Tips for buying a property in Spain
In Spain, tens of thousands of houses are sold to foreigners every year and it is also a very popular destination among the Dutch. This makes Spain one of the most popular real estate markets for those who are looking for a home in a sunny location. Buying a property in Spain is always very exciting, which is why we have summarised a number of tips for you that you should definitely take into account.
Make a purchase plan
Before you start visiting properties, it is best to make a good plan. Do some research on the internet about the available properties and make a list with all the properties that interest you. Certainly do not make a hasty choice because you cannot wait to live in Spain, otherwise you might miss out on your dream home! Do not be fooled by for instance the beautiful location, and remember to take into account the practical elements such as a school for children, distance to the airport, etc.
Think carefully about the location
It is of course very tempting to buy a house on the beach in Spain, but for a smaller budget you will often find similar houses a bit further from the beach. Make that comparison first and then think about how important that beach location really is to you. Also take into account other amenities such as public transport, shops, leisure facilities and so on.
Have the property inspected
In Spain, the legislation regarding the purchase of a property is different than in the Netherlands. The sellers are not obliged to inform you about certain defects. Therefore it is always a smart plan to have an inspection carried out by an expert, who will check everything like the roof, boilers, damp, etc. You can find someone to do this for you, but you can also ask your lawyer. They will certainly know someone with a good reputation.
Choose a real estate agent who speaks your language
If you don’t speak Spanish, contact with a Spanish estate agent can be quite difficult. So choose an estate agent who speaks your language. There are many estate agents who speak English fluently, but if you prefer a Dutch speaking estate agent in Spain, we recommend SLG Property. These estate agents have years of experience in selling properties in Spain and therefore know all the ins and outs of the property market and on top of that they speak your language!
Keep in mind the extra costs
You don’t only have to pay for the property itself, but there are also a lot of extra costs involved. So don’t be surprised when you see the final price tag! The extra costs are: lawyer and legal fees, estate agent fees, transfer tax, title deed tax, land registry fees, and foreign/local Spanish notary fees. This will amount to around 15-20% of the purchase price, depending on the location, purchase price, etc.
Make sure you have a NIE number and a Spanish bank account
When you buy a property in Spain, there are a number of legal documents that need to be taken care of. For this you must have:
- NIE number (Número de Identificación del extranjero): this is a Spanish identification and tax number for foreigners. You must have this number for every major purchase in Spain, such as a house, but also a car, utilities and taxes.
- You must also have a Spanish bank account to cover your mortgage and other costs.
Get professional help
You can buy property in Spain without the help of experts, but this is not advisable. The experts know the market and can help you buy a property quickly and correctly. Therefore we recommend you to buy a property with the help of an experienced estate agent in Spain like SLG Property. They will not only help you in your search for a property, but will also assist you in all other aspects such as a lawyer;
Conclusion: is buying a property in Spain a smart idea?
If you are looking for a life under the warm Spanish sun, where you can relax on the numerous sandy beaches, in the beautiful nature or in the cosy villages, Spain is definitely the place to be. The quality of life is very high here and there are plenty of experts to help you find your dream property!
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In our blog, you can read much more about living in Southern Spain. Don’t hesitate to check out our other blogs for great tips and handy facts about the Costa del Sol.
