Even though I grew up abroad, I have a special bond with Morocco. My regular trips to the Kingdom and family visits on every occasion have strengthened my ties with my homeland. Today, I want to buy a property to have a foothold in my country.
If buying a second home in Morocco is a dream you would like to fulfill today, investing in real estate is always a winning investment, as long as you do it right and choose wisely. In fact, a second home is a long-term investment for you, and is fiscally considered the same as a principal residence if it is used by relatives or beneficiaries.
First, you need to define your real estate investment project. Is it to come back to it from time to time, to accommodate your parents, or to prepare for your retirement? Is it a property intended for long-term rental or one that will be used for a tourism project? It is by answering these questions that you will be able to calmly begin the process of finding and acquiring a property.
The first steps are done on the Internet, through searches on specialized websites and those of real estate agencies. Once you have listed a dozen or so potentially interesting properties, you need to make the trip to Morocco, by planning two or three days of visits. Visiting the selected properties will enable you to choose and place an offer on a property.
Then comes the negotiation stage with the seller to reach an agreement. Once this agreement has been reached, the next step is to sign a pre-sale agreement with a down payment and set a date for the final sale. It is at this point that you must pay the remainder of the amount to the notary, either by bank transfer from abroad or via a local bank with whom you have arranged a mortgage.
In addition, you must pay the notary's fees, agency fees, registration fees and land registry fees (a total of 7% of the purchase price). Once the final contract has been signed at the notary's office, you can then take possession of the property.
One of the pitfalls to avoid when purchasing a property is acquiring an untitled property known as a "Melkia". It is true that this type of property can be registered with the property registry, but the administrative procedure can be very lengthy and costly. Opting for a titled property is much more convenient, since you can easily check the registration with the property registry.
If the property to be purchased is old, it is best to visit during the day, but also at night. Weekday and weekend visits allow you to check that all amenities are present (satisfactory heat and sound insulation), as well as sun exposure, accessibility by public transport and any potential nuisances.
If the property to be purchased is a condominium, you will need to inspect the parking lot and other common areas, and ensure that they comply with the condominium code.
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