Spain is one of the favourite destinations where people from all over the world are buying property today. This is because of its strategic location, growing technology, favourable political temperature among many other factors. In 2018, property buying by immigrants has been the order of the day.
However, to buy property in Spain, you have to take some issues into consideration for a smooth process. Below are the 6 tips to guide you during the planning process before buying property in Spain:
1.Is the property for renting out or to live in.
If you are buying to live in Spain, the criterion is quite simple, you just have to research the best places to live in Spain. If you want to rent out the property, you have to consider several factors;
1. Will it be on a short-term or long-term basis.
2. Who will be the target customers?
3. The necessity of rentals in the area in the near future.
If you just want to rent out the property for a short while, you should consider hiring a local property agent in Spain to manage the property for you.
2. Identify places of your choice.
Before you begin looking for the actual property to buy, carry out some research on the ideal regions for you. Remember, Spain has 17 autonomous regions which will, of course, offer you different things; may it be Laws or environment. Some regions may be ghost towns during the winter season but become busy in the summer season. If you are not familiar with Spain as a whole, there are avenues to help you find the best locations to live in such as the property agents or referral from friends.
To buy property in Spain, you must pay the Property Transfer Tax which varies from 6.5% for a second-hand property in the Canaries to 10% in the autonomous region of Valencian. Inclusively, you have to cater for the notary, land registry and legal costs. This means that you should have a budget of around 15% of the purchase price of the property. You can get a good idea of prices at this link: Apartamentosen Javea en Venta
Spain is a country that allows mortgage for foreigners. This means that you may opt to apply for a mortgage in Spain rather than in your home country. You are allowed up to 65% of the buying price in Spain. Therefore, if you are short on cash, you can look for the best independent mortgage broker before engaging in the property search. This is to gauge how much you will spend through mortgage to buy the property in Spain.
It is always advisable to have a lawyer in any transaction especially when you are a foreigner. Look for a lawyer that speaks or understands your language to do the paperwork for you. They should be there tomake sure the seller produces all the legal documents required for the land and verify their authenticity. For a smooth deal, ensure that you have been in constant talk with the lawyer before you land in Spain, just to be acquainted with them.
Buying property in Spain is a very wise decision, as its rate of growth promises a high appreciation on your property year after year, and if you ever decide to sell it, you will have something to smile about.