Be Careful While you Buy Cheap Spanish Property and Marbella Property

Author: Roger Josheph    Category: Real Estate   Date Added: 2010-05-24

For those who do not know, Spain and Marbella are located quite far away from each other but the one thing they share in common is Spanish property and Marbella property are the best foreign property investment destinations. The recent crash in economy has seen a steep fall in the property prices and hence many Spanish properties can be seen tagged as cheap Spanish property.
It is obvious that when you see a property marketed as cheap Spanish property you will be tempted to buy it. But the decision to buy a property should not be based solely on the price of the property. A property can be cheap for many different reasons. You need to think about them and try to find them in the property you wish to buy. Of course if you find certain negative points then you should not be buying the property.
It is not an easy task to find a cheap Spanish and Marbella property. You need to be very careful or else you can fall in to the traps of fraudsters, in which case you will lose everything, money and property. Such cases are likely to happen on the Internet because here you cannot see the person face to face. An example of online fraud is you are shown images of some beautiful property which in reality does not exist.
In most of the cases Off Plan property also called preconstruction property is available very cheap. It is a property only on papers meaning a company plans to build property on a particular plot of land but have not initiated the work. The preconstruction property is considered as a way for the builder to raise funds for the project hence in the initial stages the prices are really very low. Whosoever buys such a property is sure to get higher returns by the time the project is completed. Hence it is good for both the buyer and the seller. However such a property is the biggest suspect to frauds.
There are a few things you can be careful about when buying such a property so that you and your money remains safe.
• Check for the guarantees that the project will be completed as promised
• Your money should be in the Escrow Account and with the builders
• Research the reputation and past works of the construction company
• Find if the builder has got the local and the planning permissions for the project
• Look for different things or clauses which can ensure your safety in case of poor construction or non completion
• Make sure if you will be able to sell the property before the project is completed
• Check the laws of the country with regards to buying and selling of property
• Make sure if there are any additional costs
• Check the potential of the property for rental income
• Also check how you will be required to pay the remaining amount for the property
Foreign properties like Marbella and Spanish property can be cheap also because of their location. For example a property in the remote areas will surely be cheaper as compared to the one located in the city area.

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