Plenty of residents of the UK and Northern Europe are discovering that purchasing property abroad is an attainable and desirable goal. Since adequate capital growth is offered, lower air prices and interest rates have made purchasing property in Spain more desirable. Spain offers short air travel time, outstanding sunshine and plenty of potential growth. If you’re willing to disregard bad press and follow some basic rules it can be very safe to buy in Spain. The following is a fundamental guide for those interested in purchasing real estate in Spain:

• A good rule of thumb is to make sure to have your finances arranged first when purchasing real estate in Spain.
  An Spanish mortgages like Your Spanish Mortgage
  can steer you through the complex procedure


• Seek out legal advice before signing any documents.
  


• Set yourself a maximum budget and stick to it
• You should expect that time deadlines will be extended.
  
• Wait until you have the funding in place before committing yourself to a private purchase contract.
  
• Be aware that the procedure for buying in Spain has its own idiosyncrasies and don’t assume that it will be the same as it is in other markets.
• Make sure you completely comprehend how taxes are incurred depending on the type of ownership status you select If you don?t seek expertadvice

Prior to deciding to buy, you should get answers to a list of vital questions from your attorney in Spain. There have been many instances where international buyers have been unable to get the results they seek because they didn’t know what questions to ask. Before signing on the dotted line you should get answers to some of the following:

• Is the site where the property is located listed as urban or rustic? What are possible consequences of buying on property that is listed as rural?


• What costs will have to be accounted for, including standard legal costs and tax costs?


• Are there any licenses in place, such as building licenses or first licenses of occupancy?


• Is there be a ten year warranty on the building, if the building was constructed less than ten years ago?


• Did you purchase this product directly or was it a cessation of contract?


• Will there be any under declaration in this purchase?


• Be sure to ask what extra costs you might be liable for, such as taxes on capital gains, inheritance taxes or income tax.


• Are there any unforeseen deposits to pay? When in the process are refunds no longer possible?


• Are there any additional legal costs or fees to be paid?

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