Buying a property is a complex process and always requires special attention, especially when investing in foreign housing. The source http://spain-real.estate/ will tell you about the Spanish example, about the features of buying real estate, and what the foreigner needs to know about it first.
How to make the right choice?
The extensive range of Spanish real estate includes:
- Commercial real estate;
- Land plots.
These options have features, so before you start looking for a suitable home, you have to decide what type of real estate for sale in Alicante you are interested in.
If you cannot make a choice, contact a specialist for help.
The purpose of the housing is important for buyers. Are you purchasing a house for a living or making money? Depending on the answer, the search approach changes.
Real estate for life
This approach requires detailed knowledge of the area, infrastructure, transport and social infrastructure. Your future home should be located in a convenient location and have access to all the amenities.
Real estate for business
This approach includes the amenities, with an analysis of the demand for a particular type of housing in the area to determine how liquid it is.
What type of housing is available to foreigners?
A foreign citizen can buy any real estate in the country. Anyone can purchase housing, including CIS residents.
Mortgage for foreigners
Foreign citizens can count on obtaining mortgage loans in Spain. Mortgage terms vary depending on the documents and the age of the potential client. The major condition for foreigners is good credit history.
The mortgage rate for non-residents is 2.5%. The monthly loan payment is no more than 30-35% of the monthly income. For long-term mortgages, the interest for the first five years will be 0.5% and then 0.25%.
Mortgage rates are the same in all Spanish banks, which is advantageous, especially for foreigners.
Off-plan and installments
Spanish developers are client-oriented and often make concessions, for example, installments for housing under construction. The company and the buyer are equally protected in such transactions, so it is safe to conclude them.
Depending on the developer, the terms of the installment plan and the payment schedule may differ, so it is necessary to clarify this point in advance. The duration of the transaction is between 3 and 6 months.
What the payment schedule looks like
The standard payment schedule for off-plan real estate in Spain includes:
- 10% of the value of the housing when signing the contract;
- 10% during foundation construction;
- 20% when the walls are built;
- 20% after the construction of the roof;
- 20% at the final stage of construction;
- 20% last payment after receiving the keys.
Assistance in purchasing real estate in Spain
Start searching for a dream apartment in Spain on Spain-Real.Estate. A specialist can provide you with information support on purchase and sale transactions.