Posts Tagged ‘buying a property’

Buying Off plan – Get rich quick no risk or Fools Gold?

It seems to be the hot topic – many agents in the area are pushing off plan as the investment vehicle for get rich quick. Is buying off plan the key to quick money or can it leave you with egg on your face and no dinero?.

The basics

Buying off plan means buying a property before construction starts. The developers need to finance the project and typically use bank mortgages to finance the project. Increasingly however they sell an amount of the properties off plan to investors who hope to increase their investment many fold.

They put down an initial deposit of say 30% and if the property increases in value by say 20% in the time it takes to build then because you are staking a smaller amount your money grows faster. The purchaser then sells on their contract before completion, and the new purchaser pays all IVA and taxes paid to date, so in effect the only taxes you pay are capital gains tax.

Sounds perfect – where do I get in?

Before we go rushing in to buy off plan lets look at it a little closely.

What has happened recently is that many amateur investors rush in without doing their homework and buy off plan, fuelled in part by the many agents out there who are pushing off plan developments as THE way to make money.

The developers are aware that investors are buying and therefore price accordingly. We often receive calls from developers offering new developments to off plan investors, buy 99% we refuse as they don’t offer any sort of real investment. An off plan development should be under priced by 10-20% compared to other constructions nearing completion, or indeed complete. It stands to reason that if you are effectively funding the project you should gain something out of it.

However very rarely these days to developers offer any sort of discount at all of buying off plan. There argument is that the market is moving so fast that in two years time it will be worth much more.

Add to this that if a development is being sold to off plan investors – what happens nearer the time of completion. Yes everyone wants to cash in their chips before going to the notary and having to pay purchase taxes. So guess what lots of property go on the market at the same time – over priced of course because they were told that it would be easy to sell at a much higher price. Lots of product in a flat market means prices drop and the price you expect isn’t going to be achieved.

The Risks

1. Prices may not rise as expected

2. You will need to finance the property if you cannot sell it – can you afford another mortgage payment?

3. Too many investors (more than 15%) means more people selling at the same time – less likelihood of selling at a good price

4. Too much construction in the same area

5. Poor location

Off plan investing is a serious business. There is money to be made at it but you have to follow guidelines. The art of selling a property is to buy the property less than market value, but many investors have lost money by buying without thought so how do you avoid becoming one of them
.
Here are a few simple rules to lessen the risk

1. Make sure that the price you are buying at is genuinely below market value – at least 10% but better 20%. You will be told time and again that the value will increase. That may be the case but unless you are clairvoyant how can you possibly predict what will happen in 2 years time. Did you envisage Sept 11th or March 13th?

2. Do your homework. Will the property be easy to sell afterwards. Find out what people are buying in the area and why. Adosados/Terraced houses, and town houses are difficult to resell because they are in vogue or out of vogue – apartments and villas are easier. The Spanish love apartments so you have a ready market for good quality apartments. They just don’t like buying something that they cant see (or generally so)

3. Research who will be likely to buy the property afterwards

4. Is the location prime. If not forget about it – you will have difficulty selling later unless the price is very much below market value.

5. Are there many other investors buying here. If so be wary because they will all be selling at the same time.

6. Do not become emotionally attached. Do your figures. Will it stack up on paper. Will you make a profit when you come to sell. If not walk away. People who are emotionally attached to a property make incorrect decisions. Remember it doesn’t matter if you want the building sky blue pink – the potential buyers are the ones you should be worried about. What do they want.

7. Is it close to amenities? If not your market will be reduced

8. Are there many new buildings around or being planned. How many of them do you think will be selling at the same time as you.

9. Do not sign for anything on site (this is an emotional purchase see point 6). In a flat market as today there will always be units available – no matter what the agent tells you. Always think about it and do your sums. If it all stacks up buy it, if not – don’t.

So how do you make money from off plan?

Generally if you are buying off plan you are too late. Once the first few units have been sold the prices will rise. The best time to buy into a development is when the land is being bought. But this is more difficult because you need to be close to developers or land purchasers- how do you find when land is being bought. It comes down to homework and this is my little secret, but there are plots around being bought now that will make very attractive investments.

In fact one I know of will hopefully have apartments for sale at half the value of surrounding property. Now that’s what I call a sound investment because you can make a profit and sell it on at below market value – so you will win., the buyer will win and the developer will win.

So when it comes to investing off plan the main point is do your homework. There are very few real bargains about these days but a little digging will soon turn up a gem because most people don’t bother looking hard enough. If you want any advice of course you are welcome to drop me an email

Vince Barnes is the owner of http://www.SpanishProperty-Direct.co.uk – a website aimed at informing buyers about the process of buying in Spain and keeping up to date with news and regulations affecting the Spanish Property Market. He has also just published the book – “The Insiders Secret Guide To Buying A Property In Spain – The Book Estate Agents Don’t Want You To Read” – available at [http://www.spanishproperty-direct.co.uk/book.htm]rn

Author: Vince Barnes
Article Source: EzineArticles.com
Buying Camera in US, Pick up at Canadian border

Buying property in any foreign country can be a nightmare and there are many frequently asked questions about buying property in Greece. This list of questions and answers has been compiled to give you a starting pointing and aims to help you with the necessary research that is involved when buying a property in Greece,

What types of properties are available to buy in Greece?

There are many different types of properties available to buy in Greece: Cottages, villas, village houses, town houses and apartments. There are old properties to renovate or you can buy a plot of land and design and build a new home. There is usually something for everyone’s tastes and budget.

Can I buy a property in the Peloponnese?

Yes, there are no any restrictions for foreigners wishing to buy property in the Peloponnese.

Are foreigners welcome in Greece?

Yes, The Greek people are among the friendliest in Europe. There is now a large number of citizens from all nationalities living in Greece.

Do I have to have my finance in place before my inspection visit?

It’s advisable to have your finance in place before your inspection visit. If you see your dream home you will be able to purchase it without any delays. This way you will not miss out.

I’ve found the house I wish to purchase in Greece – now what happens?

Choose an English-speaking lawyer. The British Consul’s provide lists of recommended lawyers. Tel: 0030 210 369 2333.

You can sign a proxy in order that your lawyer can represent you; obtain your tax number (AFM). You need this to complete your purchase; check title deeds and ensure there are no problems; and to sign the contract on your behalf. In this way the property can be signed over to you and it’s not necessary for you to make extra visits. Your lawyer will also deal with the Public Notary on your behalf. The Public Notary is responsible for drawing up your contracts, witnessing the signatures / payments and registering the new ownership of your property. When this process is complete the lawyer will provide you with a copy of the deeds. The original is placed with the land registry department.

All transactions are in Euros. You will need to set up a Greek bank account to pay for your legal advice, transfer money and pay bills. There are foreign exchange brokers that can transfer large amounts to Greece according to the business rate. Payment of utility bills can be set up very easily by direct debit via the bank, and money can be transferred online. The Leki Bank is connected to the HSBC and accounts may be open in the UK.

The ‘PINK SLIP’ for wire transfers of money from abroad. If the buyer cannot justify the amount of money they have spent, the Greek tax authorities will assign it as unreported income and the buyer will be assessed for income tax.

Do I have to pay a deposit?

Yes, it is normal to pay a deposit of 10 / 20 % of the agreed purchase price. This seals the contact between the seller and buyer.

If the seller pulls out (which is unlikely) he must return the money plus the same amount again. If the buyer pulls out the deposit is forfeit. However, if previously known problems are revealed the deposit will automatically be return.

How long does the purchase process take?

Property purchase is generally completed in a short period. It can take as little as 48 hour to 2 weeks. However, if the seller has not collected all the necessary documents for the transaction, it can take up to 3 months.

Will I have to pay tax on the property that I purchase?

Yes. The custom in Greece is to keep down the declared value of the property to reduce legal fees and property taxes. The one time purchase tax (which is the Greek equivalent of our stamp duty) is calculated at between 9% and 11% of the assessed property value for plots of land. For apartments and houses the charge is between 11% and 13%. The Inland Revenue will base their assessment on special tables issued by the Greek Ministry of Finance. The tables help determine the value of the property according to its merits, i.e. location, nature, quality of construction etc. The assessed value will usually amount to around two thirds of the true purchase price.

What other costs can I expect?

Other costs include the following:

Union fees: 1% of the taxable price of the property up to EUR44,000 and then 0.5% on the remaining taxable property price.

Lawyer’s fees: Lawyers charge between 1% and 2% of the assessed value as recorded on the contract of sale.

Public Notary fees and registration charge: The Notary Public fee is between 1% and 2% of the assessed property value

To the above cost of purchasing your property you should make an allowance for either buying furniture or appliances in Greece or transporting your furniture and household effects from the UK.

Do I have to pay a fee for finding a property?

Yes, commission is usually paid by the seller and the buyer in Greece. Fees and are normally 2% – 5%. After sales services are often available and will also incur an additional charge. Fees are generally fixed in accordance to the services that you require.

If something happens to me will the property automatically go to my next of kin?

Yes it will go to next of kin. Death duties are payable on property up to £100,000. This can be avoided if the property is made a “Parental Gift” to children. If there are no children a will should be made.

Now, enjoy your new home in Greece, you deserve it!

Please Note
This information is provided in good faith and believed to be correct at the time of writing. However, its accuracy cannot be guaranteed.

Claire May is a knowledgeable author of articles regarding property in Greece and Messinia. Her articles aim to Make buying and selling property in Greece easy and helps buyers with their research and assist them through the unfamiliar Greek property purchasing procedures. Claire has also designed a website to provide readers with information about buying property in Greece

Author: Claire May
Article Source: EzineArticles.com
Canada duty rates

When it comes to property investment, many people start with ‘what they know.’ This means buying a property, renovating it and then selling it on at a profit, or buying a property then letting it out.

However, once you have some property investment under your belt and before you look to do ‘more of the same’ then it’s worth making sure that your next investment(s) work in good and bad economic conditions, perhaps deliver a return at different times or in different ways to your existing investments. So what does your property investment deliver at the moment? Not sure? Then write down the following:

What have you invested? Don’t forget to include all the costs you have incurred from legal fees to surveys, required certificates (building control sign; gas safety certificates etc), any agent’s fees as well as large sums such as deposits.

What have you earned? Calculate what your investments have delivered to you to date. Increased capital? Net income?

Work out the return – Then take the total amount your investments have/are delivering to you and divide this by the amount you have invested.

Check this against other potential returns – If you are investing in residential buy to let, check the returns you could be getting against commercial investments. If you are doing renovations, check what you could get if you bought land and built a property. Even better, check the buy to let returns against building a property and then renting it out.

Always check your investments against your exit strategy! It’s not easy to work out whether an investment works for you unless you have a clear exit strategy. Make sure that you know what you expect your properties value to increase to, what income you need to make it worthwhile holding on to your property asset.

Understand market conditions! Also be clear on what’s happening in the market. Some people worked out that selling in 2007 at the height of the market was a good idea, they are the ones investing back in the market now as they have the cash to do so.

Having done your research you may find something that gives a better return to your investments. However you also may decide to ‘carry on with what you know’. Either way, at least you will have done your investment due diligence and know if there is a property investment opportunity that makes sense to add to your investments or not!

I am one of the UK’s top property experts being regularly quoted in the press including the Telegraph, Independent, Times, Daily Mail and Express and have appeared on BBC2, featured on BBC Radio 4, Channel 4 and a number of local BBC Radio stations. I have been a consultant to the property sector for a number of years and renovating properties for over 20 years. I have also written a number of books, including four for Which? – Buy, Sell, Move House, Renting and Letting, Develop your Property and the Property Investment Handbook.

For answers to all your property questions, contact me at Designs on Property on 0845 838 1763 or visit our website and blog using the links below:

http://www.designsonproperty.co.uk/
http://factsnotheadlines.blogspot.com/

Author: Kate Faulkner
Article Source: EzineArticles.com
Programmable Multi-cooker

There is no doubt about it, but now is not the best time to sell! Unless you:-

1. Are looking to sell your home and trade up to a more expensive one
2. Have enough equity in your home to still make money out of your property when you sell
3. You are planning to stay in your new property for five or more years

Your choice as to whether you keep your property on the market or put it up for sale will also depend on what’s happening in your local market as media ‘headlines’ about what’s happening in the property market are often misleading.

For information about how to find out what’s happening in your local market:-

1. Put your postcode into Hometrack.
2. What is the average offer versus asking price? If it’s more than 95% you are in a good market to sell, if it’s less than 95% (and the current national average is 90%) then it’s likely you’ll have to drop the price to make it competitive.
3. Visit our ‘how to spot the bottom of the housing market’ in your area, purchase our Buying a Property eBook or Buying a Home Factsheets.

What to do if you have had your home on the market for more than three months?

No viewings!
If you have had no viewings at all, it’s likely to be because your property is priced too high OR you haven’t chosen the right agent to sell with, so aren’t getting the buyers through the door. Speak to your agent and read our Sellers Problems Articles.

No Offers!
If you have had viewings but no offers, it may be the price is too high, but it also may be that there is something putting buyers off. Properties which are on busy roads, have a pylon next to them, next to a school or pub, don’t tend to sell well in a poor market. Properties which are ‘unbalanced’ eg five bed family home with a postage stamp for a garden are also difficult to sell. Speak to your agent and read our Sellers Problems Articles.

What to do if you haven’t put your home up for sale already

1. Make sure you can achieve the sales price you need to purchase the property you want to buy.

2. Work out the type of market you are operating in and pretend to be a buyer! Read our selling a home article for more information.

3. Find three local estate agents to recommend a valuation – but make sure each has already sold a property like yours, in a similar price bracket. For example, don’t give a £500,000 home to an agent that only lists properties up to £150,000 or a terraced two up two down to an agent that concentrates on country homes.

4. Ensure you price your property competitively. If it’s worth £185,000, put it up for under £175,000 as there is no stamp duty. A property worth £220,000 is more likely to achieve its price if you market it for £199,000 as two buyers may compete, whereas you may get no viewings at £220,000.

5. Make sure there is NOTHING the buyer can object to. Make sure the property is clean and tidy throughout, no clutter, every room does what it says eg: a bedroom is a bedroom, not a junk room and no bikes in the dining room!

What else can you do?
There are other ways of selling your home, some require you to buy another one:

1. Why not consider buying a new build and if you are trading up you may be able to buy the new home while part exchanging your current home. You won’t have to pay estate agents fees if you sell in this way.

2. Sell to a property investor, but be very careful about this. There are some good guys and some very bad ones. Please note if someone offers to ‘buy and rent back the property to you’, sometimes called ‘sale and rent back’ they MUST have applied to be FSA registered by 1st July and be FSA regulated by 30th June 2010.

3. Consider swapping your home for another one – advertise in the local paper, or leaflet locally and even offer an estate agent some commission if they find someone you successfully swap with.

4. Why not ask your company/organizations you have joined/work with if you can advertise on their notice boards/on-line or in their company magazine.

5. If you are trading down to a retirement property, they may be able to organize for a trusted company to purchase your home. 

I am one of the UK’s top property experts being regularly quoted in the press including the Telegraph, Independent, Times, Daily Mail and Express and have appeared on BBC2, featured on BBC Radio 4, Channel 4 and a number of local BBC Radio stations. I have been a consultant to the property sector for a number of years and renovating properties for over 20 years. I have also written a number of books, including four for Which? – Buy, Sell, Move House, Renting and Letting, Develop your Property and the Property Investment Handbook. For answers to all your property questions, contact me at Designs on Property on 0845 838 1763 or visit our website and blog using the links below:

http://www.designsonproperty.co.uk/
http://factsnotheadlines.blogspot.com/

Author: Kate Faulkner
Article Source: EzineArticles.com
Canadian crossborder shopping

Living the Dream

If you are planning to buy a property in Greece or even just thinking about it you will need a guide to help you though the Greek property purchasing process. Whether you dream of a beach villa, village house or an apartment in the town, it is important to avoid the pitfalls of buying a property in Greece in order to make your dreams come true.

The Dream Verses Reality

In your favourite daydream you have decided to leave your present home behind you and settle in another country. You pack your belongings and leave your country behind. You can imagine the little table, chair and parasol on your terrace overlooking the beach. You are watching the sun set peacefully into to azure sea, while drinking a glass of local red wine and eating olives hand picked from your own trees. You are relaxing away from the stresses and strains of your current life and enjoying a life that you so rightly deserve…

Well, we all have fantasies but, this is the real world and things are simply not always that easy. Are you planning to book a cheap package holiday for a week or two, spend a couple of days looking around, and then buy the perfect little house on the spot? Or have you really thought about what’s involved in purchasing a property in Greece? Have you done your homework, research and planning? Do you know where you want to live when you reach your dream destination? A little forward planning will help you achieve your goal of living the dream. It’s much better than leaving things to chance.

What do I really want from a property in Greece?

The first question you should ask yourself is exactly why you wish to purchase property in Greece. For example, are you looking for a retirement or holiday home? Do you want a summer, winter or permanent home? Are you seeking a sound investment or do you wish to work or start a business? Probably you will find that there are a number of reasons you wish to buy a property in Greece. If this is the case there are many more factor to take into consideration then just buying a holiday home. Take some time to decide what kind of property you would like to purchase, and then discuss your ideas with your partner and family. If you are at all unsure of what or where to buy, the best decision is usually to rent for a while first.

When buying a property you need to consider where you would like to live. Resorts are lively in the summer, but may be crowded with tourists. However, in the winter they may be completely closed, with nothing in the way of facilities or shops. In the mountains or villages a few kilometres in land you will probably be a part of a friendly village community, but if the village is remote no-one may speak your language, so you will have to learn theirs quickly. Another option is to excel at mime. You can make many friends among the villagers this way and have great fun too.

Financial Considerations

One of the most important aspects of buying a property in Greece and living there is finance, which includes everything from transferring and changing money to mortgages and taxes. If you are investing in property or a business it is important to consider the exchange rate. Take a realistic look. It is easy to imagine that you have more money to spend on your dream property than you actually have. The cost of purchasing a house and costs of repairs can spiral dramatically without you being prepared for it. If you need to borrow money to fund your dream property, be careful where you borrow the money from.

Many mortgage companies will not lend money for property overseas. It may seem trivial to mention, but always remember that if you borrow money to buy property, or to rebuild it, you have to pay the money back! This statement is one that should be at the forefront of your mind when you are making your plans. It’s advisable to have your finance in place before your inspection visit. If you see your dream home you will be able to purchase it without any delays. This way you will not miss out.

Do not count on holiday lettings for your property to tourists during the months you are not there. In the last two years there has been a decline in the tourism in most parts of Greece, and income from letting property has declined with it. To let out rooms legally, you must have a license from the Greek Tourism Board. You must also fulfil fire and safety regulations, and you must pay tax on this income. Authorities are having a clamp down on illegal lets, and fines are enormous!

If you are planning to move permanently to Greece, unless you have enough private income for you to live well on, you must consider employment in the place you are going to live. You must ensure that this will be possible before you buy a house. What kind of job can you really expect to do? What are your qualifications and experience? Are they recognized? Do you speak fluent Greek? Unless your Greek is fluent you wont be completing on equal terms with the local workforce (you wont anyway, but that a different issue!). Most Greeks aren’t interested in employing people who do not have a good knowledge of the Greek language unless it deals exclusively with foreigners. Are there any jobs in your profession or trade in the area that you plan to live? Answer to these questions and others can be quite disheartening. However, it is better to ask them before moving to Greece, rather than afterwards.

The Greek equivalent of the English Job Centre is the OAED which has a special department for Europeans seeking work, although you should expect it to be easy to find a job. Unemployment rates in mainland Greece is generally high. It is higher still on the islands. Some islanders can only find work during the summer season, when tourists visit. This means they either have to save enough money when they are working to live on during the winter, or learn to survive on unemployment benefit in the winter months. Unemployment benefit is only paid if they have enough national insurance stamps credited to them over eighteen months. Working one summer season will not earn you enough to be paid benefits. If you are self employed in Greece you are not entitled to benefits at all.

Looking For Your Dream Greek Property

After you have answered all these question and more your will be ready to start looking for a property to suit you and your family. Now do your research. The internet is a helpful tool. Listed below are links to relevant articles and information about property and the prefecture of Messinia which will help with your research.

Take notes about the kind of properties that are available and their location. Also note down any that are just below your price range (just below, because you will need some money to pay for taxes, legal fees, and hidden costs of buying property). Discuss the properties that you have found with your family and friends. Find out about the area to see if it suits your requirements. Study maps and guide book descriptions of each location.

When you have established what your requirements are contact the real estate sites you have been looking at. Find out if the online property list is up to date, quite often agents only advertise a small selection of the properties that they have available. Let the agents know your full requirement (be as detailed as possible) and leave your up to date contact details with them. Ask the agents to let you know when any suitable property comes up. This will make it easier for them to narrow down the search so you do not spend months looking at unsuitable properties.

If you intend booking a holiday in order to view properties, it is important to let the real estate agent know you are going to be arriving at least a couple of weeks in advance. Tell the agent where you will be staying. Take a mobile phone with you that works overseas, so they can contact you if they need to. The agents will be able to arrange viewing of properties for you while you are in the country, and hopefully, will be able to find several properties in each area you are interested in.

Be open minded, it may be worth considering purchasing a plot of land, rather than a house that already exists. Design and build properties are easy to find and are a very popular choice. Check if the plot has planning permission. It is often automatic if the land has road frontage, with all services (water, etc) nearby. If the land is within the town planning area it should also be buildable, but always check, and get it in writing. Prefabricated buildings are available in Greece now, they can be built by the manufacturers, or by yourself. If you plan to build any property yourself you it is important to remember that you have to build to Greek and European building and safety regulations. These are very different from UK regulations. All buildings must be built to withstand earthquakes, for example!

When you have found the property you would like to buy, it is advisable to get a survey done. This is a step that is often missed out in Greece. Some areas are prone to flooding, earth tremor damage, or sink holes (A large hole that suddenly appears in the earth when the limestone beneath is eroded away by water). Save yourself a lot of trouble in the future by paying for a good survey. When you have found a good lawyer (who speaks your language, as well as Greek) and a good accountant (to sort out a tax number for you, and some financial details), you are ready to make an offer.

It is normal to pay a deposit of 10 – 20 % of the agreed purchase price. This seals the contact between the seller and buyer. If the seller pulls out (which is unlikely) he must return the money plus the same amount again. If the buyer pulls out the deposit is forfeit. However, if previously known problems are revealed the deposit will automatically be return. Property purchase is generally completed in a short period. It can take as little as 48 hour to 2 weeks. However, if the seller has not collected all the necessary documents for the transaction, it can take up to 3 months. You must not pay the full amount until all the documents are in place and your lawyer has made it all legal!

Good Luck with the purchase of your dream Greek property. Enjoy your little piece of Paradise, you’ve earned it.

Claire May is a recognized author of articles about property in Greece and Messinia. An article of her successful undertaking was published in the Escape property magazine. For more information about Messinian properties come and view our website http://www.claires-messinian-properties.com

Author: Claire May
Article Source: EzineArticles.com
Tissot virtual reality

Many who buy a new property in Spain will buy it “off plan”. This means the property is little more than an artist’s impression when the contract is signed. In most cases it is cheaper to buy this way and you get the best chance of choosing the best plots. A few years ago, unless you were building a property yourself, this was probably he only way to buy a property new in Spain, such was the demand.

However buying a property you have never seen, two years in advance does have its issues.
First of all your contract only covers you for your own house and not what is around you.

For example, your home could be part of a complex that includes underground car parking and communal pool. These are deemed to be owned by everyone on the complex, so until a committee is formed with elected officials to challenge the builders, you have no right to complain about an unfinished pool or parking or anything else not physically on your property. Of course this means that these structures tend to be finished last.

This could also mean that these items are not exactly as the drawn plans, an example is a plan drawn with gates to give the impression of a gated community. Trees and shrubs, outdoor lighting, fences around the pool or lack of, are all things that can change how you property looks to the original artists impression. Beware aware of this from day one can save some frustration at the finishing stages.

An example of this is the La Cinuelica complex in Los Altos just south of Torrevieja. The artists impression shows a different style of wall, shrubs growing from the walls, the doors and windows are the opposite way round to what was built, the underground car park was shown at the opposite part of the site, the plans show it as a gated community, the list goes on from what actually was built. Ironically the owners are still pretty happy with the final results except for a few that wanted it to be gated. There are the details inside the house too. If it is not written on the specifications of the house then it is subject to change from the show house you have been shown. Again in the La Cinuelica complex, those buying a newer house or flat had smaller water heaters installed than the older houses. These are all issues that are never discussed with your agent when you sign.

Buying and then being an owner within a Spanish complex is also different to being at home. Committees are set up to decide on local community services, pool cleaning and issues like that. But other rules can also be enforced. Food around the pool, times to use the pool, canopies over you patio, built in conservatories, underground cellars are examples of where the decision is not in your hands but the committees of what you can do with you house. You just cannot put an underground cellar under our home for example without everyone’s agreement; you are now part of a local community, even if it is only your holiday home. If you buy on an existing complex you can establish the rules before you agree to buy, but if you buy “off Plan” at this point you don’t not know your neighbours or what they will agree are the rules of the complex until well after you have received the keys.

The final comments are the proposed completion dates. Do not expect your home to be ready by the dates they claim to be. The builders are normally given a safe period after, say 6 months and you can be pretty sure they use it. The exception being if they want money in to start another project. If you are looking to buy off plan in Spain, just expect these issues, so when the excitement of the initial purchase dies down and you await the final result, you are not disappointed.

Mark is webmaster for Home And Contents Insurance Comparison and Breakdown Insurance

Author: Mark Flanighan
Article Source: EzineArticles.com
Credit card currency-exchange fees