Time is Right For Spanish Real Estate

Property in Spain

First Published Date: Oct 1, 2010

Due to financial troubles in the country, property prices in Spain have fallen to their lowest levels in recent memory. Many North Americans and Europeans are now looking at possibly getting a second home in Spain to take advantage of the nice weather, beautiful landscape and friendly people. Unlike buying property in third-world countries and developing nations, when you buy in Spain you are moving to a country that is a world leader. So, if you are going to buy property in Spain, what do you need to know as a foreigner?

Spain does not have limitations like other countries in foreigners buying homes, so it is actually quote easy to buy a home there. The first thing you need to think of is where you want to live in Spain. Spain has a huge amount of space, and there are many different regions. Do you want to live near the beach, or do you want to live near the mountains? Do you want to live in a city, or a small rural village? Find out where you want to live, before you start looking for property to buy.

When you know where you want to live, contact an independent legal advisor in that region. They will have a clear understanding of the legal system of Spain and they will know the language better than you in most cases. Make sure your advisor is working for you and not tied to any property dealer who you are going through because that could be a conflict of interest that just costs you more money.

Even though prices of homes in Spain are very low, that does not mean you shouldn’t look at what you can afford. Having enough equity to buy a home will help you a lot, but if you need to get a mortgage, most Spanish banks will offer you a mortgage of 60 to 80 percent of the home price. That means you have to come up with 20 to 40 percent of the home price as a down payment. That can be a lot of money for higher end homes but luckily with record low prices, your down payment will be low as well. The more you have, the more you can get and the less of a mortgage you will be saddled with. Just like you would anywhere else, do your research and shop around with Spanish banks for the best rate. You want to pay as little as possible in interest.

Lastly, you need to have proof of income with your last three pay-slips, six months of bank statements, and a credit report will help when getting a mortgage. Your debt load cannot exceed 35 percent of your total monthly income if you are going to get a Spanish mortgage. It is important to not that that debt load includes your possible Spanish mortgage.

Spain is a beautiful country, so why not take advantage of the low prices now and move there where you can enjoy the scenery, friendly people and amazing food and culture.

Foreign Investors' Black Money Is Canadian Real Estate's Real Problem

Canada Implements New Mortgage Rules

First Published Date: February 29, 2016

The days of buying expensive homes with only 5 percent down payments are gone in Canada. Starting Monday, Feb 20, 2016, new mortgage rules kicked in that require 10 percent down payments to buy homes on the portion costing more than $500,000. What this means is that there is still a 5 percent down payment required up to $500,000 and anything above $500,000 will require 10 percent.

To tame the skyrocketing real estate market in Canada, measures are being taken to make it harder for buyers to buy expensive homes with little down payments. For homes costing below $500,000, the requirement is still the same (the aforementioned 5 percent down payment) and there are no rule changes for homes costing more than 1 million dollars; they require a 20 percent down payment.

My Take

I doubt this will have much of an effect on soaring real estate prices. Canada has become a safe heaven for foreign investors with illegally-earned money. In the 3rd world countries from where these monies are flowing through, millions of dollars are not a problem as they are mostly earned from bribes and not honestly earned like hard-working Canadians earn their salaries.

I have heard stories from buyers from countries like China, Russia, and Bangladesh, where their salaries cannot be more than $25,000 a year, are buying 6 to 7 condos or houses in palaces like Toronto and Vancouver and paying more than a million dollars in cash apiece.

Canada has no procedure in place to verify incomes for foreign buyers and such buyers also don’t pay income taxes on their Canadian real estate properties. So these people are making their black money white in Canada, as once they sell their real estate property in Canada (that was bought with black money), it becomes a legitimate transaction and the money becomes white.

How to Buy Property in Australia

Buying Real Estate In Australia

First Published Date : June 20, 2010

Australia is a very popular country to not only vacation at, but live in, and every year thousands of people make the move to Australia where the sun shines every day and the people are very friendly. The country is considered to be one of the safest to live in, and routinely ranks high in terms of standard of living among its citizens.

If you are thinking of buying a home in Australia, then you need to submit an application through the Foreign Investment Review Board. As a foreigner, you can buy property in Australia that are already developed, to be developed, redeveloped or in the planning stage. The FIRB will review all applications for purchase of residential real estate within about 30 days on average. An approval is granted only on a specific property and there are no approvals given for simply buying a home in Australia. This means that for each property that a foreigner wants to buy, they need to put in another FIRB application.

There are several things that will influence the FIRB in their decision. Some examples, but which are not limited to:

·    If a foreign citizen is buying a property for the purpose of renting out the property, it will be refused.

·    If the foreign citizen is a purchaser who only wants to speculate on the property’s future value, they will have their application refused.

·    If the resident is residing in Australia on an entry visa with more than 12 months of validity and wants to buy a property for themselves, the application will be approved. This will have a condition that the property will be sold when the person no longer lives in Australia.

If you are thinking of buying property within Australia, you can send your application to:

The Executive Member

Foreign Investment Review Board

c/o The Treasury

Canberra ACT 2600

Whenever you decide to buy a home in Australia, it is important to have someone look at the property for you. If you have someone look at the property for you, they will be able to tell you if there are any problems with the property, or anything that you should know. If you are going to buy a property in Australia, you should talk with a real estate agent who will be able to help you navigate through the paperwork of being a foreigner buying a property.

Australia is a stunning country that is the home to 22 million people who all seem to love this island nation. Located in the Southern Hemisphere, the country boasts warm weather, beautiful beaches and plenty to do for anyone who loves the outdoors in a country that was founded on having fun outside. If you are going to buy property in Australia, make sure you go through the official channels to ensure that you get a property the right way and do not fall victim to any scams that may target foreigners looking to buy a property in Australia.

Real Estate In Sydney

Moving To Sydney

First Published Date: July 02, 2010

Probably one of the most famous cities in the world, and one of the most beautiful, is Sydney, Australia. The largest city in Australia with 4.5 million people, it is a place where you can find everything you could possibly want. It is also a world-class city, known for being an international center for commerce, arts, fashion, culture, education, tourism and entertainment. In addition, the city has featured many important events including the 1938 British Empire Games, the 2000 Summer Olympics and the 2003 Rugby World Cup. Mercer’s ranked Sydney as the 10th best city in the world to live in, while The Economists put Sydney as the seventh most liveable city on the planet.

This just shows that Sydney is a truly great city to live in, and this may be why it is probably the most popular city for foreigners to live in.

When you are thinking of buying property in Sydney, there are some things to take in mind. First, there are the various fees that you will pay including the bank fees to buy the property, stamp fees, and other types of fees associated with property in Australia. Probably the best course of action is to talk with a real estate agent because the agent will be able to tell you exactly what you need to do in order to make sure there are no problems when you buy a property.

Under new proposals that came into place in April of 2010, temporary residents of Australia now have to get permission from the Foreign Investment Review Board, in order to buy any real estate in Australia while living in another country. Under these new rules, you can buy a house but when you leave the country you must sell the house again. These regulations were put in place to crack down on foreigners who bend the rules, as well as real estate agents who help them.

Many Australians are worried about the impact of foreigner buyers on the housing market. Many Chinese investors bought properties in Sydney, causing property values to suddenly jump roughly five to ten percent. This is something that many Australians want to avoid and that means you may find it a bit tougher than you thought it would be to buy property within Sydney.

This does not mean you should not buy property in Sydney. That city is one of the best to live in out of all the cities in the world. You have the ocean right at your doorstep and probably the most famous opera house on the planet. In addition, the housing prices are starting to stabilize with the new rules and that means it may be easier for you to afford a house in Sydney.

Remember, you want to talk to a real estate agent about finding a place and if you can buy a property through a friend who is a citizen of Australia, you can have them buy the house, while you are the one who lives in it at various times through the year.

10 Tips to know before buying your home in Canada

Canada Real Estate Home Buying Tips

First Published Date: Feb 18, 2010

The picturesque beauty of Canada normally draws home buyers from all walks of life. Toronto is a vibrant city with lots to do. Again, living in the Yukon could be an adventure. Even living in Montreal would be a fascinating experience because it is one of the largest cities in Canada. You’re sure to always have something to do and see there.

Here are a few tips when looking for your new Canadian residence. Make the experience a joyful one.

1. Know what you want: It is best to get a general feel for what you’re looking for; do you want a home that has a certain amount of square footage?  A fixer upper? Two or three bedrooms, ranch style, garage? These are all things you should already have in mind before you buy.

2. Know the city you want to live in: If you work in a city like Toronto, it would not make sense to buy a home that is outside of the general area. Keep in mind if you’re comfortable in your job and feel secure there. You can choose a home close to your work place in order to cut down on transportation costs. If you choose to live in a large city like Montreal, you know you will find it easier to locate another job if that is needed.

3. Find a good realtor: interview several realtors and make sure the one you choose has a good feel for the area where you’re looking to find a home. Always engage estate agents with real that are well known especially those of them with proper licenses.

4. Settle for the best: know what your resources are and only settle for the best that your money can buy.

5. Keep in mind the travel aspect: know how far you are willing to travel to and fro with regard to your work. Again, you need to keep in mind the weather that Canada is best known for.

6. Know the area: Make sure you are comfortable with the area you’re looking into for your desired home. Study well and do your homework so you will be satisfied in the end.

7. Do your research: Keep in mind the schools and public transportation system of the area you’re moving to. If you want to be close to shopping or night life, make sure you do your research well.

8. Home inspection– make sure you have your inspections done before making an offer, things like mold and termites are very concern in Canada and you will want to be prepared and not taken by surprise with one of these issues later down the road.

9. Obtain a Mortgage– If your qualified for a loan or mortgage, go for it. This is usually a great avenue to have enough resources for your new home. Just make sure you have a repayment plan put in place in order to forestall a future foreclosure.

10. Moving in– Enjoy your moving in experience and get the help you need.

In all, Canada is a marvellous place to live in and choosing any home should be a wonderful experience. Study about Canada or the area you’re looking into for your new paradise and enjoy the experience of your new home as you get the desired one.