Buying in Spain
Unfortunately the Costa del Sol is suffering from the result of over development that started in the mid ‘70s and continues to this day. For this reason we concentrate on the Costa Blanca and the Costa Calida, where development has been much more sympathetic, and as a result, even in popular coastal areas, towns and villages retain their Spanish identity and charm.
Inland, the Spanish way of life is maintained. Housing is low density and developments are likely to be very limited, an environment that many British seeking a new home in Spain find attractive.
Wherever you buy, buying property can be both exciting and stressful; you can rely on Local Property Studio to assist you throughout the purchasing process, but for peace of mind you should also consider the following advice.
- Only sign a contract if you are fluent in the language in which it is written, and are fully aware of, and comfortable with all the terms and conditions.
- Before committing to purchase, always obtain advice from independent solicitors, architects and surveyors who are familiar with the laws and processes in the country in which you wish to purchase.
- Commission an independent valuation of the property before proceeding with the purchase, to ensure there are no problems with, for example, subsidence, damp, wiring defects or boundary disputes.
- Ensure there are no outstanding debts on the property.
- Never rush into buying, always allow time to discover any potential problems. Never pay a deposit without due consideration.
- If you are arranging finance on the property, ensure that you have an opt-out clause in the contract in case the loan is not agreed. This will ensure any deposit you paid is refunded.
- Obtain mortgage approval “in principle”, before agreeing to purchase the property, or signing any contracts and paying over a deposit.
- Unless you anticipate receiving rental income from the property, arrange your mortgage in the currency of the country in which you are employed.
- Combining your finances with friends or family could make the purchase of a villa with its own pool financially possible.
- Ensure you are aware of the costs charged by the legal and government authorities for purchasing a property in your chosen country.
- Open a bank account in your chosen country and ensure you get a Certificate of Importation for the money you deposit.
- Set up standing orders in a local bank account to meet bills and taxes. Failure to pay your taxes in some countries, such as France, Portugal and Spain, could lead to court action and possible seizure of your property.
- Remember that the total cost of purchasing property always exceeds the purchase price, you also have to pay lawyer's fees, taxes, insurance, etc.