Buying a bank repossession property in Spain can be an arduous task. Nowadays it is common for the banks to own different houses in Spain as these properties get repossessed by the banks a many people fail to pay their mortgage. Apart from that, bankruptcies are another reason behind a bank repossessing someone’s land/property. Investing in real estate is definitely not a child’s play and if you’re a newbie to the competitive neighborhood of buying a bank repossessed property in Spain, then you must be feeling overwhelmed. Selling and buying a piece of land requires a clever skillset of quick decision making in a matter of split of a second which comes naturally to some and unfortunately, not for others. Buying property might be one of the most potential investments of your life. Choosing the right location and studying its demography is indeed essential before buying a property.
Spain is indeed a land marked with picturesque beaches and ever growing urban centers. One of the most spectacular places in East Spain are Murcia, Costa Blanca and camposol which are the hub of commerce and industry. These places are rich in natural beauty and are a center for tourism. Therefore, bank repossessions in Murcia or Costa Blanca are highly sought after by the potential investors and buyers.
You must carry a thorough research about the facilities of the place before buying a buy repossessed property in East Spain. After different properties get repossessed by the bank, these properties are undoubtedly very attractive for the investors and buyers who are interested in the property market in Spain. If you are looking forward to buy a bank repossession property in the beautiful land of Spain, then you must first skim through the following essential tips and tricks. Let’s share these necessary tips with you on how to buy a bank repossessed property in Spain without facing unnecessary financial risks.
1.Get to know the market trends
It’s a prerequisite to know the market trends of Spain and how much valuable the investment will turn out to be. A random investment without any background knowledge and a blurry mindset can be risky. Do the calculations and know how much money you need to invest. Get to know the price per square ft. Median sales price and median rent per month. You can also find a good realtor for guidance. The overseas investors are much interested in investing in Costa Blanca, Marcia and Camposol as they have wide domestic markets and are improving their mortgage market. Therefore, bank repossessions Costa blanca and Camposol are attractive and they offer a good quality life in these places.
2. Know the Demographics
East Spain is a highly urbanized region, with Costa Blanca and Camposol being the main attractive places for the major investors. They are strategic places connected with all the major surrounding cities. The employment rates and available jobs in Marcia are also impressive. Getting an idea about the age and income of the residents of a place gives you a clear insight into the lifestyle of the residents living in a place. You might want to review a census driven map and get some information about your future neighbors before moving in.
3.Gather the information about the property
You must have the correct information regarding the bank repossessed property in East Spain. It is critical in making informed decisions about selling your land. You cannot afford to make mistakes while doing this job as you can lose your hard earned money. The first and most important information is ownership. You must be well informed regarding the person who is listed on the deed as the owner and whether you have the right to legally sell the property or not. Many times, heirs try to sell land and the deed filed at the courthouse shows the parents as the owners. You can also sought help of a legal counsel for this purpose. Many times, ownership issues are more expensive and lead to legal issues that you surely would want to avoid.
4.Arrange the Land's documents
In buying and selling land in Spain, documents are very vital. Usually the certificate of occupancy bears your name in bold prints. In some countries, there's another document known as "right of ownership". This is also in form of the certificate of occupancy; both of them do serve the same purpose. Therefore, while sealing the deal, make sure that you are getting access to the original papers of the land that claim you as the lawful owner of the bank repossessed land.
5.Choose the best real estate agent
While buying a bank repossessed property in Spain, it is important to choose a suitable real estate agent. Your agent should have years of experience, should be well connected in the real estate community and should be a full-time agent. Use search engines like Google to look for most popular agents in East Spain. Go through their websites, visit their offices, and ask around in the neighborhood to get a better idea. The land market is a specialist area with many developers employing in-house land buying teams who deal in nothing but the subject matter. There are very few property agents who solely specialize in residential or business land alone. Ensure the preferred agent has the expertise and most importantly experience with a proven track record as well as excellent industry contacts.
6.Talk to your agent
Get started by discussing and finalizing your selling objectives with your agent. This is also a good opportunity to get an idea of what the buying process will be like. Make sure you get provided with a Comparative Marketing Analysis (CMA) for your property. Make sure to complete all mandatory disclosure forms and arrange for all necessary inspections as well. Discussing the buying of a bank repossessed land with a real estate agent is often a wise choice. He should be able to help you understand the tax implications of a sale. Take proper advice from a specialist property agent to ensure you get the best possible deal from the outset.
7.Get to know about the Type of Commute
East Spain is famous for its breathtaking beaches and sunsets. However, if you are planning to buy the bank repossessed property in Spain in order to start living there, then you must first analyze the type of transport you’ll get access to. In case you’re planning to buy a bank repossessed property in Spain, you should know methods of travelling used by the people living there to avoid any inconvenience in future.
8.Check the Facilities
The quality of city services can make a big difference. Facilities like clean water and presence of good schools nearby can help you decide better. It’s advisable to visit the place and get to check the community. Buy some stuff from local market and get to know if local economy is amenable to your needs.
9.Beware of Oceanside views
The beachside properties in Spain can be at risk due to climate change as the moisture corrodes the buildings very easily. The Oceanside views may look very attractive but they are not preferable for a longer run. Make sure to talk to an insurance agent about it and get to know about insurance rates.
10.Investigate the property tax rate
Property taxes vary according to location of your property in Spain. One major strategy you need to engage in buying land is to register with estate agents around you. These estate agents are also known as estate surveyors. Their duty is normally to help you buy or sell the land very speedily and in a good price. You can never buy a land on your own.
11.Engage The Services Of A Solicitor At An Early Stage
As with the property agent it is equally important to appoint the right solicitor at an early stage. Again specialism and track record are the key components in appointing the right lawyer. It is vital to confirm the tenure details of a site as well as identifying any legal covenants, rights of way or third party interests, such as a communications mast that may impact on redevelopment potential.
Apart from the above stated factors, other important issues when buying a bank repossessed land in Spain include leases, fertility, yield history, environmental factors, drainage, potential property uses, restrictions to use, recreational uses, mineral rights, air rights, easements, property taxes, and any improvements such as precision leveling or tiling. If you do not have the time or experience, hiring a real estate professional specializing can save you headaches, maximize your market exposure through local, national, and international resources, and ensure you receive the highest price possible for your land. Hence, a wise thinking is necessary before making a decision regarding buying a bank repossessed land in Spain. Relying on a mere stroke of luck that the property you buy will be your dreamland; is a folly. You have to work for your quest of happiness and success.