There are many people buying property abroad these days - you only need to switch on your television to see the many programs about this.

It is however a big decision - therefore it is important to take things slowly, ask lots of questions, research thoroughly and take proper legal/financial advice before taking the plunge. This simplifies the process as you will understand what is happening at all stages and costly mistakes can be avoided.

The following tips might help you if you are considering buying a property in Spain, whether it is for a permanent home, investment or holiday home.

Why are you buying?

Before you start getting in touch with agents, looking at brochures, attending exhibitions it is important to take time to decide exactly what you want. By focusing on this, it will help with all subsequent steps in the process. Do you want a holiday home? Do you want to live in Spain? Do you want a property purely for investment purposes?

Location

This is a very important factor to consider.

For example if you are looking for a permanent home you may want to avoid the holiday areas because they can be noisy during high season but you may want to be within easy reach of shops, restaurants etc. Also, if you are reaching retirement age you may think it prudent to be within easy reach of good medical facilities.

If you are coming to live in Spain and are under retirement age, you might need to think about living close to places or towns that can provide employment opportunities for you.

If you are looking for an investment property or, are thinking about buying a holiday home but would like some rental income to cover your annual costs, then you will probably need to consider properties that are near the coast and in popular holiday areas in order to maximise your income potential.

Budget

Never spend more than you are sure that you can comfortably afford, otherwise your dream may become a major worry if your circumstances change. In Spain it is important to allow an additional 10% above the purchases price as there are costs with various taxes and legal fees.

Mortgages

Spanish banks have lowered their lending criteria recently but it is still possible to borrow up to 70% of the declared value of the property. Mortgages can be arranged quickly without filling in forms and normally we can get a decision in principle (subject to valuation of the property) on the same day.

Research

Now is the time to do more research - the Internet, magazines, exhibitions are all very good sources of information. We actually find it easier to sell to more informed clients.

Visit the area and look round before choosing individual properties to view

It is surprising how many people do not look round the area properly before buying, to make sure it is what they want. If you like the area and start to view properties it is important to find out what the immediate amenities are, how the environment changes through the day/year, whether there are any traffic problems or noisy bars near the property.

Once you have found your property

When you have found your property, it is important that the price and any conditions of sale be agreed. We will help you with this by ensuring that a full inventory is taken of any furniture/equipment that is remaining in the property and negotiating with the seller on your behalf.

If you require a Spanish mortgage we will able to help you select a good bank and arrange for a mortgage survey to be done quickly.

A deposit of around 3,000 Euro will need to be paid to hold the property. Once you have found the property it is important to act quickly to secure it as in Spain the property market is very lively and good properties can sell very quickly. The deposit will need to be in cash because cheques take at least 10 days to clear and a property can be lost during this period, particularly if it is with several agents. With our company, the deposit is paid by you directly to the lawyer.

It is important that you consult a lawyer quickly and exchange a private contract with the seller. This includes the agreed price and what is to be included in the sale. The lawyer will then start to prepare the paperwork for the agreed completion date, conduct property searches and make sure that there are no debts on the property.

The final step is completion of the sale at the notary office on the date agreed by both parties. The deeds are signed, the balance of the purchase price is paid and then the property is registered at the land registry in your name. The lawyer will arrange for anything else necessary to be actioned such as the payment of transfer taxes, fiscal representation etc. We stay with our clients every step of the way.

Selling a Property

It is very important that you ensure that we have quick and easy access to the property as viewing usually need to be set up very quickly.

As a lot of holiday homes are left empty for part of the year, it is important to make sure that they are looked after and cleaned, especially when selling as most buyers make their mind up within two minutes of walking into a property. A clean well maintained property is always a lot easier to sell!