Buying a Home in Spain - Our Best Tips
Buying a home in Spain is a dream for many, whether it's a holiday apartment by the coast, a villa in the mountains, or a finca in the countryside. Spain offers a wide range of properties and a fantastic climate year-round, making it an attractive destination for both investors and those seeking a new permanent home. Here is a complete guide for those considering buying a home in Spain.
Why buy a home in Spain?
Spain is known for its mild climate, beautiful beaches, rich culture, and relaxed lifestyle. Owning a home here means you have access to this every day. The Costa del Sol region, with cities like Marbella, Malaga, and Fuengirola, is particularly popular among expats due to its sunny weather and large expat community. Whether you are looking to invest in a property or find a second home, there are plenty of opportunities to find something to suit your needs and budget.
How does buying a home in Spain work?
The process of buying a home in Spain differs somewhat from in other countries, so it's important to be well-prepared. Here are some of the basic steps:
- Find the right real estate agent: It might not be what you usually think of. But in Spain, and many other countries, there are two types of real estate agents with different missions. One agent helps and assists you as a buyer, and another helps the seller find a buyer. So choose your agent carefully, read reviews, ask friends, and it's certainly an advantage if they speak your language and can assist you all the way from finding a property according to your criteria, making the purchase, to possible post-purchase matters like rental or renovation. IMPORTANT! Your agent does not charge you for this; instead, the agent is compensated with a commission by the seller once you have purchased a property.
- Find a Property: The next step is to find the right property that suits your needs. Homenetspain has a large selection of properties all over Costa del Sol, including both new developments and second-hand homes. Describe your plans for the purchase, how you envision using the property, and what is important to you, and we will help you find the right area and property.
- Financing and Budget: Before you start looking, it’s a good idea to have a clear picture of your budget. Many Spanish banks offer loans to foreigners, but it can also be helpful to check with local banks to see which solution fits best.
- Legal Advice: It is important to hire a local lawyer specializing in real estate purchases as part of the process. We can put you in contact with lawyers who speak your language. They will assist with due diligence, check that all necessary permits and paperwork for the property are in order, and help you obtain an NIE number (a tax number required to purchase a property in Spain), among other things.
- Contract and Deposit: Once you have found the right property and arranged your financing, a reservation contract is signed, and a deposit (usually €6,000) is paid, often to your lawyer's client account. After the lawyer has completed their investigation, the purchase contract is signed, and 10% of the purchase price is paid. The remaining amount is paid upon completion when the purchase contract is signed at the notary's office. The typical time for a purchase is around 1-2 months.
- Costs to Consider: In addition to the purchase price, there are additional costs such as taxes (usually 7-10% of the purchase price), notary fees, registration fees, and legal fees. It's important to keep these in mind when budgeting for your purchase. Contact us for exact details.
Why Choose Homenetspain?
Homenetspain offers a professional and personalized approach for everyone looking to buy property in Spain. With extensive experience and a wide network on the Costa del Sol, we help you find the right property and guide you through the entire buying process. Our multilingual agents speak English and have long experience of helping clients find their dream property in Spain, making it easy and secure for you to do business in Spain.
Contact Us for Assistance
Are you ready to realize your dream of owning a property in Spain? Contact us at Homenetspain for a no-obligation meeting to see if we can help you find your dream property on the Costa del Sol. We look forward to helping you take the first step toward a sunnier life!
