What You Should Know Before Buying Spanish Property

Spain is one of the oldest and most prestigious cultural centres of Europe. It has also become one of the primary tourist destinations in the world. Jet-setters frequently visit this uniquely beautiful country, which is why there is a wide range of luxury Spanish properties for sale.

There are a few basic things that you need to know if you're looking into buying real estate in Spain.

Remember that the key to making a good investment is good research.

Types of Spanish Property

In Spain, there are 2 types of property that you can purchase. A leasehold or "traspaso" is a small property that is usually used for business. You will need to pay an initial fee to acquire a lease. Afterwards, you will also have to pay a fixed rent per month as long as your lease contract lasts. The rent is subject to official inflation every year, meaning it will increase annually.

Buying freehold property means that you will completely own it. You will have to sign a new title deed with the local Spanish notary, pay the necessary taxes, and register your purchase with the local government. Acquiring freehold property takes a lot of time and money, but its major advantage over leasehold is that the property will be legally under your name.

Choosing your Spanish Real Estate Agent

The first step to purchasing Spanish property is hiring a local real estate agent. He or she will be able to guide you through the process of buying property in Spain. If you live in a foreign country and want to invest your money in Spain, the process can be both expensive and exhausting. Real estate agents can make the work easier for you. They will be able to give you professional advice and value for your money.

The key to buying Spanish property that fits your needs and your budget is finding a reputable and trustworthy agent. Some will try to pressure you to buy something that you don't really want or is way out of your budget. In cases like this, remember that you are the one spending the money. You can always walk away so don't give in to the demands of unscrupulous agents.

How to find a Good Real Estate Agent

It would be best to hire an agent through recommendations from people you trust. Try to check the listings of local real estate agents associations for qualified agents. You can also ask around about their reputation before meeting anybody. Doing some Internet research wouldn't hurt, too. Remember that it's your time and money on the line so be careful in choosing the person you do business with.

Here are questions that you should ask your real estate agent:

1. How long have you been in the real estate business?
2. How many clients have you had? Can I talk to some of them for feedback?
3. What services do you offer? How much do you charge?
4. Are you fluent in both Spanish and English?
5. How much is your commission for the sale?

Again, you should be reminded that the key to making good investments is doing good research.

Guy Marrison runs Marrison Properties, a Marbella based Real Estate Company specialising in Marbella Real Estate.

Visit the Marrison Properties web site at http://www.marrisonproperties.com for more information about the Marbella Property Market.

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