Guide to buying a villa in Spain
If you want to invest in a second home in Spain for your holidays, make a profitable real estate investment or simply spend your retirement in the sun all year round.
This article will give you what you need to know about the administrative procedures to buy a villa in Spain, as well as the pitfalls to avoid when becoming the owner of a beautiful villa on the Costa del Sol.
Some of the main questions are: Why should you hire the services of a real estate agent? How to get a mortgage in Spain? Which city in Spain should you choose to buy a villa? among other
The administrative procedures for buying a house in Spain
The purchase of real estate follows different rules for a resident in Spain, France or another country of the European Union.
Obtaining the NIE (Foreign Identification Number), the tax identifier assigned to foreigners living in Spain, is mandatory for any foreigner who wishes to buy a house or apartment in Spain. This number is essential when signing the deed of sale of a property but also to open a bank account as a “non-resident”. Allow an average of 10 days to receive your NIE in Spain.
“It would be convenient to have the help of a professional.”
The advantages of using the services of a real estate agent to buy a house in Spain
Calling a professional to find your ideal home and complete the purchase of a property in Spain is essential if you want to save time and money. A real estate agent to a real estate agency will offer you a personalized service according to your needs and your budget, since they have all the information about the properties in the area, the prices that best suit your budget and, most importantly, the value and the future revaluation of the property in the future.
The price and tax advantages for buying a house or an apartment in Spain
Property prices are much lower in Spain than in European Union countries such as Germany, France, England, etc.
You could buy an 80 m² to 100 m² apartment on the Costa del Sol, from Torremolinos to Marbella or Estepona for less than 230,000 Euros. If you raise the budget a little from 399,000 euros, it could allow you to buy a villa in Marbella or in the most visited cities on the Costa del Sol. With a budget greater than € 400,000 you could buy a villa in the most exclusive locations on the Costa del Sol.
Furthermore, real estate investment in Spain is exempt from tax on housing.
The pitfalls to avoid when buying a property in Spain
The Spanish square meter is between 15% and 20% lower than that of countries like France. In France, for example, the advertised area is habitable (usable area). In Spain, the area mentioned by owners and agencies corresponds to the built area, including a percentage of the thickness of walls, balconies, terraces, etc.
Beware of double commissions! Some real estate agencies in Marbella charge a commission to the seller and the buyer, while agency commissions are generally paid by the seller.
However, in some regions, such as Valencia, Castellón or Murcia, the commissions are shared between the buyer and the seller.
Obtain a mortgage in Spain
Go to a bank branch (such as Sabadell, Santander or Bankia) to obtain a mortgage.
You can also obtain a mortgage loan by completing the loan procedures on the Internet through platforms (such as OpenBank or COINC), which offer online and telephone support.
Spanish banks offer fixed rate loans as well as variable rate loans. These rates vary depending on the amount borrowed and the repayment term.
You can buy your property in cash, by check or by transfer. You can also combine the three payment methods. However, the cash payment cannot exceed 15,000 euros.
In which city in Spain would you like to live
Each of the cities of Spain has its own character, culture and customs. That is why you have many factors to take into account when deciding in which city in Spain you will feel at home …
Buy a house or an apartment on the Costa del Sol
In general, one of the most demanded points to buy a villa in Spain is the Costa del Sol, due to its climate, the diversification of culture, fun and at the same time the tranquility found in southern Spain.
Within the Costa del Sol, the highlight and what most are looking for is to buy a villa in Marbella. Not only for its exclusivity but also because within it you have different options, whether you want a house with views of the sea, the mountains, or a quiet place like on a golf course.
Another important point of Marbella is that you will be able to find tenants in a short time because the demand for villas near the beach is increasingly high.
Also, if what you want is to enjoy the house only during the holidays and obtain additional income when you are not living there, the options of renting your house for a short season or for events is a good resource to make your property profitable in the long term.
I hope this information is useful to you and that when buying your Villa in Marbella you take into account everything you need to do before and during the purchase.
Tags: Buying a villa in Spain
