Buying Property In Spain Lancaster Suites Tower I Rfo December Studio Condo Units Sarasota S Land Rush
Every year many thousands of properties in Spain are sold to foreign investors. What is the attraction? Firstly the country has a great climate and that is particularly appealing to those people living under the grey skies of northern Europe. Getting there is both quick and relatively cheap.A flight from London in the United Kingdom to Malaga on the south coast of Spain takes only a little over two hours. It is possible to get some very cheap flights with either one of the well known budget airlines or by picking up a spare seat on one of the hundreds of charters that fly to Spain every day.
There is a wide selection of property to choose from both in type and numbers. Consideration of the following points will help to narrow the search. Size of the property, the garden and the number of rooms required. People planning to emigrate with children should check out what schooling is available locally. Consider the local health & social services. Choose between a built up area or open countryside. How near is the beach, a town, the shops, the bars and restaurants, public transport, its frequency and what time does it stop in the evening?
Many developers looking to improve their own cash flow will offer property for sale off plan. The potential buyer may be able to view a show home but in many cases they are literally shown a development plan or a scale model. An initial deposit is payable followed by several stage payments. A couple of advantages, if property prices rise between purchase and the completion of the project the buyer will own a property worth more than they have paid for it. Secondly, most developers will allow the buyer some say in style and design of both the inside and outside of the house. The down side is the amount of time buyers will have to wait until the development is completed, often in excess of 12 months. And of course they don’t know what they are getting for their money until the property is completed.
The cheapest property available in a finished state is likely to be an apartment. These are often on an urbanizacion or housing estate that will often include other types of property such as townhouses and villas. These small communities will include a pool and landscaped gardens. Some kind of security is often employed either in the shape of guards or CCTV cameras. A community charge is payable to cover these facilities. A word of caution. Many of these properties are let to holidaymakers during the summer months. Some to English people with children. The noise these guys make while on holiday has to be heard to be believed. If it’s not the kids during the day it’s their drunken parents in the early hours of the morning.
A detached, purpose built villa offers more privacy and seclusion but it will cost more than a comparative property within a community.
Buyers looking for a more of the Spanish experience should look at properties within an established town or village. Many of these properties look small but are surprisingly spacious once inside.
A Finca is a property standing on a plot of land in the countryside. It may be a tumbledown farmhouse or a just completed villa. Many fincas have a good deal of land and this may have fruit orchards or olive groves.
Finding the right property should be no more than a question of looking. Once a decision has been made on the location and the type of property it is time to talk to the estate agent. Make certain this person is registered with the authorities and holds a license. Many estate agents have a background in time share developments so the hard sell can be expected. Any claims made by agents should, wherever possible, be substantiated by an independent source.
Any offers to purchase a property should be made in writing and include the following: The price, how it is to be paid and in what currency. The amount of the deposit, to ensure the property is withdrawn from the market, and when it is to be paid. The completion date. Who is responsible for the payment of which taxes. And a detailed list of what is included in the price, furniture, fixtures and fittings and a proviso that all systems, air conditioning, etc. are in good working order. It is vital that this is done in conjunction with a solicitor. Many English speaking solicitors are to be found throughout Spain. No document provided by an estate agent or others should be signed without a solicitor having prior site of it. This cannot be stressed enough.
When an offer is accepted the solicitor should firstly make a check with the land registry. If all is well a private contract binding both parties to the deal is prepared. Following that is the preparation of the public deeds (Escritura de Compraventa) which must be signed before a Spanish notary. Upon completion the solicitor will fax the title deed to the local land register confirming the identity of the new owner and ensuring that the property cannot be sold a second time.
There are certain charges involved with yearly maintenance of the property and these may include, community fees, electricity, real estate tax, rubbish collection charges, water. If the property generates rental income the owner will be liable
for property income and wealth tax. The estate agent should be able to provide this information.
A mortgage application in Spain is relatively straightforward. The following original documents need to be shown, passport, if employed, the last three months payslips and if self employed, accounts of the last 3 years, an accountant’s reference, and tax returns.
A further 10% of the agreed price will have to be found to cover additional fees that include: Legal fees of approximately 1%, Notary and Land Registry Fees of approximately 1%, Title Deed Tax of 0.5%. A Valia tax, payable on any increase in land value may be payable. On a new construction IVA tax is levied at 7%. It is charged at the full rate of 16% for purchases of land. Purchases of used property are subject to a transfer tax and this like the IVA comes in at 7%.
People planning to move to Spain for a period in excess of 6 months must apply for residency. Spanish property owners’ who do not have residency should appoint a financial representative and they must be resident in Spain. This can be a lawyer or tax adviser or to save a few Euros a neighbour or friend. It is to this person that all correspondence regarding the property will be sent.
Consider appointing a gestor or legal representative. They will look after all the paperwork and in Spain there’s plenty of it to look after. There’s that residency to begin with. People planing to work will need a work permit. If opening a business they can assist with the licenses and permits that will be required. They will also advise on the import of pets, cars, furniture and electrical goods. And they can sort out pension payments in Spain.
Lancaster Suites Tower I, located along Shaw Boulevard, Metro Manila, to be completed and ready for turnover during the latter part of 2007, will provide unit owners with premier residential condo units with the option of enrolling their units in the Lancaster Condotel Rental Pool.
Great Investment for Fil-Am’s whom visit Manila for Vacations or Business as they can earn Rental Incomes [at current purchase levels] of some 8%-14% ROI per annum as Owner Non-Residents when not using their units through Condotel Management and reciprocal arrangement with Lancaster Cebu Resort Residences. This makes Lancaster Suites one of the Hottest Investment Opportunities in the Philippines.
All units at the Lancaster Suites have kitchen facilities. The standard unit price provides for the suite to be semi-finished but not fully furnished. Included in the current price are the interior finishing’s such as tiled & semi-fitted bathrooms, bedrooms with simulated wood plank flooring, semi-fitted living and dining area with simulated wood plank floorings and lower kitchen cabinets/work tops installed. Walls and ceilings are painted cement finish. A complete optional extra interior fit-out package including unit fittings and fixtures, furniture’s, furnishings, air-conditioning, lighting fixtures and appliances will be available towards the time the units are closer to being completed. Monthly condo dues or maintenance fees are currently around 80 pesos/square meter of the unit floor area/month.
Prospective or existing unit buyers may avail of up to 15 year mortgages for the purchase of all Lancaster Suites Tower I Condotel units with minimum equity of 30%.
Banco De Oro (BDO) a commercial Bank in Metro Manila has just approved a buyer’s financing or mortgage plans for Lancaster Suites Tower I Manila Condotel units. The new financing scheme, a first providing Philippine Mortgages to Foreign Nationals residing overseas for Condotel units in the Philippines, is now available to unit owners (Filipinos, Filipino-Americans and Foreign Nationals alike) whom are looking to purchase a Condo Hotel Suite or refinance their investments through BDO’s Home Loan
Lancaster Tower I Buyers can take advantage of this offer to free up some cash as well as to finance the fit-out of their units in the condotel pool or their business set up requirements in their commercial units or purchase preconstruction units in the new Lancaster Atrium Manila Condotels
Studio Suites are also available through Bank Financing.
For clients intending to enroll units in the Condo Hotel Rental Pool a complete Condotel Suite “Fit-Out” package including all required items of furniture’s, furnishings, appliances, air-conditioning, kitchen utensils, dinnerware’s, linens etc is now available for Studio Suites ranging from -Pph-403,715.00 and are available through our ‘In-house’ finance payable over 3-5 years with minimum 20% down payment.
Please note these are average floor areas. Actual unit sizes vary from floor to floor. All Unit offers on Cash Basis will be given Priority Reservation Status. Unit Prices are booked in Philippine Pesos.
Further Information, Guidelines, Loan Application Procedures and Application Forms for the Home Loans available from Banco De Oro for Lancaster Suites Tower I Suites can be downloaded from our Website on https://www.coolwebtips.com note these are average floor areas. Actual unit sizes vary from floor to floor. Please note all Unit offers on Cash Basis will be given Priority Reservation Status.
All Lancaster Residential Suites Unit Standard Features Include:
It’s a seller’s market in Sarasota! Home owners will not often read this piece of advice in the current situation – but here it is: if you are thinking of selling your home in Sarasota, now is a good time to list it! There are buyers waiting to snap up homes in this Florida paradise. This is an unusual situation and begs the question: Why does Sarasota miss the realty doldrums?
The local real estate taxes are lower than they are in other nearby counties but this would probably have nothing to do with its popularity as a place to live. In fact, it is thought to be the sheer beauty of the place that draws people in like a magnet.
However, there is more appeal than just visual beauty in this scenic, sun-soaked city. Sarasota has gourmet dining, first class shopping areas, museums and state parks to take your breath away. A large and diverse interest in the arts means that opera, ballet, live plays and musicals are all available on a regular basis.
You are offered pristine beaches, fishing, golfing, boating and the perfect climate to enjoy them; the climate usually sits at a comfortably warm seventy-three degrees almost year round. Sarasota is thought to be a paradise by its residents.
Sarasota and its neighbors to the north and south form the seventh largest property market in the USA. It is also the third fastest growing major market in Florida, along with its neighbors, Charlotte County and Manatee County.
Its growth rate is quadruple the reported national average and the per capita retail sales are 20% above the national average. Sarasota is a booming place!
In 2004, property prices showed an increase of a massive thirty-three percent. Local real estate agents are reporting now that despite huge increases in property prices, buyers are still scrambling over each other to buy a Sarasota home. It’s the Sarasota version of the Oklahoma Land Rush.
Although Sarasota has a strong foundation of retirees, they only account for approximately a third of the population. The fastest growing group of the population is the average family looking for the average family home.
Sarasota believes in entertaining its residents. Major events such as the Spring Carnival, Jazz Festival, Comedy Festival, the Music Festival and the Film Festival are interspersed with many and varied events, recreational classes and seminars.
You can enjoy live music which is as different as The Mikado is to The Beach Boys. You can watch the Russian Ballet on stage or ‘Simply Ballroom’. Your family can learn Dancing for Kids or watch ‘The Hungry Caterpillar’. There is a plethora of live shows, plays, comedies and dramas for all the family.
Sarasota also wants to entertain your brain, so you can attend classes to learn a language, study foreign affairs, find out how a Bedouin lives, learn to fly, delve into Bio-Identity Hormones, study the intricacies of genealogy and learn Bridge.
Just want to relax? Sarasota also offers all the usual classes in hobbies and crafts, computers and exercise etc. There is even a ‘classroom on wheels’ in case your old mum visits! You will never be bored in Sarasota even if you do manage to drag yourself away from the beaches.
The more that Sarasota is investigated, the more obvious the answer to the question becomes: Why does Sarasota miss the realty doldrums? Because it is a true paradise – it offers everything..
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