Essential guide to beginning your Spanish property search
One of the most popular destinations in Europe, life in the Spanish sun draws property buyers from all over the world, and it’s easy to understand why.
While owning a property in Spain is a dream come true for most, there are some things you’ll need to do while searching for your Spanish property to ensure your dream doesn’t become a nightmare. Below are the six steps you’ll need to undertake from the very beginning of your search to ensure you find your dream Spanish home.
1. Work out your budget carefully.
Sounds obvious, but you’d be surprised how many buyers begin a property search without a genuine understanding of how much they can afford to spend. Your budget will determine where and what you can afford to buy – therefore should be defined before your begin your property hunt.
Additional fees should also be considered when defining your budget. These can include taxes, notary fees, land registry fees and lawyer’s fees and can add up to 14% to the total purchase price of the property in some locations.
As such, it’s advisable to invest in the services of an independent, English-speaking Spanish solicitor who will advise you on tax and inheritance issues and oversee the purchase process on your behalf.
2. Decide if you will require a mortgage.
With a multitude of options available, the process of finding a mortgage can often become timely and stressful.Before your property search, it is a good idea to establish the level of borrowing that would be agreed upon. We have an association with La Caixa Bank, in Spain, and will be delighted to put you in touch with an advisor there, who can provide all of the information you will need and assist you in arranging a mortgage for your Spanish property purchase. Please let us know if you would like an introduction.
3. Know where you want to buy.
Spain has a great variety of popular destinations; each with its own unique offering - from the peace and tranquillity of the Balearic Islands, to the glitz and grandeur of Andalucía. We recommend making a list of your priorities then researching destinations which meet these requirements.
Are you looking for an expat community, or a more authentic and traditional Spanish neighbourhood? Do you want to be by the sea, or further in the hills? Would you prefer a quiet, rural destination, or a bustling city? These simple questions will help you select suitable areas to narrow down your property search.
4. Know what you want to buy.
With a vast variety of properties available, from expansive family villas to city centre studio apartments, it’s important to consider what you need from the property.
Are you looking for something for one or two weeks use each year? If so, perhaps a fully-managed resort property would suit you best. Alternatively, if you’re looking to relocate to Spain you might have a much more specific set of requirements on your dream home list.
With the overwhelming variety on offer, it is worth speaking to an advisor, who can talk you through your priorities and help you find a property which meets your needs.
5. Don’t overlook exchange rates.
This is all too often overlooked. When looking to purchase property in Spain you will need to pay in Euros; which will probably mean having to exchange your money. It’s important to shop around for the best exchange rates, as standard rates can often be significantly improved upon, saving yourself thousands of pounds.
Our highly trusted foreign exchange partners offer specialised services to ensure you get the best exchange rates possible. They are able to assist in future planning for currency exchange, allowing you to take advantage of fluctuating exchange rates.
6. Seek advice.
If you are new to the Spanish market, the honest and expert guidance of an independent agent can be helpful throughout the purchase process. Select Resorts Properties work with a number of associates in Spain, and are able to offer a friendly voice and a vast selection of properties to meet your requirements as well as assistance throughout the purchase process.
Buyers in Spain are not obligated to use a solicitor for legal advice; but we highly recommend it as it can save you a lot of money. It also provides the peace of mind that all processes have been undertaken with your best interest in mind. We have excellent relationships with a choice of excellent English speaking solicitors and will be very pleased to put you in contact.
If you’re looking for a Spanish property, our team of international property experts will guide you through each step of the purchase process. For more information on the properties we have available in Spain contact our team on +44 (0)1202 765011 or email [email protected]