Guest post by Cameron Lawning
Wouldn’t we all like to have the luxury of investing in property overseas — living there to retire or for just a life-style change? Spain is imbued with an old-world feel; it is full of historical landmarks that were built centuries ago. Spain is one of the world’s most beautiful and lively countries; its cities are filled with museums, restaurants, bars, and dance clubs. The country is full of sun-drenched estates with shaded courtyards — perhaps perched atop of a picturesque cliff. The purchase of real estate in Spain might seem risky; many Americans have a general aversion to overseas real estate investment. It seems foreign — and therefore unknown and frightening. But with a small amount of information at your disposal, investing in Spanish real estate can be demystified and made completely attainable.
Real Estate Professional
Find a professional real estate agent that has a good reputation for dealing in overseas real estate, and ensure that he or she is licensed and registered. This person should have excellent knowledge of all the ins and outs of Spanish real estate.
Hiring an Attorney
Always hire a real estate attorney so you will not be taken advantage of. Your attorney and your agent serve to fill in the gaps in knowledge that you may have. Make sure that you hire a professionally accredited attorney who can specialize in overseas real estate transactions. When purchasing overseas your lawyer and real estate agent should always be available.
Knowledge About Mortgages
Make sure to have a good understanding of Spain’s mortgage system and insurance procedures. This knowledge can save you a lot of hassle and will be beneficial when purchasing your real estate.
High Demand Choice
Once you are ready to choose an investment, try to choose one in high demand. It will be more expensive at the outset, but it will also be easier to sell if you choose to do so later on.
Hold on to some cash for repairs to the property — especially if you will be renting out the property to vacationing tourists or another resident should you decide to relocate again or only live there seasonally.
Never purchase real estate without professional help, because it can lead to many unexpected trials and tribulations. But above all, remember — in the right hands, purchasing real estate in Spain is no more difficult than purchasing real estate anywhere else!
Cameron Lawning likes to read about overseas investment, and he is a contributing author at creditreport.org.