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Overseas property buyers advised to do plenty of research

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Overseas property buyers who are casting an eye on opportunities in Spain have been encouraged to do their homework before transferring money and committing to a purchase.

According to BuyAssociation, the European country has long been a good place for second home buyers from the UK.

However, consumers were told they should not rush into a transaction and must carry out all the tasks they would undertake if they were purchasing a property at home.

For instance, BuyAssociation said people need to research the market and make sure all the necessary legal checks are carried out.

"Research is the key factor," said Paul Collins, editor of the website.

"There is such a huge amount of information out there, so you should take your time and really look into the opportunities that are around."

Mr Collins noted that there is a wide selection of properties on offer in Spain right now. This, he said, includes many of the houses that were repossessed by banks during the financial crisis which are now being put on the market.

As a result, Mr Collins believes overseas property buyers "can afford to be very picky" and "aggressive" with their offers.

Indeed, he stressed that "pretty substantial" loan-to-value mortgages are available at the moment, which means purchasers from the UK can drive a "hard bargain" when negotiating a deal for a Spanish property.

The fallout of the financial crisis could also enable second home buyers to snap up properties in prime locations for a relatively low price.

For example, Feltrim International recently revealed many top-quality homes are available in some of the Costa del Sol's top golfing hotspots at knockdown rates.

As a result, they could be highly sought after by both investment buyers and those who are keen to purchase a Spanish property for lifestyle purposes.

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