? Wednesday, March 28th, 2012
Article by Shane Tulston
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More and more these days people from all over Europe are buying property in Spain, and some of their favorite places are in Costa Blanca. Real estate growth has been high in this area for some time. Many of the real-estate investors buy this property for two reason, one as a vacation home for parts of the year and the other is to rent during times when they aren?t using it.
Things to Know When You Buy Property in Spain
Getting a well-known, experienced real estate agent with a good reputation is the first thing to do if you want to buy property in Spain. You want someone who is registered. As a foreigner you must take special care with this because unsuspecting buyers are easy to exploit.
Having a good working knowledge of real estate laws in Spain is vital, plus learning the language will be very helpful as well. You will also need a dependable attorney to help you as you purchase your property. He or she will be acquainted with Spanish laws and will carefully consider your contract with you before you make the final decision. Don?t accept the choice of your real-estate agent. Get one of your own whose loyalty is to you. While this may not seem like a big deal, remember that one day you might sell the property and then you will be stuck paying very complicated capital gains taxes. You will need your own reliable attorney to help you with this.
Taking a Mortgage to Buy Property in Spain
Most people will need to take a mortgage to buy a property in the Costa Blanca. You can find a large international mortgage broker in your own country that will make a loan to you for money to buy a second home. Usually you can borrow 70 percent of the purchase price but you must pay 30 percent down on the property.
Lenders often make mortgages to people who wish to buy vacation homes abroad, and purchasing a home is a great way to use the equity on your first home. Realize that your primary home in your own country is the collateral against your vacation home, so be sure you can make the payment and pay all the taxes and the interest.
Make sure that you carefully examine all your needs, wants, and options. Make sure you find just the property you want so that you won?t be disappointed later, and then, find your lender. Searching through the internet to find a reputable bank might be the first step in this direction.
The collaborator Shane Tulston is interested in problems dealing with how to sell property in spain and where to find property in spain. You can have a look at his contributions on how to buy property in spain at other sources for how to buy property in spain knowledge.
Find More Buying Real Estate Abroad Articles
Source: http://www.samanawasipuno.com/buying-real-estate-in-spain
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