Buying property in Spain can be a fairly straightforward affair. However, it can 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 the ideal size of property, the area, necessary nearby amenities and most importantly the budget available. When the buyer has settled on these factors it is time to speak to an agent that knows the area. An agent will be able to assess a buyer’s needs and help them to find a property that best matches the requirements and preferences.
An agent can then set up viewings on potential properties. When a buyer has found a property they like it is important to set up a second viewing. At this point the buyer should raise any queries of worries with their agent to make sure it is the right property for them. If a buyer is ready to make an offer then they should do so through their agent. The agent will advise the buyer how much to offer but this is ultimately a decision for the buyer to make and the buyer will have the final say. If the offer is accepted, the buyer 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.
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.