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Buying a Home or Apartment in Costa del Sol, Spain
Investing in real estate in Spain has become very popular.There is no shortage of real estate agents in Spain but make sure you deal with a reputable one. There is a very wide selection of standards, from farmhomes (fincas) and plots through to luxury villas, townhomes and flats. Due to low European interest rates, this is a great time to consider Spanish real estate. Tourism is a huge part of the Spanish economy and this is reflected in the investment in this industry. The country has a pleasant, healthy climate and in recent years the local authorities have made great efforts to increase the number foreign tourists and residents.
Prior to buying a real estate you should take a look at the different areas then view your favourites before making a final decision. To play it safe you could also rent a real estate for a few months in that area first.
A checklist to get the most out of foreign real estate deals:
- Have a builder or architect evaluate the integrity of the real estate.
- Have your solicitor check outstanding debts on the real estate before parting with any cash
- Talk to your prospective neighbours about the area.
- take photographs and draw sketches to take home with you.
- Explore the real estate at least twice before you make a decision.
- set your budget limit and stick to your initial financial estimate.
- Check what amenities the real estate has for instance power, water, gas.
Up-front costs for buying in Spain
It is usually the case that the buyer also pays the sellers fees. As well as the cost of the real estate, the buyer will be liable for transfer tax (IVA), plus 1/2% stamp duty. The real estate registration office will charge you a fee to change the new deeds . This is usually around 300€. The charge is on a scale depending on the contract price. Banks may also charge an additional percentage for arranging the mortgage. In total you should allow 10% of the buy price for costs.
Though initially it seems complicated, compared to the real estate buying requirements in your own country, the real estate buying process in Spain is reasonably simple once you become accustomed to it.