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Why UK Residents Are Opting For A Spanish Property

Mar 9, 2008
The property market in the UK seems a rather ominous prospect for first time buyers. With house, prices at an all time high and fluctuating market predictions one must question whether first time buyers are ever able to purchase their own home. However, not all is completely lost with all the mortgage deals available and banks allowing almost everyone to buy a house, there is the option of buying and investing abroad.

One of the more popular investments is the Spanish property market. Spain is one of the most popular destinations for many of the British people, with plenty of people opting to buy a holiday home in tourist areas. Prices are affordable in places and the estate agents in Spain are reputed to be the most efficient and value for money.

Many people from the UK choose to use the Spanish property market as a good retirement plan, simply because of the relaxed warm environment, the cheaper means of living and it is easily accessible from their home countries. People from the UK also have mutual residential rights, making it further possible to live in the country as well collect your state pension in the local currency.

However, the first thing that all experienced investors will stress is research, research and more research. First-time buyers may feel attracted by the prospect of buying that apartment in Palma Di Mallorca, however there is plenty to consider before taking the leap forward. The best thing to do is start by looking up Spanish laws, rules and regulations.

You may be thinking of buying a holiday home to rent out, or it could be a long-term home. However, this is not a holiday and Spain does have certain criteria's and regulations that you would need to adhere to. Researching what the living conditions and terms are prior to buying would be to your advantage, particularly if you have found a property of your choice. You can do this by looking on the internet and reading up on testimonials, blogs and articles; or if you can afford this you could rent a property for a year and explore the life first hand.

Research the health and social care of your desired area. Get to know the taxing system, health care availability and benefits (if needed), pension system if you are looking to retire abroad, property rentals (if you are looking to invest only), local amenities, transportation and the options to come home (where is the nearest airport).

Also most importantly is finding your own independent lawyer. Having a lawyer who is English speaking will help you a lot. This will reduce the headache of going through laborious paperwork but also help you understand the terms and conditions of living in Spain, and making the option of buying a Spanish property less daunting and simple.

All this sounds like a lot of hard work, but there is nothing more beneficial than being prepared for the worst. The idea of moving abroad sounds appealing and exciting; however, it is completely different of fish when you actually do embark on this journey. One needs to take the basic steps of researching before they even start looking for a property.

Spain is an ideal location for people to live. The options of eating fresh food every day, taking regular strolls on the beach, enjoying the warm climate and meeting friendly locals is endless and can be enjoyed by anyone. Only a handful of people get what they expect, hence the imperative step of researching and taking your time.
About the Author
Anna Stenning is knowledgeable in the Spanish property market world, as she intends to buy her own property abroad. For more information visit http://www.cloverestates.co.uk/
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