For many people, buying a property abroad has great appeal. A holiday home, rental or your own residence - we will tell you what to look out for if you want to buy a property abroad.
The rules and regulations vary from country to country, making it difficult to purchase a property abroad. Therefore, if you want to buy a house or apartment in Spain, you should rely on the expertise of a real estate agent who is familiar with the legal system of the country. We at REAL ESTATE YESWECAN BALEARES are particularly familiar with the regional market in Majorca and, in addition to a legal department, have a good network in all relevant areas as well as all the necessary local knowledge to find the right property for you.
Even abroad you can meet dubious sellers and brokers who offer you dilapidated, renovation-needy or indebted properties. Due to this fact, you should urgently inspect and check the property on site before buying. Only then will you know the surroundings, the infrastructure and the actual condition and renovation needs of the property. Here, an expert or a lawyer with his/her many years of expertise can help you. Futhermore, you should ask an expert from the land register office to check the if property has any outstanding charges and mortgages to avoid any problems. Of course, our legal department is also available to help you with this.
Language and a different mentality can be a major obstacle. To avoid unwanted costs and misunderstandings, you should work with a broker who ideally speaks your language, or with whom you can communicate perfectly. In addition, this person should be particularly familiar with the local real estate market. It is important to have a reliable term who is familiar with the local mentality. We recommend a thorough examination of the property, preferably in cooperation with a lawyer you trust, so that you are protected from any perceived risks.
Before you sign the purchase agreement, you should find out about all applicable taxes, duties and other costs associated with the purchase of the property. For example, real estate transfer taxes and incidental costs might be much higher in some countries than in your home country. The question of whether your property will be used by you personally, rented out or bought as an investment is also important. Anyone who rents out their property usually has to pay tax on the rental income in the owner's home country. This cost factor also depends on the location of the investment property. Be sure to seek advice before buying the foreign property so that you know what taxes you will have to pay. In any case, you should also consider the annual property tax, which may be due.
We will be happy to put you in touch with a tax advisor or lawyer who can advise you on this.
With such a complex project as buying real estate abroad, you should leave nothing to chance and avoid risks. We are your contact if you are looking for a property in Majorca. Trust in our many years of experience as real estate agents abroad and contact us now, we will be happy to advise you. The team of REAL ESTATE YESWECAN BALEARES is looking forward to your inquiry!