Purchasing a house is a big step and can be daunting for a lot of people. No need to worry, let our friendly team at RMR offer some buying advice and guide you through every step of the process when buying a property in Spain.
Contact us using the form provided and we’ll be in touch to help advise you on property prices, properties in the areas you’re interested in and everything that goes with finding your dream home in Spain!
It is very attractive, has a lot of historical monuments to offer and its coastline extends over 5000 km and has numerous attractive beaches. It has a lot to offer to the property buyers and therefore, it has become an attractive venue for investment in property.
When you’re looking to buy a property in Spain, you will need to decide between various regions of Spain. There are all kinds of properties available in Spain for purchase ranging from small apartments to palatial beach properties to golf villas.
Costa Blanca: It has been popular amongst expats especially among those from northern Europe. This provides a lot of diversity and adds to its Cosmopolitan culture. There are a lot of small towns along the cost and everybody has something to gain from Costa Blanca. For air travel, in addition to the Alicante airport, there are now cheap flights available to Valencia airport. Valencia lies at the northern corner of the Costa. These airports make this region greatly accessible to property buyers. Also the Mediterranean motorways cover whole length of this region, which makes it very easy to move around. Due to the popularity of this region amongst the property buyers, the tax rates were raised in year 2013 and now one needs to pay almost 10% tax.
When buying a home or apartment in Spain, you have to be very considerate towards the many possibilities that you really have. Working with a real estate agent might be helpful, but always remember that he or she will not make recommendations that will actually serve your purposes. Therefore, choosing an independent lawyer can be a better option for your needs, not to mention that he will also make sure that you receive translations for all documents related to the purchase. Even though it might be tempting, do not complete the purchase without the assistance of a lawyer – this will help you at a great deal if you want to buy a apartment and house in Spain.
In a resale purchase, you will need to pay a small deposit of approximately 10% of the property value. After paying the deposit fee, your lawyer can go ahead and do the necessary checks. Once the checks for property are complete, you can sign the contract of sale. The contract of sale will list the price, details of the property, deposit made and time frame for completion of payment. It is important to note that you will not get your deposit back if you violate any conditions in the contract of sale.
In case of off plan purchase, a reservation contract is signed and the buyer needs to pay a small fee. This gives buyer 30 days exclusivity to check the property title and other details. Once buyer is satisfied with the property details, the contract of sale is signed and first payment of the future payments is made. The payments made are non refundable.
When renting or buying a property in Spain, mortgage is another important aspect that you have to consider carefully. To find the right mortgage for you, be sure to analyze and compare different products and services provided by different lending companies, and always ask your questions before deciding on any. You should pay close attention to interest rate, fees for setting up the mortgage, repayment period, early repayment and cancelation fees. It is important to look for a mortgage that is best for your particular needs and capabilities, and always remember that you have to fully understand the agreement that you sign. Note that the Spanish bank can repossess your property if you are unable to keep up the mortgage repayments, and this can extend to your assets in your native country if the value of the property is lower compared to the value of the mortgage.
Property purchase and sale also requires a number of fees and taxes to be paid. The overall cost of these will range from around 10% to 14% of the property value. The stamp duty on sale of a property ranges from 6-7%. It varies as per the location. There is also IVA, which is Spanish equivalent for VAT, which comes to approximately 7%. In addition to these, there are legal fees (1-2%) and property registration and notary fees which come to about 1% of the property price.
If the property is part of an apartment complex, extra cost in terms of maintenance charges will also need to be paid.
The buyer may come across sellers who would want to under declare the property value for lowering their capital gains tax but buyers should not agree to any such condition. In case one is caught under declaring the property, one will need to pay the full tax on the difference between the declared price and the price on which the property is resold by the buyer.
There are also many different types of mortgages available and one can easily buy a property in Spain.
Even though most apartments and homes in Spain are currently bargains, this does not mean that the price is going to be that cheap in the end. It is better to be prepared to pay higher prices and never jump in with both feet when a home or apartment seems extremely affordable or inexpensive. Price is an important aspect when buying a home in Spain, and it can successfully make the difference between a good and a bad property. Consult your lawyer and talk to a real estate agent before doing anything, so you can make the right choice right from the start.
When searching for a property, only view and buy property on the Costa Blanca through a reputable English speaking estate agent, one with excellent local knowledge and a proven record of customer service.
The key to the successful purchase of a property in any country is to understand the process and the costs involved in doing so, here we will help you understand these points further in relation to purchasing a property on the Costa Blanca.
The Costa Blanca and Costa Del Sol are magnets for retirees, while vibrant cities like Barcelona and Madrid are full of young British expats enjoying the relaxed Spanish lifestyle.
Many are wary of public healthcare and especially healthcare offered in foreign countries, but Spain has an excellent system that not only compares favourably with the British NHS.
With such a good climate here in Spain there is much to do weather it be a lazy day by the beach or a day at the golf course or perhaps 1 of the many leisure activities available here on the Costa Blanca.
Whether you have chosen a seaside town like Cabo Roig, La Zenia, Playa Flamenca or the Orihuela Costa on the South of Costa Blanca that appeals to you; or you may be looking for quieter location in land, like the small town of Fortuna with there traditionally relaxed way off life. What ever you’re looking for you can be rest assured that all our homes represent an excellent investment opportunity giving you an honest, reliable and friendly service at all times. When you have purchased your property, we also provide a free aftercare service, we also provide a Free Aftersales Service.
Its best to visit the area you are interested in whilst taking in the local surroundings and amenities to see if that area suits your needs, then you can start the property viewing process with all our local properties that you may or may not have already preselected for viewings. We will view no more than 5 properties in any given 1-day, this enables you to keep properties viewed fresh in your mind so when it comes to the final choice you can be sure that you’ve checked all the boxes.
Feel free to contact us here at RMR to discuss things thoroughly with one of our team members You can contact us by phone or email, or you may wish to visit us in person in our office. First and foremost, we’re here to help you. We do not corners and we personally value all of our properties to ensure that they are priced realistically; this is how we have built our reputation
If you want more information about any of our properties or if you need help with any step of the buying process, please do not hesitate to Contact Us.