Hot Tips For Buying Your Dream Home in Spain
Hot Tips For Buying Your Dream Home in Spain
So you've finally decided to buy your dream home in Spain. What
to do? The following tested tips will increase your knowledge of
the market and sharpen your competitive edge so you'll be ready
and able to act when you find that perfect home.
GET PRE-APPROVED Your best first move is to get
pre-approved for a mortgage loan. You will go through what
amounts to a mini-application process (paperwork, income, debts,
etc.) prior to shopping for a home. When you are pre-approved,
it makes you a very desirable 'cash' buyer. That's a real
advantage over another buyer whose financing is uncertain.
RESEARCH Research, have a look around at various sites
and get an idea of the price ranges in the area you like. If
possible visit the area and have a look around to check it has
the facilities and feel that you want.
PROVE YOU MEAN BUSINESS There are few better ways to show
you are serious about buying a property than by including a good
faith deposit along with your offer, this almost always moves
the seller and gives you a 'tool' to negotiate the best deal.
This always gets the sellers attention.
DON'T LOSE YOUR HEAD Just because the market is active
doesn't mean you should be willing to pay any amount to get your
dream home. There are occasions when you may have to offer
something other than the asking price, such as a settlement date
that fits the seller's timetable, a repair, etc. But don't go
crazy. Remember, you may have to sell this home one day and
overpaying now will make it harder to get your investment back
when you sell.
KEEP IT SIMPLE & CLEAN Make sure your headache-free
contract itself isn't messy or overly cluttered with unnecessary
contingencies, especially repairs to be done by the seller.
Better yet, offer to be helpful and flexible, a buyer who will
accommodate a seller's needs is a smart buyer and its often
these small things work in your favour.
LEGAL REPRESENTATION Fully independent legal
representation is a must! You must look for an independent
solicitor who will allow you immediate access to review all
considerations and be available for advice.
BANKING AND CURRENCY Get a local bank account, to be able
to obtain a Visa card, transfer funds, etc. This is very
important as most payments in Spain are done by direct debit.
Also using a currency specialist to transfer your currency into
Euros can literally save you thousands when it comes to
exchanging your money.
For further information on buying in Spain or for other
essential guides, please visit us at http://www.optionspi.com/