Are you in the market for a vacation property? There has been a recent surge in holiday homes in Spain and for good reason. Property prices are less expensive than many other countries and the climate makes it ideal for vacationing year round. European buyers are the biggest market for Spanish real estate but it is possible to buy property in Spain no matter where you live. While buying foreign property has become easier in recent years, there are still some things that take extra consideration. Here are some tips to buying real estate in Spain.
Real Estate Agents
After deciding that a vacation home in Spain is for you, the first thing you should do is find a real estate agent in the area you are looking. Make sure you find someone with credentials and affiliated with a company so you won?t get exploited. There have been reports of foreign buyers hiring unscrupulous agents who take advantage of the language barrier and the ignorance of Spanish laws.
It?s also important to hire a lawyer who is well acquainted with the laws in Spain as they pertain to real estate and who can converse in Spanish and English. He or she will review contracts and the mortgage to make sure there are no ?holes? and you are protected. While a real estate agent may suggest a lawyer, you may want to find a reputable one on your own to ensure there is no joint interest involved. Get recommendations from others who have bought property in Spain or ask lawyers for references.
Financing the Purchase
Since most will not have the cash to buy a second home outright, you will probably need a mortgage. There are many different mortgages available and some are specific to foreign investment so make sure you take the time to research the best option for you. Larger mortgage companies are usually able to provide an international mortgage to those who already own a home in their own country.
Many people take out a second mortgage to purchase a vacation home and it is a viable option if you have enough equity in your home. You are basically using your house as collateral to fund your property in Spain.
Making Money on Your Home
Since a holiday home is just that, most people only spend part of the year in their second home. The rest of the time your second home will just be sitting empty while you still have to pay its mortgage. Many people rent out their property while they?re not vacationing. Due to the distance involved it?s not recommended to try and manage your rental from home. Agents can be hired to manage your property and though it will cut into your profits it will save you money and hassle in the long run.
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