There are a number of ways of buying properties in Spain, all of which have their value depending on your situation, and needs. You may want investment property in Spain, or homes in Spain. Whether you are buying properties in Spain to live, or investment property in Spain, you should always use a solicitor.
In the case of Spain, agree a price before you start, and make sure your Solicitor is prepared to organise all utility contracts; Water, Electricity etc. within the pre-agreed price. This is normal in Spain, and it will save you a lot of hassle later.
Many people think they do not require solicitors when buying properties in Spain, but whether you are buying apartments in Spain or rural inland Spanish property, you should still use a solicitor.
What are the benefits of buying resale properties through the Private property market and direct from the owners
* Pay Less…Negotiate direct with the Vendor
* Pay Less... Avoid the inclusion of agent commissions
* Pay Less… Pick up bargains from vendors requiring a quick sale
* Pay Less… Furniture, fixtures and fittings often included
* Pay Less… Established gardens, communities and green areas
* See exactly what you're buying
Here are 6 easy steps to buying a property privately:
1. Decide how much you can spend. You may be looking for a rural inland Spanish property, or simply apartments in Spain. If a mortgage is required, get approval in principle from your Spanish Bank.
2. View your property, and enquire directly to the vendors of any properties which you would like to know more about.
3. Arrange viewing, and if you like it enough, make an offer, be prepared to negotiate, not only on price, but in some cases the vendor may consider furniture or even a car as part of the negotiation. This is not uncommon with Spanish or ex-pat property sales where the owners are moving back home.
4. Make notes of price, what's included, furniture, and anything you agree which you think is important.
5. Exchange details and those of solicitors. With Spanish property you should ask if they have a copy of the "Escritura" (Title Deeds). This will assist your solicitor.
6. Unless a mortgage or a survey is required, you should request your Solicitor to commence searches and preparation of contracts.
Spanish Property Purchase Taxes and costs:
Whether you are looking for 2nd homes in Spain, rural inland Spanish property, or an investment property in Spain, you should prepare for Spanish taxes and associated costs which you will need to pay.
Resale Property Tax : ................. 7%
Transmission tax (of purchase price)
Notary and Land Registry fees: 0.7% (approximately)
Electric and water contracts :.... 240.00 €uros (approximately)
Plus Valia (Land Tax) :................ 1% (approximately) Normally paid by seller subject to sales contract
Properties in Spain benefiting from shared community facilities, will normally attract an annual community charge based on the property value. In some instances there is no community, so no community charges apply. This will normally apply to homes in Spain with no communal pool or gardens, on a normal or private street. Equally some communities of apartments in Spain have beautiful landscaped gardens which can cost more to maintain, so in these instances the charges can be higher.
