How to Buy Property in Spain – Marbella Area

Perhaps you’ve been thinking about it for a long time, and now you’ve finally decided the time is right to buy your dream house in Spain. But exactly how to buy a villa in Spain? Where do you begin? To help you get started, we’ve set up a list with some helpful tips for buying property in Spain. The main point is to gather sufficient information and plan things ahead as much as possible.

BUYING A PROPERTY IN SPAIN – THE BUYING PROCESS

As is the case in all countries, Spain has its own procedure for buying property. The process will probably be unfamiliar to you and involve professionals who perhaps don’t play a part in property transactions in your home country. It’s therefore important to take advice from your real estate agent and lawyer, both used to the Spanish way of doing things.To give you an idea of what to expect when buying a property, we have prepared this overview of the main steps involved in the process. From the initial property searches to the handover of keys when you become owner of your new home in Spain.

How to Buy a Home in Today’s Market in the Marbella Area

The market is changing. Stock seems to be decreasing and after a period where prices bottomed out and banks regained interest in providing loans, more properties are now being sold.

First think about what you expect and need from your new home. What is the purpose of buying property, pure investment?, a second home or a combination? You may want to put it up for rent. How much time would you like to spend in your new home during the year? How is your family situation, do you have any kids? You may want to consider a community where they can meet friends.

How to Buy a Home in Today’s Market in the Marbella Area

Work out the financial picture. There are many factors to take into account when buying property. Apart from deciding on a realistic budget, you also need to take into account any ongoing financial commitments like local taxes, various costs during the acquisition process, community fees. Banks are again promoting providing loans which can be interesting as interest rates are at a historic low. And if your income is not in euros, keep the exchange rate in mind.

How to Buy a Home in Today’s Market in the Marbella Area: Tips

Why early in the process? Once you have found the right property you may want to forward an offer and get it of market by putting down a deposit. At this stage this is your first contract; the deposit contract and if necessary you can make the first payment via your lawyer’s client bank account number. Most sellers want as quick a settlement as possible (30-45 days is typical) with the least amount of strings attached. Your authorized lawyer can fulfil your contingencies and even represent you at the day of signing when needed. Apart from these important things, other issues that will require attention when buying property are the due diligence, title deeds, property registry report, insurance and a Licence of First Occupancy.

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Marbella & Co. - Real Estate & Investments