If buying in the eurozone, you could get lower rates by going to the overseas lending arm of a UK bank. Why do I need a basement?
But Stephen Ludlow, director of estate agent Ludlow Thompson, warns of a growing number of schemes in Turkey, Bulgaria and Dubai that guarantee rents for the first year or two. Industry professionals agree that property in Spain is overvalued and that prices are due to drop soon.
Lastly, Carrington Estates only deals with fully licensed and serviced plots so there are no hidden surprises.
Even if you are buying a property outright, it usually takes up to eight weeks to complete the purchase. There is a huge cost saving to be realised through purchasing a plot of land and then self-building in southern Spain. The larger the plot, the larger the natural areas and therefore the greater the amount of privacy and distance from your neighbours. The rest have gone up on green belt land next to farms and orchards to the south of Catral, whose foreign population has rocketed in the past five years following a construction boom in the area.
Many investors use a local holiday lettings or management agency, which advertise for tourists and handle the bookings. If they choose to sell, Mr Fry added they should take local advice on potential tax liabilities.
In most countries, handing over your deposit commits you to buying the property, with penalties for pulling out.
Other hotspots include Cape Verde, Brazil and the Western Algarve in Portugal.
This means that English, Welsh and Northern Irish citizens can will their Spanish property to whomever they see fit. It also covers any charges the receiving bank makes.
But make sure you ignore those overseas-property TV shows that only present the sunny side of buying abroad, and do your research carefully.
The drop, however, won't be sudden and pronounced; sources predict a gradual lowering instead.
This means that English, Welsh and Northern Irish citizens can will their Spanish property to whomever they see fit. If building on sloping land, the basement is practically built into the design and all you have to do is close it in and finish it off. Therefore the importance of being clear about ones intentions is vital to the surviving relatives. Where no will is made the whole of the estate would be divided equally among the surviving children. We face financial ruin. But Stephen Ludlow, director of estate agent Ludlow Thompson, warns of a growing number of schemes in Turkey, Bulgaria and Dubai that guarantee rents for the first year or two.
"Some Irish homeowners may not even know that they are not tax-compliant, due to language barriers and unfamiliarity with Spanish legal and tax systems. "The estate agents put us in touch with a local solicitor who assured us everything was fine. They gave us an exchange rate which we could lock into and this meant we could relax and plan ahead knowing that we were no longer susceptible to fluctuations in the currency market.
Law says renting out to locals can offer more reliable returns and holiday lets. If buying in the eurozone, you could get lower rates by going to the overseas lending arm of a UK bank. This may come as a surprise to many foreign residents, especially English people who are used to disposing of their assets as they wish, but it should also act as a sober warning to the complacent.
The exchange rate is equally as important as the charges. Even in the case of married partners who are UK citizens, the surviving spouse of the deceased would only be entitled to half of the Spanish estate if no will was made to state otherwise.
Foreign exchange is not a regulated industry, so check you are dealing with a reputable, well-established broker before parting with any money.