Monday, September 6, 2010

Buying/Selling Property in Spain! - Part 2 (before you buy!)

Beware of falling in LOVE!

Not read Part 1 yet? Read it here & Part 3 here

OK, you've decided you want to buy a home in Spain.  A second home for holidays, rental etc or maybe permanent.  Either way, the same rules apply.

Before you begin viewing properties there are a few points to bear in mind:-
Which area do you want to be located?
What type of property are you looking for, i.e a new build, purchase from existing vendor, or even a ruin?
What is your budget?

With regards to area, take a good look around.  Visit the areas you are interested in and stay a while to discover if it's truly the place for you.

What type of property is right for you?  It's not un-common for perspective purchasers to state they want a certain type of property, but actually end up purchasing the opposite to their initial requiremets.  Do some research & be specific about your requirements.  It's a waste of time & effort, not only yours, but agents and vendors too if you are viewing the wrong type of propety.

Budget.  Have you taken into consideration additional costs i.e taxes, notary & solicitors fees, exchange rates etc?  Don't view properties being marketed for 300,000E if you can only afford 200,000E.  This may sound obvious, but it's surprising how many people do exactly that.  Then fall in love with a property they cannot afford and despite efforts of putting forward lower offers, which are subsequently declined, it often results in broken hearts (for all parties).

Talk to property agents, solicitors etc and people who live in your area of choice before viewing properties.  You'll be surprised how much easier this will make the purchasing process before you start viewing.

Think of purchasing a property like setting up a business.  Would you start a business without planning & research first?  No, you probably would not, so don't spend thousands on a property either without the initial preparations.

This is an area on which there is so much to say, so we'll come back to this later.  In the meantime, don't forget the above points.

Enjoy your research, don't make it a chore or you'll soon give up the dream!

Your comments, suggestions & contributions are most welcome.

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