Buying a holiday property in Spain, like buying a property in England, is most likely to be one of the biggest purchases we make in our life. Therefore, it is never advisable to be in too much of a hurry and rush into a deal without full consideration. It is well worth taking the time to look around your chosen area and make sure you have a clear picture of the relative prices and types of property available.
The Costa del Sol is a very popular region of Spain and life can be very different depending on which town you choose to live in. It is also well worth considering spending some time visiting the town of choice to see what amenities, nightlife and places of interest are available. Out of season, holiday resorts can appear very different with few people in the streets, deserted beaches, cold nights and occasional rain. Visiting at this time of year will help you to decide whether this is your ideal holiday destination. With Torrox and Nerja being voted as having the best climate in Europe, the weather is probably the one thing not to put you off living in Spain.
OFF-PLAN & RESALE PROPERTIES
Off-plan involves buying a property yet to be build either from an Estate Agent, or directly from a developer and is typically cheaper than purchasing a resale property. Another advantage of off-plan is that you usually have a say in some of the specifications, fittings, and possibly even the furnishings of the completed property. It is advisable to get a good Spanish lawyer to draw up a cast-iron contract and ensure the developer has obtained all the required licences, owns the land and there are no outstanding mortgages or loans on the property. This is especially important as all loans are taken out on the property itself rather than the owner of the property.
PROPERTY PURCHASE COSTS
The costs associated with a property purchase in Spain are around 10% of the property purchase price. If property values increase at an average of 3% per year, then it will take 3 years to recover the costs associated with buying. There are many fashionable areas Avvocato in Spagna in Spain whose properties have greatly benefited from the huge increase in foreign investors over the past 5 years pushing up prices considerably, but there are still bargains to be found.
Typical loans that are available are 60% for non-residents and 80% for residents of the declared property value. Original documents must be shown when obtaining a mortgage that usually includes passport, driving licence, last 3 months pay slips and P60 for British people buying abroad.
INMOBILIARIAS (ESTATE AGENTS)
There are many Inmobiliarias in Spain that typically have many different types of property to view including apartments, villas, townhouses, fincas and rural properties. Commissions vary considerably and a typical value of 6% is not uncommon. It is a good idea to ensure that the Estate Agent you choose to buy a property from has a good reputation, is officially registered and holds a licence.