Buenos Aires real estate offers nearly the entire gamut of life styles and buildings. Buenos Aires is divided into many zones with many price ranges, giving buyers and renters the opportunity to find whatever zone suits their financial needs. With modern buildings, classic architecture, old mansions, hotels, lofts, gardens and parks, and a variety of businesses, there are few areas that can complete with the range of Buenos Aires’offerings

A SMART INVESTMENT

The large coastline has attracted many construction companies to build homes to the specific needs and wants of foreign buyers. It has also started to attract investors. In the last year, the value of real estate in Spain has increased by an astounding 17.5 percent. And to further protect this great spurt of development and the interests of foreign buyers, the government has passed new laws regarding construction and sale of real estate. Buying a home in Spain is now much more secure! have made buying a home in Spain safer than ever before.

Low interest rates and a growing demand for rental property in the tourism industry also means that this real estate bubble is not going to burst anytime soon. There will be growth for many years to come.

CHOOSING A PROPERTY

Should you buy a house on the coast? It’s more expensive but is more profitable in the long run. Should you get a house in the quieter farmlands? It’s more affordable but more difficult to rent out. What kind of property should you invest in? It depends on your preferences and needs you can see Egypt property and Calabria property.

Look at how much you can really afford to pay and what you want to achieve and then hunt around. If you want to recover your investment through rentals but can’t afford a seaside home, then consider an apartment. If you want the peace and quiet of a rural home but want a bigger return on investment then consider buying in an up and coming area and then selling it in the future once prices increase.

TAXES CONCERNS

Good news for non residents. After extensive “encouragement” from the European Union, the Spanish government has set into motion a series of policies that will significantly remove the discriminatory practices towards property owners who are non Residents of Spain.

As from January 2007 it is planned that the effective rate of tax that will be paid by a Resident or a Non-resident on a Capital Gain made on, for example, a property sale will be equalised at 18%. This is a reduction from the current rate of 35% for a non-resident and an increase for the resident up from 15%.

Remember the best way to deal with all this foreign law is to ask! Make friends with local people and they’ll be able to guide you through the what seems like endless paperwork…Once you’re done you’ll find yourself at the agencia de viajes in no time, ready to head out to sunny skies!

Spain is not just beach country. Its inland provinces are very beautiful, peaceful and rich with history and culture. The inland areas are also cheaper, both for the tourist and the person seeking to buy property. In fact, more and more people are considering buying a rural home.

However you have to be a little careful when buying land in the rural areas. You should always do your research and take the necessary steps to protect yourself from fraud, such as consulting with a lawyer and hiring a reputable real estate agent. This is true for any place in the world, after all scam artists can be found in just about any country, but remember you are at greater risk because you are a foreigner.

Here are some situations that you can avoid by having everything coursed through a lawyer. Country land does not always benefit from a local authority denomination. The outer wall of a ruined property may be the extent of permissible building line for a “reformed” property. The title to the property may be divided as a result of the death of the Registered owner. There can be a longbacklog of inheritance taxes (and if you buy it you’re liable to pay for a maximum of five years’ worth of taxes) and the need to transfer the title into the name of surviving owners before good title can be passed.

It’s clear that popular confidence in Spain may have been a little rattled in recent months but there remain many excellent opportunities to find your place in the Sun. With a little research and advice the process can be relatively stress free and the result should deliver years of pleasure.

Spain’s climate varies from region to region. The Mediterranean coast as a whole, and the Balearic Islands, get a little more rain than Madrid and the south can be even hotter in summer. The Meseta and Ebro basin have a continental climate: scorching in summer, cold in winter and dry. Barcelona’s weather is typical of the coast, milder than in inland cities, but more humid.

Valladolid on the northern meseta and Zaragoza in the Ebro basin are even drier, with only a little more rainfall per year than Alice Springs in Australia. The Pyrenees and the Cordillera Cantabrica backing the Bay of Biscay coast bear the brunt of cold northern and northwestern airstreams, which bring moderate temperatures and heavy rainfall (three or four times as much as Madrid’s) to the northern and northwestern coasts, including cities like A Coruna. Even in high summer you never know when you might get a shower.

Madrid regularly freezes in December, January and February and temperatures climb above 30′C (86F) in July and August (locals describe it as: nueve meses de invierno y tres de infierno - nine months of winter and three of hell). The Guadalquivir basin in Andalucia is only a little wetter and positively broils in high summer. This area doesn’t get as cold as the meseta in winter.

In Andalucia there are plenty of warm, sunny days right through winter. In July and August, temperatures can get unpleasant, even unbearable, anywhere inland (unless you’re high enough in the mountains). Snowfalls in the mountains start as early as October and some snow cover lasts all year on the highest peaks.

In general you can rely on pleasant or hot temperatures just about everywhere from April to early November (plus March in the south, but minus a month at either end on the northern and northwestern coasts).

The best seasons to see Spain are May, June and September (plus April and October in the south). At these times you can rely on wonderful weather, yet avoid the extreme heat - and the main crush of Spanish and foreign tourists - of July and August. However you can always go to the northwest, to beaches or high mountains anywhere to escape the heat. Some places have decent weather virtually year round. Winter along the southern and southeastern Mediterranean coasts is mild.

Well then go to Spain. Barclays Bank enlisted the University of Navarra Business School to do a study among Britons. They discovered that 65% of Brits said Spain was their first choice in overseas property destination and a 38% said it was their only possible choice. And this study is being confirmed all over, not least of all in Spain’s property registry. Spanish town halls had registered 29% more British residents than in the previous year.

A Pro-Buyer Environment

One reason why Spain is such a good real estate prospect is that the policies of Spain have become significantly pro-buyer. The government is clamping down on illegal sales of properties, and the recent winners of the elections have made it a part of their political platform to increase incentives for foreign investors. There is also a greater sense of professionalism in the real estate industry as the developers are competing for buyers by providing better services and employing people who can handle the needs of non-Spaniard buyers. The government has also enacted laws that allow non residents to stay in Spain without visas or work permits.

Scams to Avoid

Some have found themselves embroiled in certain disastrous off plan purchases. These purchasers have usually optioned properties that turn out to be subject to planning irregularities. To avoid this always go to a lawyer and check the documents in the municipal hall. Don’t buy a property without doing research and getting facts. The legal system is there it’s just that some people try to make shortcuts.

A marketing device that used to be a core feature of Spanish property marketing is the rental guarantee. But this “guarantee” was often achieved by simply inflating the price of a property by the level of the required guarantee. This would then be paid back to the purchaser over the agreed period. A 6% guaranteed yield is promised for two years, so the price is hike by 12% and placed in a “guaranteeing” bank! Hogwash! Be careful of this scam.

But despite the occasional scammer (and all countries have them) Spain continues to be a fantastic real estate prospect, especially with new laws and government policies to protect the buyer.

- Capital and interest mortgage : Repayment of the loan occurs during the term and you pay interest over the current loan amount. Usually the monthly payments arehigher than with an interest only mortgage. The loan to value is maximised on 80%.

- The Interest only mortgage : with this kind of mortgage the actual borrowed amount or principal will stay the same throughout the term. During the term you will only pay interest. The highest interest only mortgage is 70% loan to value.

- Combined mortgage : It’s possible to get the best of both worlds by combining the two mortgage types. You only have to pay the interest during the first part of the term, either a third of the term or a fixed number of years.

Getting loan approval is not that difficult either. Here are some requirements of some banks,

- Age : most banks in Spain will grant a loan if you are seventy and below although there are those that will be given a loan even if they 80 or 85 years. In some cases it is possible to let somebody younger, i.e. a child, co-sign the mortgage in order to stretch the term.

- Net income : You can use approximately 40% of your net income on mortgage payments.

- Valuation of the property : The bank will need to have a taxation done by an independent agency. They will normally choose which organization will perform this task. Most banks will base the mortgage on the valuation and the actual selling price. They will choose whichever is lowe Some banks use solely the valuation. With these banks you can, if the valuation is considerably higher than the selling price, get one hundred percent financing. In most cases you should realise that you have to invest some 30% yourself.

- Resident or non-resident : Residents can, with restrictions, get better deals than non-residents.

- First or second home : Is of importance to some banks since for them it will mean you are less likely to flee the country, as you already have existing property. This minimizes their risk.

One of the challenges of buying a home abroad is chances are you will not be personally able to conduct some of the transactions required for the numerous documentations and paperwork. You have to fly back to your own country, either to your job or to your family. Even if you do have plans of relocating you may have to tie loose ends or oversee packing and other concerns. If this is true then you will need a Power of Attorney. This authorizes someone like a relative, friend or solicitor to handle your legal transactions. In Spanish it’s called Poder, which literally means “power:”.

A Power of Attorney is a document which is prepared and duly stamped at the notary. It is still possible to have a Power of Attorney drawn up abroad. The language used has to be Spanish. It also has to be “apostilled” according to the Hague Convention of 5 October 1961.

A Power of Attorney is crucial if you are not able to personally attend to the documents needed in buying a home, which is a main concern of foreigners or non-residents. A Power of Attorney must be drawn up if you are instructing someone to sign on your behalf. It authorizes another person to conduct certain transactions for you.

Here are some cases where you will need a power of attorney.

A lot of banks insist on life insurance when you take out a mortgage. If life insurance is compulsory it is important that this is mentioned in the Power of Attorney otherwise when you have this document notarized the process may be postponed because of that one technical default.

The bank is likely to insist you open a bank account with them. A bank is not allowed to open an account unless the person is physically there to sign for it. . However with a Power of Attorney which includes that the assigned person is allowed to firstly open the account and secondly the assigned person is allowed to withdraw from the account, then the problem is solved. It is also advisable that the assigned person is allowed to sign for the direct debit instructions.

However you do need to set guidelines for the Power of Attorney so that you do not become victimized by unscrupulous individuals. For example you need to set a limit on what the person can do, for how long that power takes effect, and how much power the person can have without getting your approval. Always make sure there is a time limit as well as a monetary limit.

If you are re-mortgaging or releasing capital from your property, the original Power of Attorney cannot be used unless the word “re-hipoteca” is included. Many completions have been delayed because of the lack of this power.

These are just some of the questions that keep people up at night. Have you just seen your dream home? Are you about to sign a purchase contract? Are you sure the property you are buying is all legal? Are you sure the vendor is the rightful owner? Will you get your deposit back in case there is something the matter?

Finding a Lender

Before you even look for a property begin the process by getting a mortgage in principal from a trusted Mortgage lender/ broker. Do this first. With a mortgage approved it will significantly strengthen your offer when you find a property.

Finding a Trustworthy Agent

A real estate agent can really help you with the problems of finding a home. This is especially important if you are buying a property off plan. An off plan is a property which is not yet built and which may not even have planning permission in place.

The criteria of finding an agent is that he must be licensed, he must be part of a respected organization, he must speak English well, and he must be an agent that you trust. It is important to do this before you go rushing off looking for homes or you may end up with no representation.

Finding a Finance Expert

If you are applying for finance in order to buy the property most faults, such as the legality of the build and possible local (council) issues are likely to be discovered. That’s why it’s ALWAYS recommended to have finance on the property even if you don’t need it. If you haven’t prepared the finance and if you haven’t protected yourself by stating the wording mentioned above you can lose your deposit if you decide not to proceed for whatever reason.

Finding a Lawyer

Before you start looking for the property arrange for a solicitor to represent you. He/ she will be needed at the very moment you decide to put in an offer. When you have made an offer and it has been accepted you need to put down a deposit. Unfortunately this is where a lot of people go wrong. If you go it alone it is recommended that you have at least the wording “subject to mortgage and valuation” in the purchase contract.

Why Britons love Spain

Why? What is prompting this exodus? The reasons seem to be many; not least that Spain is a great place to live. But that’s not all.

First of all it’s easier to borrow. The mortgage market is maturing. Although we have seen increases in the base “Eurobor” rate the variety of mortgage products available from Spanish and other European lenders are still very appealing to those buying in Spain, particularly those who hail from higher servicing cost regions, such as the UK.

Second of all, the properties are affordable. It’s a “buyers market”. Vendors seem to have realized that they can’t get customers if they have ridiculously higher prices. Furthermore the stiff competition has made them more and more willing to offer “value” services at more affordable rates. If you want to make a sale simple economics are dictating that the best advice may be to drop the price - the demand is there so match it!

Third of all, the development of Spain has been astronomical. It has excellent infrastructure, highways, medical facilities. In fact the hospitals were named to have the fourth highest quality of service in the world. It was only a matter of time before Spain’s property entrepreneurs, prompted by the fierce competition for expat investment, would deliver compelling ways of re-presenting Spain.

These are just some of the reasons why people are flocking to Spain. It is really a very pro buyer environment and there are very few countries that can offer this kind of environment. No wonder the real estate industry is booming. So what are you waiting for? Buy property and see your investment pay off in the next few years. After all this is a once in a lifetime chance, act now!

Brokers can also help you avoid delays. They know this process inside out and will be able to foresee any hitches and advise you on what to do. . On occasions banks change their criteria and although your estate agent or solicitor may have recommended a particular bank in the past, they may decline your application because of the sudden change. A professional broker will always submit your application to at least 4 banks to avoid this from happening. You could in fact lose your deposit if you don’t complete on the date set in the contract - all because you only went to one bank. See how much time a broker saves you?

Third of all a broker can improve your chances of finding financing. He has a network of banks. These banks/ building societies are simply not available directly to the general public. But he should be happy to arrange for a mortgage in principal for you. With a mortgage approved it will significantly strengthen your offer when you find a property. This would not be available from a bank as a norm. In fact some brokers have special arrangements with banks which you could never get yourself directly.

Broker Fees and other Costs

The broker fee varies quite considerably. Some brokers say they have no fees, but in reality they hide it under other fees. .For example the broker is likely to have an agreement with a bank whereby the set up fee by the bank is unusually high. The broker on these accessions may receive the majority of this set up fee, thereby receiving the extra income from the bank. This is likely to cost you more than the average broker fee. These brokers are not likely to give you a choice of products either.