Property Abroad - Buying A Property Abroad
Buying a property abroad doesn't need to be a harrowing experience. In the 30 years I have been investing in overseas property most of the problems I have witnessed have been caused by the clients themselves. It usually involves dealing with an unscrupulous agent or foreign lawyer, taking the advice of friends or family rather than professionals or investing in schemes in countries outwith the European Union which often seem, and are, too good to be true.
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This page outlines some basic principles which you should adhere to when buying a property abroad. As I said in my introduction, don't assume you know everything or treat basic principles as being too simple for you. If you are serious about investing in overseas property these factors will be invaluable to you.
Deal with professionals. Make sure any lawyer or estate agent you deal with speaks good english and is fully certified with all the relevent local licences.
Make sure you understand everything. It doesn't matter how professional or even carismatic your overseas property agent seems, you MUST understand all aspects of your purchase. If you don't understand something, stop where you are until it is explained thoroughly to you. Its your property abroad - not theirs.
Do not assume things are the same as the UK. This is a very common mistake and one I have encountered many times in my dealings with overseas property. I have heard people saying "that would never be the case in the UK" so many times it makes me laugh. If you are buying a property in Spain or Turkey its obviously going to be different - they are different countries with their own laws. Get to grips with that fact and make sure you understand the law. In some countries the purchaser of the overseas property can actually inherit the debts of a previous vendor. Sounds crazy? Well thats the way it is - make sure you don't get any nasty surprises.
Be aware of all your legal fees for buying a property abroad. Again, this varies from country to country so be fuly aware of ALL costs. Set up a bank account in the country you are buying your overseas property in and try to pay as many bills as possible from there. Remember there may be additional fees or commissions to be paid in addition to regular property fees.
Buy your overseas property in writing. By that I mean never assume anything. All formalities, no matter how menial, must be put in writing. For example, lets assume you are buying a Finca in Spain. The seller promises to fix some tiles on the roof before the sale happens. It doesn't matter of he's a nice chap, get everything in writing.
These are basic points when buying a property abroad but at the end of the day many people overlook what may seem obvious to others. You may be thinking I am pointing out the obvious and yes I am! Take heed before you buy your property abroad!
Showing posts with label finca in Spain. Show all posts
Showing posts with label finca in Spain. Show all posts
Buying Abroad Advice
Overseas Property - Finca
Finca. What is a finca?
A finca is a smallholding of some description in the Spanish countryside. It doesn't have to be a farm or croft-style holding to qualify as a finca. It may or may not have olive groves, and orchard or a piece of arable land beside the main property. Basically as long as it is located in between towns and villages and has some sort of useable land (not development land) it could be classed as a finca.
Why buy a finca in Spain?
So now that you know what a finca is, why would you buy one? Purchasing a finca can be a shrewd and wise move if your plan is to buy a property overseas located in the countryside. Lets say you intended to purchase a villa inland in order to save money. What if your new overseas property was a finca? It may have olive groves, a vineyard or an orchard attached. Your finca could provide a valuable income in future years if you intend to say in the property full-time and you don't mind rolling your sleeves up!
Fincas and problems with a finca.
Some problems that can occur when buying a finca in Spain are the likes of water supply. Many Spanish fincas have their own well, which needs to be checked and overlooked, whilst some are on the mains supply. The same could be said for electricity. Make sure you consider these factors before you buy your finca or any other rural overseas property. You may be responsibe for any costs involved in accessing these utilities.
Finca popularity in recent years.
Twenty or thirty years ago it was almost exclusively Spanish people that owned and operated fincas. Back then they could be bought for low amounts of money because foreign overseas property buyers only saw the disadvantages. However in recent years fincas have become much more popular and therefore their prices have increased considerably. This is even more true because of the Spanish planning laws. Older fincas in less popular areas often have an abandoned or ruined property on site which can greatly speed up permissions to either renovate the existing property or erect a new dwelling.
Fincas - a final word.
If you are considering buying a finca in Spain please remember what the property is. Don't buy a finca simply to get your hands on a huge building plot. Failing to work the land or look after the orchards or groves could not only antagonise the locals but also the local planning authority. If you are wise and not afraid of hard work you will reap the rewards of running and owning a finca in Spain.
A finca is a smallholding of some description in the Spanish countryside. It doesn't have to be a farm or croft-style holding to qualify as a finca. It may or may not have olive groves, and orchard or a piece of arable land beside the main property. Basically as long as it is located in between towns and villages and has some sort of useable land (not development land) it could be classed as a finca.
Why buy a finca in Spain?
So now that you know what a finca is, why would you buy one? Purchasing a finca can be a shrewd and wise move if your plan is to buy a property overseas located in the countryside. Lets say you intended to purchase a villa inland in order to save money. What if your new overseas property was a finca? It may have olive groves, a vineyard or an orchard attached. Your finca could provide a valuable income in future years if you intend to say in the property full-time and you don't mind rolling your sleeves up!
Fincas and problems with a finca.
Some problems that can occur when buying a finca in Spain are the likes of water supply. Many Spanish fincas have their own well, which needs to be checked and overlooked, whilst some are on the mains supply. The same could be said for electricity. Make sure you consider these factors before you buy your finca or any other rural overseas property. You may be responsibe for any costs involved in accessing these utilities.
Finca popularity in recent years.
Twenty or thirty years ago it was almost exclusively Spanish people that owned and operated fincas. Back then they could be bought for low amounts of money because foreign overseas property buyers only saw the disadvantages. However in recent years fincas have become much more popular and therefore their prices have increased considerably. This is even more true because of the Spanish planning laws. Older fincas in less popular areas often have an abandoned or ruined property on site which can greatly speed up permissions to either renovate the existing property or erect a new dwelling.
Fincas - a final word.
If you are considering buying a finca in Spain please remember what the property is. Don't buy a finca simply to get your hands on a huge building plot. Failing to work the land or look after the orchards or groves could not only antagonise the locals but also the local planning authority. If you are wise and not afraid of hard work you will reap the rewards of running and owning a finca in Spain.
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