"If you don't like the place where you are now — just change it, you're not a tree!" said once an American speaker and business coach Jim Rohn. Our checklist will help you to make the right choice and find a desirable property in Europe.
1. Location
Your apartment or house you can transform at any moment - to restructure, change the layout, make cosmetic repairs as you like. But the location will always remain the same. So first of all, pay attention to the terrain, climate, environmental conditions, transport accessibility, availability of infrastructure.
Often inexperienced buyers prefer to buy houses in those countries and cities where they use to spend vacation — in the promoted by travel companies directions. However, the best proposal in terms of "price-quality" usually appears in the less popular areas.
A tip for those who dreams of the "little house on the coast": do not try to acquire the object on the first line. The view from the window of this apartment or home will be chic, but you will pay 20-50% more. In addition, buildings constructed on the first line, are more vulnerable to the adverse effects of sea salt. Often they are more humid. Plus, the noise from the beach and the presence of sand in the rooms is guaranteed.
2. Area
Pre-determine the dimensions of your property. Especially immigrants from the former USSR tend to buy too large apartments or houses with huge plots of land.
If you are going to use the new house as a second residence, the "palace", of course, is desirable, but not mandatory. As for the rental business, compact objects are much more convenient.
3. Mortgage
In general, European banks offer foreigners mortgages at very favorable terms. So don't neglect the opportunity to increase your investment.
You choose a property for further living or vacations? The error will be the purchase of a deliberate small, cramped house or apartment. If in the future you will have a desire to re-sell the property and buy something more spacious, you will lose significant amounts of taxes and other charges.
The longer is the crediting period, the less money the borrower pays to the Bank. Some banks allow you to pay off the loan early. For example, in Spain, in this case is paid the penalty of 1% + the notary service.
4. Taxes and expenses
In most European countries there is a property tax, the rate depends on the location of the object and other factors. In addition, the tax on income from rents in some countries can reach 20-40%.
In the process of transaction you will pay stamp duty, notary fees, translator fees etc. These costs can be included in the commission of real estate agency or paid separately. So before the purchase you need to learn from reliable sources about all the "pitfalls". Who knows, maybe you will decide to radically change the country!
5. Intermediaries
Do not try to save on the services of real estate agencies and realtors, unless you have extensive experience in this area. It is better to spend time searching for intermediaries who will act in your best interests.
Relatives, friends, former neighbors owning property in Europe, can advise you, but will not bear any responsibility for their recommendations. Work only with professionals!
Text – Alena Eliseeva, ee24
Photocredit FLickr.com