10 Steps to buying Property in Spain
Buying a property in Spain is a big decision but it doesn’t have to be a difficult process. The following steps apply to anyone who is considering buying a property in Spain.
1. What is it you are looking for?
Before you even think about looking at brochures or searching the internet, take the time to decide exactly what it is you’re looking for.
2. Your budget
As a general rule, allow 10% on top of your purchase price to cover taxes and legal fees. Contact us for information on mortgages and further advice.
3. Location, Location, Location
If you’re looking for investment property, its important to choose a type and location that will give you maximum returns.
If you want a property to retire to, consider buying somewhere further inland where you may get more for your money, taking into consideration how far you’re prepared to travel for shops and other amenities.
If you plan to make a permanent move and take up employment in Spain you may be more interested in properties that are close to the major centres.
4. Do your research
Spend some time on detailed research. Magazines, Sunday supplements, books, guides and the internet are all useful sources of information and it may be a good idea to visit one of our property exhibitions – addresses and dates can be found under ‘Events’ on our website, as can hundreds of properties, or call in to our office for further help.
5. Make an inspection trip
Never buy any property without making a personal visit. Whilst you’re there, spend some time in the immediate area, get to know people, ask questions and find out what the local amenities are like.
6. Legal Advice
Spanish property law can be complicated and it is advisable to have good legal support. We can assist you in acquiring a reputable independent lawyer.
7. Make and offer
Once you’ve chosen a suitable property, the price and conditions will need to be agreed. It is quite acceptable to make an offer subject to mortgage approval.
8. Act quickly
As in the UK the Spanish property market is extremely active – if you want to secure a property you should be prepared to back this up with a deposit of around £3,000. This is vital in securing your property.
9. Exchange Contracts
With the offer accepted and the deposit paid, the next step is to exchange private contracts.
This usually happens within 2 weeks from the offer being accepted. At this stage your lawyer will conduct the necessary searches.
10. Completion
Completion takes place when the title deeds are signed before a notary and you pay the balance of the purchase price. The signed deed is lodged with the land registry and your lawyer will take care of the remaining formalities.
