Conjure up the image of sitting next to your beautifully cool pool on a gloriously warm day. Now can you see why so many people decide to buy a property in Spain?
But before you can relax on a sun lounger catching rays, you will need to make sure you follow the correct processes and procedures for buying property in Spain. To help you do everything right, we have put together our handy guide to buying property in Spain; after all, we are the experts in property for sale in Mijas!
Research, Research, Research
Before you begin any plans to move, you need to put together as much information as you can about living in Spain, whether it be positive or negative. You can do this by reading books, magazines and of course blog posts or guides. You could also visit a property exhibition or perhaps join an expat group or forum and ask them for some advice. Remember, there is never too much information, especially when you are making such a huge jump.
Buying Property In Spain
Once you know more about the process, it is time to start asking yourself what you want from your new property. The best way is to make a list of questions to ask yourself and then you can begin to formulate a list of property types and areas that you want to look at.
- Would you like to live on a coastal region?
- Do you want an apartment or a villa?
- How big does it need to be? How many bedrooms?
- Do you want a pool?
- Are you going to rent it out?
- Do you need a school near you?
Cash To Buy The Property
One of the biggest questions that people buying property in Spain will ask is how they can finance their property? There are a variety of ways that you can pay for your purchase in Spain. Cash is of course one way that you can buy the property. However, there are also a variety of loan options to consider too.
It is also a good idea to speak to a mortgage broker or an expert financial advisor to ensure that you are getting sound financial guidance.
Know Your Own Finances
Before you buy a property, you should take the time to ensure that you can afford the move. There isn’t just the cost attached to the initial purchase but you will need to make sure that you can afford the ongoing costs and other fees that may crop up during the sale.
See how much you can expect to receive from your own property (if you are moving away permanently) or the rental income if you want to keep your current home as an option.
Understand The Fees Involved
When it comes to spending out, it isn’t just the purchase price of the property you have in mind that you should think of. There are also other fees and charges that can be applied during the process and these should be kept in mind. Some of the most common fees that can be applied include:
- Transfer Tax (ITP) 8-10% of the purchase price
- Notary Fees €400-€900
- Land Registry Fees – Half of the Notary Fees
- Independent lawyer fees – €1,000 – €2,000
- Valuation fees – around €350
- Stamp duty – 1.5% of the mortgage deeds
- Lenders Commission (1% of the capital loans)
There you have it, everything you need to know about property for sale in Mijas, or infact, any other part of this beautiful country. So get out here and have a chat to our team, view some properties and start your Spanish dream in no time at all.