Purchasing property in any country can be tedious, especially as each country has its own set of rules and regulations.
When you’re purchasing a property in Spain, it’s essential to understand what is involved with the buying process, including any fees, taxes, and other expenses. Spain is a beautiful country full of gorgeous properties, which means buying there is an excellent investment. Before making your purchase, however, there are a few things that you’ll need to consider.
Hiring a lawyer
It’s advised to hire a Spanish property solicitor when purchasing a property in Spain. The purchase process is complex, and unless you’re a professional, you will likely miss vital steps, misunderstand the intricacies of contracts, and fail to identify potential problems. Hiring a solicitor who is an expert in the Spanish property market will make the entire process more straightforward, less stressful, and a lot quicker.
There may be portions of contracts that go against your interest without you even realizing it, which could end up costing you more money. The investment in a property lawyer is the best way you can ensure your purchase is fair and that you know exactly what you’re getting.
When purchasing a property in Spain, it is essential to consider your budget and find ways to get the most for it. On top of the listed price, there are a variety of taxes that you will need to think about including land registry, legal, and notary taxes. There is also a property transfer tax which can be anywhere from 6%-10% depending on the region. You should budget for an additional 14% on top of the purchase price to cover these extra taxes.
If you’re looking for your perfect Spanish property, then it’s a good idea to use an estate agent who knows the area you’re looking in. An estate agent can take your budget and find you a suitable property that ticks all your boxes, plus you will spend less time pouring over listings online. Since estate agents are not regulated in Spain, it’s essential to do your research and read reviews to find an agent with a reliable reputation. Agents will also share properties in Spain, so multiple agents could advertise the same property.
Before looking at properties, you will need to consider which area that you’d ideally like to live in. If you’re planning on moving to Spain full time, then you’ll want to know what the weather in the region is like at different times of the year. Maybe your favourite area to visit in the winter might not be what you expected in the summer. Different seasons can impact the region’s tourism as well, and a location might be bustling in the summer, but empty during the winter. Check out your favourite areas during the different seasons to ensure that you’re happy with your choice before purchasing a property.
By taking all the above factors into consideration, you can go into your Spanish property purchase fully prepared.