Spain is increasingly becoming a popular retirement vacation spot meaning that this is a good time to invest in real estate in the country. Property prices in Spain have dropped drastically. Market studies show that since 2007, property prices have fallen by around 35- 50%. While this might be bad news for property sellers, it provides a great opportunity for people wanting to buy real estate in Spain.
As a buyer, you have a variety of properties to choose from in almost every property sector. From commercial properties, beachside apartments, luxury town houses, the list is endless as to the list of the wealth of bargain property options that are available to you
Sellers are keen to sell and even in these hard economic times, you can bargain for a great price to buy property to invest in long- term or even a great place to live in. However, the main question in many buyers mind is whether investing in real estate in Spain
The truth is if you have the right information and plan, it is possible to buy real estate in Spain safely. Below is a valuable guide to help you make the right investment decisions when buying real estate in Spain
Before investing in any property, whether overseas or locally it’s important to understand the market trends, current market prices, market standards and requirements. You need to be knowledgeable about the Spanish market so that you can purchase property that meets your preferences and budget. Come up with a proper real estate buying strategy and ask yourself important questions such as the kind of property you want to buy, costs, location etc.
Foreigners need to obtain a National Identification Number (NIE)before they are able to do anything and essentially, if you are planning to buy real estate in Spain. It’s important to hire a lawyer to help you understand all the legal standards you are required to meet to avoid problems. At minimum you will be required to have a lawyer, real estate agent, clear with the land registry, obtain proper planning permission, and ensure the property is sound- an architect or surveyor can help you with this.
If you are especially new to real estate, it’s very important that you hire an expert to help you with the buying process. Hiring a real estate agent in Spain can help you make the right buying decisions so that you can avoid the many pitfalls many foreigners face when buying property overseas. An agent is armed with valuable information and knows where to look and all the processes involved to make the process as stress free and pain free as possible. He/ she will help you choose the right property based on your budget and preferences.
As mentioned above, you need to understand all the local standards and regulations pertaining real estate investment. Having a legal representative who will represent your interests and watch out for possible legal problems can be priceless when buying real estate in Spain.
Before you sign any document; have it translated from Spanish to a language you can understand. You need to be aware of what you are exactly agreeing to before putting your official signature to avoid future problems. Have all the documents translated, go through them, you can even ask your lawyer to go through them to ensure you are comfortable with the entire document before signing it.
The location is very important when buying real estate in Spain, you need to ensure your property is near important amenities such as access to transport, hospitals shopping mall, relaxation spots etc.
You will need to ensure that you follow all the required legal guidelines and law requirements to avoid problems. Hire a good lawyer and real estate agent to make the process easier and stress free for you.