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Spain - Buyers Guide |
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When buying we strongly recommend you to instruct a local lawyer to ensure that all is in order. If dealing with a new development it must be checked that the plot/land is suitable for building purposes, i.e. zoning restrictions, building regulations, access to an official road, availability of water and electricity supply, telephone lines.
In the case of purchase of an apartment or house the lawyer needs to check building planning and other permits, the history, reputation and reliability of a developer and the title to the property.
Property for sale in Spain is now more popular than ever, Spain
is still the number
1 destination in Europe for buying second homes or relocating to. In addition many people
are also looking for " buy to rent " properties to supplement their earnings.
Due to low European interest rates, now is a good time to buy property in Spain. Team Abroad
offer a wide selection of properties from plots with building permission, farmhouses
( cortijos ) village townhouses through to private villas
with pools, and new or off plan developments.
Team Abroad have put together a guide for anyone considering buying in Spain, whether it be
for investment, retirement or off plan. More in depth information on the actual buying
process can be obtained by contacting us Simply give us your requirements and we will get
back to you with more detail.
Decide why you are buying
Do you really want to live in Spain, if so where and why ? Do you like the heat if
so you might want to consider Andalucia ( Costa del Sol ). Do you want to see green hills and
trees ? Do you prefer a milder climate in which case think about La
Coruna, Cantabria ( North coast of Spain ) or the Pyrenees. Are you looking to live full time
or part of the year? If for only part of the year, how will you decide how to care for your
property in your absence ? Should you have a private pool ( with all the associated
maintenance ) or go for a property with a communal pool ? Can you access or transfer your
funds to Spain ? Do you want to buy a property you can subsequently rent and live in from
time to time ? These are some of the basic questions you need to ask yourself before even
considering where you would like
to live.
Which region ?
Spain is a large, mountainous country ( on average, over 600 metres above sea level ) with a population
of over 60 million ( most of whom, with one or two exceptions, live on the coast ) Consider the
location first. Think about your surroundings. How remote do you want to be ? An isolated, whitewashed
farmhouse might be idyllic in the hot summer months but what will it be like in the winter months ?
Do you need to be near facilities and amenities, like banks, supermarkets, transport links like railway
stations, airports etc ? Many prospective buyers decide
to rent for 6 months in order to get a feel for their surrounding
areas.
What type of property ?
How many bedrooms are you looking for ? Do you want a pool, a garden, a large plot in the countryside ? How large should your property be ? Detached, linked or
an apartment block ? It could be worth looking at different types of properties in different residential areas.
If you are looking for investment property, for example, it is important to choose a property of the type and location that will give you a maximum return. In broad terms a property that is attractive for people wanting to holiday rent should contain the following features, a good sized pool, gardens, close to the beach and close to facilities. Properties close to the beach tend to cost more than those in the countryside.
Know your budget
Buying in Spain on average costs a little less than 10%. This should cover all
buying costs including lawyer's fees. As a general rule lawyers charge around 1%
of the full purchase price. A mortgage of around 60% can be obtained by non residents. If you are
intending to rent then letting agents charge from 10% to 25% or more depending on your requirements.
Appoint a solicitor
Team Abroad always strongly recommend that you are represented by a lawyer. Wherever possible choose
an English speaking lawyer ( or one that speaks your mother tongue ) and ideally a lawyer who practices
in the area of purchase.
For more information on buying in Spain please contact us. |
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