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Why Brits Prefer To Buy In Spain

Apr 25, 2008
We Brits love to holiday there, many expats have invested there and plenty of people are drawn to living there - I am of course referring to the Spanish property market! Spain is most popular for its almost year round sunshine and warm climate, not to mention the exotic food and rich colourful culture it is no wonder that many Brits prefer to escape into this sultry Spanish haven! It very often requires very little to demand from people and accommodates for people on a low budget.

The Spanish property market has seen an increase in popularity from people who are experienced in the world of investments. Many first-time buyers have actually considered buying abroad over buying locally due to the difference in prices and living costs. The Spanish way of life is enviable, much of the day is spent relaxing and with the added benefit of taking a siesta break usually between the hours of two and four in the afternoon.

Before opting to buy a Spanish property, it is always a good idea to research the market. Your best move is to approach an experienced agent (English speaking for those not fluent in Spanish). For people who do not know what they are doing, it is advisable to approach a reputable estate agent, who is familiar with the Spain and the Spanish laws. This way you will gain useful advice on the type of property available and get a good idea of the average price range.

First time buyers should always be prepared for extra expenses, as there are fees that incur during the buying process. It is always best to set aside at least ten percent of the property price which should cover costs of fees. The fees include transfer tax that is currently at seven percent on resale homes and new homes, land and property registry, which works out to be approximately 300 Euros and legal fees. It is also a good idea to keep ten percent for a deposit, which is refundable if the vendor chooses to change his mind.

It is always a good idea to hunt around and ask for recommendations; the chances are you will gain a more useful insight into the buying process firsthand. Ask questions such as what the living quality is like in Spain, what the local people are like and how well do they get along with their Spanish neighbours. You should also enquire about the length of time it took to finalise all payments and paperwork on the property. If it is an investment, you are after in Spain then you should consider the area you are looking to invest - always aim for a more popular destination such as the Costa Blanca regions.

One of the many things you will hear about Spain is its warm climate and relaxed way of life, which is big contrast to the culture in the UK. Many people prefer to retire and make a retreat to Spain, because of the available opportunities to invest and lead a healthier lifestyle.
About the Author
Anna Stenning is an expert on the Spanish property market, having researched buying a potential home in Spain.
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