What does a buyer need to know before buying a property?
We, the Lucas Froese Real Estate Team from Felanitx, offer you the support you need and solve any problem that may occur during your purchase or sale of luxury or investment properties.
We can even assist you with machining, consulting, refurbishment and construction. There are many gaps for home buyers to fill, that are difficult to fill without advice.
In this article, we provide you with a number of tips you should keep in mind so that you as a buyer can eliminate certain doubts before buying the property you have always dreamed of.
The decision to buy a house
Buying a house is an important decision, and before you give a “yes” and shake hands with the seller, you need to weigh the pros and cons. It is therefore advisable to bind loose and probably unknown ends. This is difficult to guarantee as a private individual, so the search for a professional and responsible hand can be reassuring.
The idea of buying a property (villa, estate, mansion…) or investing in it (paying a slightly lower amount) in order to go on holiday or live there for a certain period of time probably arises from an earlier concept of the conditions surrounding it. Those who invest money in one of these operations, put illusions and desires in their investment, for the safety of comfort and quality in floor and structure.
Those who dare to buy a house do it to achieve something that gives them satisfaction and where they can feel comfortable without worrying about details. With the large selection of luxury properties on the market today, there is no substitute for adequate advice.
Thinking about the future of living
When a person decides to invest in a home, they should keep in mind whether it should be for a certain period of time or a lifetime. Due to the luxury market and the associated costs, it is important to clarify all points with the respective agent or owner.
It may happen that this property is used for another purpose in the distant future, so you must take care of the property and consider the rooms and their conditions in which they are located. This means that it will not only be optimal for the first buyer, but can also become an interesting and profitable company in the long term.
Aspects to consider before making a purchase
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-The right place / zone
When a person is considering finding a home, be it privately, with a partner or in a large family, they must be aware of their own wishes and needs before taking any further steps. Above all, however, you should find out about the city and the area where you want to buy and what possibilities there are.
If you have any questions or comments regarding the location of the property, the services available in the area…, it is advisable to have an expert at your side who will provide you with advice and knowledge.
Next, you must evaluate the preference of real estate, villa, apartment, etc. . Therefore, it is advisable to seek help in a good real estate agency, with professional staff, and preferably multilingual team, as in the case of the real estate agency Lucas Froese Real Estate. Here every customer finds the real estate he is looking for on the basis of the predilection zones.
In order to choose the location, it is very important not to forget some points. If the purchase is made by an individual or a couple with children, one should not forget to check whether parks, restaurants, leisure facilities, beaches, rest etc. exist in the desired zone. It is also important to consider whether the property is close to supermarkets, medical services or transportation.
–Consider the possible number for the purchase.
Nowadays, many real estate agencies are responsible for providing information to make everything easier for the buyer. In this way, they can find all the data they need for their own security and thus build trust.
Today there are many possibilities if you decide for a luxury property. It’s not a good idea to jump on the first best object you see. However, a firm decision should be made when one finds something very similar to the ideal.
-Personal inspection of the property
If you have a real estate concept in mind, it is difficult to distance yourself from this goal until it has been achieved. Once all the data, such as: its location, its price and other conditions, are available, the next step would be to verify this information. A personal visit to the property allows you to find out about the structural data and the area in which it is located.
In the event that certain aspects become clear which are not convincing for a purchase, be it legal, structural or situational, this should be explained directly to the real estate agent or the owner. The real estate consultant can also take over the clarification of certain doubts towards the buyer. It is important to ensure that all permits of the district are in order.
Progress can be monitored locally and even an improvement or change can be suggested to the real estate agency. It is well known that some problems can occur when the house is located on unconstructible land, such as an already issued penalty or a completely illegal construction. Legal data can be made available on request at the land registry office.
The prospective buyer should take an interest in the property and make sure that everything is as it should be and that it meets his needs and personal interests. It would be advisable to visit the property with an escort in order to find out his opinion. The facilities must be in good condition; otherwise you should inform the accompanying real estate agent.
-The N.I.E.
Before buying a house (many customers buy on Mallorca and come from abroad) it is necessary to present the N.I.E. or foreigner identification number. For those who live outside Spain, this number is essential when paying tax. Depending on the country, the respective person can apply for this at the Spanish consulate or at the immigration office in Spain.
-Power of attorney before a notary public
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The contracting parties, buyers and sellers, must appear obligatory. In Spain, if the buyer wishes to be represented by someone else, he must indicate in what way and for what actions. For cases outside Spain, it is essential to legalize the notarial signature.
-signing of the contract
Two types of contracts can be concluded:
On the one hand, the purchase option contract: the person who sells the property is obligated to the buyer. With this manuscript, 10% of the value of the property is usually agreed, or an agreement is reached between the two. The buyer is given a few months to confirm the purchase. This contract establishes the rights of buyer and seller and imposes certain sanctions in the event of non-compliance.
On the other hand, the private purchase contract determines the price, the date of transfer of the land register and the resulting penalty for non-compliance.
The land register is necessary before the notary or the purchase is made and is then handed over to the buyer. The property is entered in the land registry with the name of the new buyer. Buyer and seller must make certain payments in this respect.
As mentioned in a previous article, they relate to payments such as housing taxes or legal fees. We also have to pay the IBI (property tax), the IRNR (income tax for foreigners who live outside Spain) or the IRPF (income tax for private individuals).
-Consultation
It is never superfluous to seek the advice of competent and professional personnel, such as an administrator, lawyer or architect, before making an influential decision about the purchase or investment of a property, and probably in the event of complete legal ignorance of the country.
-Talking to the bank
If the entire process is relatively tied and clarified, the buyer must take the step of talking to the bank. As soon as the confirmation of the financing of the real estate value is available, we can start the necessary procedures to carry out the transaction.
The purchase process is formalized and must be legally carried out before a notary. With the last brushstrokes that are given, monthly and yearly expenses and taxes have to be paid. The exact figures only become known after you have the right house in your head and have asked the right questions. In this case, the buyer can now consider himself the owner of his new house and enjoy celebrating it with his family.
For further information please contact the Lucas Froese Real Estate team. Write an e-mail to info@lucasfroeserealestate.com or call us at the following telephone number +34 971 092 634 .
Written by Ana M. Longo
Facebook: @anamlongos
Instagram: @anam.longo