The Spanish housing market has become quite an attractive place for people looking to buy; especially, for expats who grew tired of renting and are looking to settle. Now, we understand that navigating the legal system of one’s own country can be a hassle, let alone a foreign country.
This is why we’ve gathered below some essential information that is guaranteed to help you out on your journey to owning a house or property in Spain.
Get your Financial Bearing
If you are foreigner planning on buying a property in Spain, it will probably be a relief for you to know that there are no “special” measurements that you need to take. The process is as simple as it is for the natives so, we’ll just skip right ahead to getting your finances in order. You need to go to a bank (most people prefer the major ones like Santander and La Caixa) in order to decide on a mortgage. That way, you’ll have some idea on the budget you need. Don’t worry, you don’t have to be a resident to have a Spanish bank account. However, being a legal resident helps a lot in getting a secure mortgage.
Finding a Property in Spain
Normally, there are three ways to find property to buy. The first one is through the good old word of mouth. You can always try taking a walk into the neighborhood you’re interested in and weigh your options. It never hurts to talk to the locals as well. They’ll probably give you some decent information about a property for sale in the area. Second, if you‘re interested in a major neighborhood like La Cala de Mijas, you can always try going to specialized La Cala estate agents and they’ll help you out. Third, you can use a bit of tech savviness and check out a couple of property listing websites where you’ll most probably be able to find any type of property you want.
Additional Taxes and Fees
As for payments, you need to keep in mind that you’ll be spending a bit more than the decided upon the price of the house. If you are going to hire an estate agent, you’ll need to be paying them a commission. Not to mention, you’ll be requiring a notary to draw up and oversee any contracts, and register your sale; you’ll have to pay them a notary fee, and a registration fee, too. Finally, the largest additional cost you’ll need to pay is the property transfer tax. Usually, it can reach up to a maximum of 10% of the house’s original price.
As you may have noticed throughout the article, the process of buying a house in Spain is not such a hassle for an expatriate. Once you have a fair idea of what’s going on, you’ll be able to purchase your house in no time. However, one last thing to keep in mind is to be careful when hiring an estate agent. Make sure they are a registered official by checking if they have an API membership; that way, you’ll ensure your financial safety.
To read more on topics like this, check out the lifestyle category.