How to Buy Property in Spain and Make a Profit
Posted on September 6, 2014 by Daniel at 2:23 pm
Property investment remains to be one of the safest ways to make money in a short amount of time, and Spain continues to be a popular choice for many people. Over the last few years, the property market in Spain has undergone rapid changes, and not all of these were beneficial. The worldwide crisis had a massive impact on the way that people spent their money, and this affected property markets in Spain.
Regardless of why you want to invest in the Spanish property market, there are several things that you need to be aware of to guarantee that you make a profit. There are numerous areas in Spain that continue to be in demand, but some property experts are advising to search further inland to the lesser known resorts.
The coastal areas such as Costa del Sol and Costa Brava have always been a popular choice to invest in the property market in the past. However, some experts feel that this market is now saturated, and if you want to make money, you will need to think out of the box. There are so many other areas that are crying out for investment, you will be surprised how cheap the property is in smaller Spanish villages.
Property in Spain varies a vast amount, and you will be amazed at the diversity of what is on offer, ranging from luxury villas, to a small village fincas. The newer developments and apartments that have sprung up in the tourist resorts are perfect for a long term investment. However, if you want to make money fast, you will need to consider other options.
Demand continues throughout Spain for affordable properties for foreigners, which is why the market is slowly making a comeback. Many people continue to want to live the dream and Spain remain as one of the leading destinations to relocate. Due to the demand for properties, the ability to make money continues to exist.
From the moment you decide that you want to invest your hard earned money into the Spanish property market, you need to think with your head and not your heart. Everything looks far more attractive in the sunshine, and there will be times when you feel overwhelmed. Therefore, you must stay focused, and take your time to make the right decision.
The crisis affected Spain heavily, which has meant that the property market did crash, but as it begins to rebuild, there are bargains to be found. You need to be realistic about your budget, and what is available throughout Spain. Although the country was affected, you may be surprised how strong the market remained in some areas.
The legal system in Spain can be far more complex than you ever imagined, and the steps to buying property can be daunting. There will be many times where you do not understand the complexity of Spain laws, which is why you must seek professional help and advice. If you attempt to cut corners, and avoid using the appropriate people, it can be disastrous.
Property agents are everywhere in Spain, which can make the decision process even more difficult as you attempt to find one that is reputable, honest and speaks your language. The process in Spain to sell properties will often mean that every agent lists the property, and not many will have exclusive deals. Once you find a trusted agent, you can open up the whole market through that one agent.
Research is essential, and you should never rely on what the agents have to say about an area or property. Learning as much as you can about the location of the property you wish to purchase, can help you to negotiate and get the best price. You may discover information that was not made available, and this can provide you with the edge you need. There are several different factors that you need to think about when searching for an investment property. Remember it is not going to be your home, but an investment, which is why you need to look at different factors.
Choosing a lawyer that is a property specialist is essential, as all of the laws in Spain are different, and need a professional. There are several processes that need to be adhered to, and you must never be persuaded to cut corners to save money or time. By following the correct procedures you are guaranteed that the property you purchase is legal.
If you insist on using an English lawyer, or agent, you must check that they are qualified, and experienced in Spanish property law. Far too many seek out the British community when in Spain, and this can cause problems if they are not legally qualified to carry out the relevant paperwork. You are far better using the Spanish professionals and a translator if the language is an issue.
The lawyer that you choose will need to ensure that they have seen the land registry extract checked there are no charges or debt on the property and that every part is legal. There are numerous illegal builds in Spain, and you do not want to discover that your property is one of these. The local town hall is a fantastic source of information, and will be able to provide all of the plans and paperwork that you need.
Buying property is stressful irrelevant of where you are in the world, therefore, the more that you can research and understand about the process the better it will be for you and your sanity. Once you have researched the area, and decided where you want to purchase in Spain the fun can begin. As long as you remain level headed, and remember that the property is for investment potential you will make the right decisions.