Introduction

Ever dreamt of owning a home in the sun? Well, believe it or not it's a dream that's come true for an estimated one million Britons and even more from the EEC. 

No longer is owning a property abroad for the rich and famous alone. Since 1993 when business barriers came down across Europe, escalating foreign travel has opened our eyes to the closeness of the Mediterranean and the possibilities of having a home there or beyond.

Money

Your first priority should be to think long and hard about the costs involved. There are several methods of raising the cash for your foreign home:- 

If you are British, re-mortgage or take out a second mortgage on your UK home

If you are selling up to move abroad permanently and are currently British based, a short-term loan secured on your UK home could speed up the purchase 

Think about combining your cash with friends or family, it could bring a villa with a pool within reach rather than just an apartment.

However, remember that the bills don't end at the asking price. The costs for Lawyer's fees and taxes are normally around an extra 10% on the asking price
.

A local lawyer can check that your holiday retirement home is on land legally acquired, is free of owed taxes or outstanding service charges, and is connected to the water and power supply lines. Cases do exist of people innocently buying properties built in restricted military or conservation areas, or having to pay for all too temperamental generators or overhead power lines as a surprise extra just to have light and hot water. 

A lawyer will also study your contract and advise you of any pitfalls it may contain.

Money Management

Open a bank account in the country you've chosen and ensure you get a certificate of importation for the money bring in from your own country. This will make repatriating your cash much easier if you decide to sell up at a later date. 

Set up standing orders on a local bank account to meet bills and taxes. Fail to pay your taxes in some European countries such as Portugal and Spain and the courts could seize your property. Include your home in a will that has been translated and officially recognised according to the law of whichever country you have decided to buy in. Failure to do this can lead to really expensive legal wrangles for your executors.

For further advice on buying a home in Spain - please call us or email.

We can arrange an inspection visit for viewing properties or we can arrange a holiday and put you in touch with our representatives