Connect with us

Travel

How to Buy Property in Spain

So you’re thinking about purchasing a holiday home, or maybe even emigrating to Spain, but you’re a little unsure as to what the big move might involve. There’s no need to panic, this quick and simple guide should tell you everything you need to know about the Spanish property market.

Finding Suitable Accommodation

First things first, if you’ve been dreaming of the perfect european abode for quite some time, what’s another couple of months? It is vitally important that you have a good look around and choose your location wisely, the last thing you want is to end up in a property that disappoints.

It is often wise to seek the assistance of an Estate Agent when browsing for properties in Spain, as having an expert on board from the beginning can lighten the load considerably, leaving you able to relax and enjoy your viewings. Also, Estate Agents are well connected and can often direct you to properties of the like you might not otherwise come across.

Examine, Examine, Examine

Upon first impressions some homes may seem perfect for your needs, however, in the long term this is not always the case, so it is extremely important that you spend a considerable amount of  time and inspecting every nook and cranny. It may also be worth paying for a professional survey on the property if you are seriously considering buying.

The Planning Stage

Many immigrants to Spain choose to purchase their property at the planning stage. This often allows for impressive discounts and, as you will often pay in installments, ensures you won’t get ripped off. If you’re not happy when the home is completed, you can simply refuse to pay your last installment until the property is bought up to spec – a great tool for leverage. Although this option isn’t for everyone, if you’re on a budget, you really can’t go wrong.

Signing On The Dotted Line

The moment you sign the purchase agreement, both you and the seller are committed to the deal, so it may well be worth getting an English lawyer to look over the contract, but this isn’t essential. Although housing deals are usually notarised, when no mortgage is involved, the agreement if often concluded in a private document without the need for a notary, and this can obviously speed up the whole process, but be careful, as any purchase agreement is enforceable by Spanish Law.

Paying Your Taxes

Before you buy your dream home it is important to remember that various taxes must be paid on property purchases, and these taxes could well lower your budget significantly. If you’re buying a new home, you must pay value added tax (VAT) to the seller, and if you’ve chosen an older property, although the value added tax is dropped, you will be asked to pay transfer tax, which will usually work out to around 6 or 7% of the property value.

So now you know the score, hopefully you’ll be better prepared to make the right decision.

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Advertisement

Popular How To Guides

Business4 weeks ago

How To Increase Sales in Your Consulting, Coaching or Advisory Business

When you hear the word “sales” what comes to mind? Do you see a Used Car Salesman the dealership? Do...

Cleaning4 weeks ago

How to Clean Your Patio and Outdoor Furniture

When you keep your patio clean regularly, it will look brand new all the time. It will be inviting and...

Business4 weeks ago

How to Make Money Online (Shortcuts Tips)

Are you tired of all the get rich fast ideas, and how to make money online? Learn how to make...

Home Maintenance & Repair1 month ago

How To Grow The Best Roses In Your Garden

The best roses to grow in your garden are those that require the least maintenance and can resist destruction from...

Games / Video Games1 month ago

How to Make Money from Online Casino Bonuses

Today, virtually every single online casino dishes out welcome packages to new customers in the form of bonus money and...

Home Maintenance & Repair1 month ago

How To Build A Raised Pond In Your Garden

Designers of contemporary gardens often try to avoid natural features and create highly organised, geometrical gardens instead. Raised garden ponds...

Games / Video Games2 months ago

How To Play Blackjack

Blackjack is a simple card game. Your goal in blackjack is just to achieve a combined score of twenty-one with...

Uncategorized2 months ago

How to Boost Your Odds of Winning the Lottery

Have you ever thought about what your life would be like if you won the lottery? Visualize having the necessary...

Trending