Buying property in Spain can be a fairly straightforward affair. We have been in the business 20+ years so we have many examples of when it goes perfectly. However when buying in Spain (or any country) it can soon become a lengthy and difficult process if shortcuts are taken at an early stage.
Therefore it is important for prospective buyers to do their research and solicit the advice and expertise of professionals.
Before searching for a property, potential buyers should give some thought to what kind of property they are looking for. This means knowing requirements such as
- the ideal size of property
- the area necessary nearby amenities
- and most importantly the budget available.
When you as the buyer have settled on these factors it is time to speak to an agent that knows the area. An agent will be able to assess your needs and ask more questions that can shorten the timescales of finding the best matches the requirements and preferences.
We would then set up viewings on potential properties. If you find a property you like it is important to set up a second viewing. At this point it’s an ideal time to raise any queries or worries with us to make sure it is really the right property for you.
If you feel ready to make an offer then they should do so through us. We will advise in what might an acceptable offer but this is ultimately a decision you to make. We will present with the details behind it for the seller’s consideration.
If the offer is accepted, you will be asked to pay a deposit to secure the property and to sign a sale agreement. It is at this point that both parties will agree on a completion day, generally between 6 to 8 weeks from the point of signing the sale agreement.
Costs
If you are buying property in Spain you should bear in mind that there are additional costs on top of the property price.
Additional costs are generally between 10 to 11% of the purchase price.
The biggest expense you will face when buying a property is the Transfer Tax, which is about 7% of the purchase price but only affects resale properties. An additional 4% of the sale price will also be set aside to cover legal costs and advice such as notary and land registry fees.
