An Introduction To Buying A House In Spain
Posted by Anna on July 18th, 2019
Buying a house in Spain is different to buying a house in the UK. Read on to find out about the differences in how the house buying process works in another country.
If you fancy moving to the beautiful country of Spain, you have likely wondered whether renting or buying is a good idea. In the first instance it always makes sense to rent because you need to have the freedom to move areas to find out which part of Spain suits you best. You might even need the freedom to move back to the UK, because a relocation to Spain isn't always right for everyone. International removals are big upheaval so need to be thought through carefully.
Long-term, you may well want to know if buying a house in Spain is an option for you. To help you understand a little more about purchasing property in Spain, take a look at this easy-to-read introduction:
The Property Market In Spain
The property market in Spain is on the up and most people in Spain own their own home. The economy in Spain grew by nearly 3% last year overall and so, there's plenty of opportunity for buying and selling at the moment.
To Buy Or Rent?
Renting makes sense when you aren't 100% sure about your move to Spain, or where you might like to move within the country. However, it may not be the right option long-term because rental opportunities can be very limited in certain parts of the country. Rental prices have also increased recently because property owners are favouring Airbnb and short term lets ahead of long term rentals.
The Legalities Of Buying Property In Spain
All you need to purchase property in Spain is a financial number which you get by visiting your local police station with your passport. Spain actively wants those from overseas (residents and non-residents) to invest in property in the country. For that reason they do not put unnecessary hurdles in potential buyers way. However, a property purchase is still a major financial commitment so make sure you check all legal documents carefully, and, unless you are flunet in Spanish use a translation service for every document that forms part of the legal purchase.
VISA Opportunities When Buying Property In Spain
You can get something called a Golden Visa when you invest over half a million euros in property in Spain. It does not allow you to work but it does give you Spanish residency
Spanish Property Scams
It is important to be wary of property scams in Spain which are not uncommon. Property scams in Spain are actually getting more sophisticated.
How To Find A House To Buy In Spain
It is not uncommon for buyers to purchase a house directly from the seller, however there are risks to doing this so it is recommended you go through a trusted estate agent wherever possible.
Property Types In Spain
In Spain there are villas (vivienda unifamiliar / chalet), apartments (apartmento), modern semi-detached properties (casa adosada), village houses (casa de pueblo) and country houses (cortijo / masia / casas rural / finca) as well as variations of these property types.
The Buying Property Process In Spain
The way the buying process in Spain tends to work is in these steps:
- Buyer makes an offer
- Seller either accepts, declines or makes counter offer (this process can go back and forth between seller and buyer until a deal is reached)
- Once an offer is accepted by the seller both the seller and buyer sign an initial contract
- Buy pays around 10% deposit on the property
- Buy arranges a mortgage if they need one
- Contract of sale is signed in an official capacity and then the remainder of house cost and additional costs are due to be paid
You do not need a legal notary to buy a house but it is the safest thing to do and you might need one in order to get a mortgage. In terms of legal responsibility the seller is wholly responsible for the defects of the property, even ones they aren't aware of. However, in reality if there is an issue, getting money or help with such issues following a sale is really difficult. The buyer is legally responsible for registering the property and their purchase.
It is important to note that everything in this article is true at the time of publishing, and it is important to check all current information before you look into buying a property in Spain. This A Place In The Sun article has more information for you to utilise as you research purchasing property in the beautiful country of Spain. If you are considering a move to Spain then consider the services of https://packandgo.co.uk/.
Like it? Share it!
About the AuthorAnna
Joined: May 1st, 2019
Articles Posted: 46
More by this author