There are issues of interest for all of our new clients. We are happy to answer all questions on the phone +7 800 551 68 80, but we respect introverts. We summarized the most frequent questions for them here.
WHAT IS THE PURCHASE PROCEDURE LIKE?
We monitor every step of the deal: object selection, an inspection of flats in the presence of the developer, legal support and further facility management.
You are required to:
1. Make your choice
2. Register your request
3. Come and inspect the object
4. Sign the documents
5. Enjoy the facility by yourself or start earning with it
Details in the article "How it works"
WHO SECURES THE DEAL SAFETY?
To be short - we guarantee the security, because:
- We check carefully the developers and objects before hosting them on the site;
- We recommend using escrow accounts for settlements - you will pay the full amount only after the developer fulfills its obligations;
- If there are faults revealed at taking-over of the object -we undertake control of their elimination;
- Our lawyers are licensed- this means that their activities are insured. If something goes wrong, the insurance will cover the extra costs;
- All deals are executed either by a notary or a specialized state Registrar.
Details are in the article on "Safety"
WHAT DO YOU EARN FROM?
We used to get a commission from developers and cashed on it. The rules have changed – now we earn from the commission paid by the client - it is €5000 and does not depend on the value of the object. We still get a commission from developers but return it to clients as cashback (it is 2 -14% of the value of the object).
HOW DO YOU SELECT PARTNERS?
We chose local partners with a proven history and technologies that allow us to monitor the status of objects in real time. We also reserve the right of regular monitoring of the management companies operational quality and we are responsible for the delivery timing for both a long-term and a short-term lease.
IS IT A GOOD TIME FOR A PURCHASE?
The European real estate index is growing +7% per year and doesn't seem to fall yet. We select investment- attractive cities only, where even a short-term growth is noticeable, so it is better not to postpone the purchase hoping for fall in prices.
WHY IS THE REAL ESTATE THE MOST ATTRACTIVE INVESTMENT TOOL?
Real estate is known for its high liquidity, but the best thing is that its value growth depends on objectively measurable factors – completion deadlines, area, ceiling height, walking distance from important objects and so on. The rise or fall of shares is mainly influenced by the behavior of the issuer or external factors. Also, in any economic crisis, the value of real estate is the last to decrease.
WHICH COUNTRY IS BETTER FOR THE REAL ESTATE PURCHASE?
It's more profitable to buy where you can lease it well, but to rent - where you like to live. At present we are focused on the markets in Spain, Portugal and the Czech Republic, continuing enlarging the geographical presence. To calculate the real benefit, you need to analyze several parameters, and we will help you do it.
WHAT'S THE INITIAL PAYMENT AMOUNT?
If the house is still under construction, you must immediately make a reservation fee of €10,000. Next payment is an installment under the engagement agreement, which is maximum of 30% of the value of the facility, it should be paid within 30 days. You pay the rest upon final transfer of the facility. Buying the secondary real property you pay the reservation fee at once -5% of the cost on average. You pay the rest within 30-60 days.
IS IT POSSIBLE TO TAKE OUT A MORTGAGE ABROAD?
We deal with reliable European banks and assist you to choose the most convenient one.
Spoiler: banks in Europe frequently offer more favorable conditions for mortgage products (loan rates up to 5%, and mortgage payment starts only after the facility is ready).
ARE SEVERAL PARALLEL LOANS POSSIBLE? CAN I PURCHASE SEVERAL FLATS AT ONCE?
You can, but it depends on your paying capacity. European banks assess it like the Russian ones.
DO I NEED THE FOREIGN BANK TO MAKE THE DEAL?
You do, we will offer you the variants of the banks to open an account with. If desired, you can use an account in a Russian Bank, but most often it is not profitable in terms of conversion rates.
WHAT INCOME CAN I EXPECT FROM THE REAL ESTATE?
Taking into account the increase of the apartment cost, the average yield on it's long — term lease is 8% per year, and on the short-term one -11-15%.
We suggest three types of lease, detailed in the article "Buy for lease".
WHAT IF I LEASE A FLAT FOR A LONG TERM AND THE TENANT REJECTS TO RENT?
Under the standard procedure, the tenant is liable to notify you three months before the lease termination. During this period we shall find a new inhabitant for your apartment and prepare all the necessary documents.
WHAT IF I WANT TO RESELL THE FLAT?
We shall assist you to do this, but we advise to start resale, not before 3-5 years from the purchase.
CAN CHANGES IN LEGISLATION IMPACT MY INVESTMENTS?
No, the cost of the real property is affected by objective factors, but not the emitter behavior. There is also the inviolability of property in Europe - even the Bank cannot deprive you of it, as under European law, banks can not own the real estate. In all other matters, the owner has the same rights as a resident of the country.
HOW LONG IS THE DEAL?
Subject the facility is built and ready for commissioning - the deal takes up to 2-3 months. In other cases to estimate the term add one month to the construction deadline.
SHOULD I BE PRESENT DURING THE DEAL?
We advise that you sign the documents in person, but the deal can be done by power of attorney.
SHOULD I BE A RESIDENT OF THE COUNTRY I BUY IN?
No, you just need to be registered in the country of residence.
DO I NEED AN INTERPRETER TO FOLLOW THE DEAL?
You need the interpreter and we shall provide you with his assistance: in your personal account on Westarp.io you will see the translation of documents and processes of deals for every transaction.
DO I NEED A TAX ADVISOR OF THE COUNTRY I BUY IN?
A tax advisor is not compulsory, but sometimes it's very useful to take his advice. We will give you the opportunity to consult our tax specialist or help you choose the one yourself.
WILL THE REAL ESTATE PURCHASE ASSIST ME TO GET THE RESIDENCE PERMIT?
It will help in some countries, like Spain and Portugal, but in general purchase of the real estate is not the most efficient way to settle this issue.