Making The Decision To Buy A Property Is A Big Decision To Make

Category: Finance, Mortgages.

Making the decision to buy a property is a big decision to make. For those looking to buy abroad will find that there is help available, however there is a lot more responsibilities in terms of organising your own legal advisor as well as looking for a decent real estate agent.

There are so many things to think about, organise and research that the thought of buying a house these days is not a simple procedure. Spain is a popular choice for many of the British people, especially buying a property in Majorca. Majorca, situated in the Balearic Islands, is one the most popular destinations in Spain, with Palma Nova as the main city. The Majorca property market is strong, with plenty of demand on property and land space. Property prices are affordable yet rising, so for those considering this area as a relocation possibility will need to act fast. First and importantly of all is you will need to start researching your legal requirements, buying process and Spanish regulations before you even start looking for a property. As the Majorca property industry is growing, there are a few pointers to remember before jumping in head first.

As a guest in the country, you will not be familiar with some of the terminologies and legal requirements of the country, so get to know it, memorise it and do not ignore it. Especially when approaching and researching the Majorca property market, you bound to find something that may or may not make sense to you. One thing that may appear frustrating to many people is the time that it takes to research a property. Such as, when you have bought a property you will need to register it with Land Registry Office and with this will follow a registration fee. One of which is to find your own English speaking solicitor, rather than using a solicitor recommended by the agency. Registration is just one of the many steps to be taken when buying a property.

Other steps such as organising your own provisions for making a ten percent deposit prior to buying is imperative, from which a purchase/ sale contract will be drawn up automatically upon this payment. With a binding contract such as this one, a solicitor should draft this rather than dealing with this yourself. This legally binding document, which both parties must sign, determines the completion of the transaction and that no extra charges are placed on the purchase, tenants and mortgage. You should seek professional advice before buying a property, find out as much information as you can and get to know the property market in Spain alone, as well as the market in Majorca. If you never visited Majorca, then now is a good time to, as flight costs to Majorca is cheaper now than they have ever been before. Take your time with this venture as there is no rush, however with this in mind, the property market is forever fluctuating so keep an eye on the market at the same time. So spend a decent amount of time there, get to know the area, find out where the nearest health and emergency services are, find out what the locals are like and get a good feel of the place before looking for your dream property.

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