. Spain enjoys a warm climate for most of the year compared to other European countries.
Hospitals and medical treatment are superior to that in the United Kingdom by far, statistically. A diet of fresh fruits, grains, olive oil, fish, and red wine makes for a healthy diet and a long life span.
The hospitable Spanish people make living in their country a relaxed experience. There is also easy access between cities with low-cost fast trains, coaches, and national airports. All the above contribute to a first-rate lifestyle.