Buy property in Spain but know your facts first

It is often very easy to get swayed by the lush grandeur of
Spain. You may quickly be taken in by the tremendous
earning potential this place has to offer in terms of real
estate investment. However in order to buy property in
Spain you need planning and research.

Things to look out for before you buy property in Spain

Even before actually going to buy property, it is essential
to understand certain aspects – especially the applicable
laws in the land.

Under quoting prices: Many real estate agents quote a far
lower price on the property you intend to buy. This is a
common practice used when foreigners try to buy property in
Spain. In fact, this is illegal and is used mostly to evade
high tax payment.

As a buyer, you need to be aware of such practices so you
do not fall victim to it.

Unregistered agents: A booming real estate market in Spain
has given rise to a surge in hoax agents. They are
unauthorized and unregistered yet they continue to offer
their services, thereby misguiding potential investors.

Foreigners who wish to buy property in Spain are most
vulnerable and often come under their radar. They may put
terms and conditions in the contract which may place you in
a difficult situation.

Therefore only hire established, reputed firms – it doesn't
matter if their price is a little higher. Seek independent
lawyers: Many times your real estate agent may recommend a
lawyer who they personally know.

If you buy property in Spain with the help of such a
lawyer, they may manipulate the terms of the contract to be
more advantageous to the real estate agent. Check for any
agricultural protection laws: There are many laws in Spain
that seek to protect agricultural land and foliage in the
country. This prohibits the construction of houses in
certain select pieces of property that have been specially
demarcated for this purpose.

Therefore, before you buy property in Spain make sure you
know it doesn't come under such laws. Imagine spending a
fortune on the land only to realize later you cannot
construct a house on it! What can you do?

There are many ways in which you can ease the process of
buying property in Spain. It helps to do a lot of research.

Find out the going rate, shop around for the best deals,
and subscribe to magazines dealing with real estate in
Spain. You can also find out the most suitable locations
around the country for investing, explore schools and
educational facilities and the local culture.

You may also need to assess your own personal motives to
buy property in Spain. If you're looking at it merely from
an investment perspective, it may help to invest at the
early stages of development to fetch a better price. On the
other hand, if you're investing for attracting tourists,
you may want to choose houses near the coast.

Your personal tastes and situation will go a long way in
deciding the location of the property.

----------------------------------------------------
Get in touch with the industry experts at
http://www.buyspain.co.uk for more details. Steve Magill
has written several articles with regard to the Spanish
property business. As a Fellow in the British Association
of Entrepreneurs (FBAE) he is considered an expert
consultant when it comes to real estate in Spain.