Before you buy a property in Spain, there are several important things to consider. At Just Law Solicitors we have been advising clients on moving to Spain since 1992. Here are a few key points to keep in mind:
1. Research the market: It’s crucial to understand the current real estate market in Spain. Look into property prices, trends, and the overall economic situation to make an informed decision. http://www.idealista.com is a great site to look at as you can draw a map.
2. Legal requirements: Familiarize yourself with the legal process of buying property in Spain. This includes understanding the necessary paperwork, taxes, and any restrictions that may apply to foreign buyers. For example purchase tax or stamp duty in Spain can range from 4% to 10% so allow for this For example in Andalusia or Andalucia the purchase tax for buying property is 7% so allow for very roughly 10% when you take into account lawyers fees, registry fees and notary fees.
3. Location and amenities: Consider the location of the property and its proximity to amenities such as schools, hospitals, and transportation. Think about your lifestyle preferences and whether the area meets your needs.
4. Property inspection: Always conduct a thorough inspection of the property before making a purchase. This helps identify any potential issues or hidden costs that may arise later on.
5. Financing options: Explore different financing options available to you. Whether it’s through a mortgage or other means, understanding your financial capabilities is essential. At Just Law Solicitors we work with a Spanish Mortgage broker who can advise you on your options and get you the best deal from the Spanish bank.
6. Seek professional advice: Engage the services of a reputable real estate agent, lawyer, or financial advisor who specializes in Spanish property transactions. They can provide valuable guidance and ensure a smooth buying process. If you instruct us you only deal direct with an English speaking Spanish lawyer registered with the bar association here in Spain.
7. Remember, buying a property is a significant investment, so taking the time to research and consider these factors will help you make a well-informed decision.
8. That quiet place you see in winter could be super busy in summer. This could be right up your street so visit in summer to see for yourself.
9. Always see a place in person. You don´t need to be present in Spain to buy a property in Spain but we advise clients to have a viewing in person. There is no legal requirement to do this but we advise it. If you don´t want to come to the Notary office we can act for you by Power of Attorney. We include the NIE number and opening a bank account in our fees.
10. Consider winter and summer temperatures, make sure that you visit at different times of the year. We only seem to get clients wanting to move to the north of Spain during the hot summer months!
11. Take advice on which visa you will need.
Once you have a had your verbal offer accepted by the Spanish Estate Agent or private seller just pass on our details. Get in touch with us and we will give you a full breakdown of the costs involved and represent you at the Notary office We can also recommend a currency broker or you can use something like Wise, bank transfers tend to be more expensive
Just Law Solicitors, your lawyer in Spain since 1992
Marisa Moreno Castillo Senior lawyer and Consul for Denmark.