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Real estate Torrevieja is very popular for a vacation home, retirement or investment purposes. Some buy for their own use as a vacation home and others buy for investment and use the property as a rental. Torrevieja is one of the livelier tourist areas with a good night life, bars, restaurants, tourist attractions and many other amenities.

Things to Consider with Real Estate Torrevieja

Take your time when shopping for real estate in Torrevieja. Plan several vacations to the area. Rent the type of property you are considering purchasing when you visit. If you are unsure, rent an apartment on one trip and a villa on the next to get an idea of what you want.

Each time you visit, stay in a different area, both in the center of town and off the beaten track. This will allow you to get a feel for different areas. You will be able to see where you want and don't want to be. Visit in different seasons as well. This will give you an idea of the area at different times of the year.

Consider the amenities and attractions near the property. Is it near shopping and restaurants? How far are the beaches and other attractions? Consider where you will spend your time when looking at property. Ideally, you want something that is near activities you enjoy and places you are likely to visit.

Also, consider the proximity of public transportation. Will you use public transportation when you visit? Do you want to have to rent a vehicle for every trip? If you want to spend long weekends without renting a vehicle every time, you may want something that is near to public transportation. If you plan to always have a vehicle, you may not care about this feature.

Think about the future when looking at properties. Think of how the property will be used in different seasons and for long term stays. If you plan to use it in every season, be sure it has a sufficient heating and cooling system. If you are purchasing an apartment in a large building, consider convenience for longer stays. Will you want to carry groceries up four flights of stairs on a regular basis?

Loans for Real Estate Torrevieja

Property prices are at near record high levels in the last few years in this area. Most European buyers can qualify for loans from Spanish companies. You could also take a loan from a lender in your home country. Compare prices with both to find the best terms for your loan.

When applying for a loan with a Spanish lender, it's important to be familiar with Spanish culture and real estate laws. An English speaking attorney can help you in this area. Your attorney will oversee the process of applying for a mortgage and read over the purchase agreement. It's important to have someone looking out for your interests if you are unfamiliar with the process.

Shop around for a loan. Don't settle for the first offer. Many lenders will match or beat competitor's rates. Interest rates are often negotiable. You may be able to get a better rate if they know they are in competition for the loan. This is true with both Spanish companies and most lenders in other European countries.

Start early to get together the paperwork needed for your loan. What is needed can vary by lender and depending on the country of origin. Some of the documentation you will need includes: a copy of your passport, proof of income, paychecks, income tax returns for the past three years, bank statements and information about the property you are purchasing.