If you are looking to buy property abroad, either as an investment, holiday home or retirement home, consider buying a house in Spain. This is a great idea for people who are looking for a nice, sunny place to live. The process of buying a home here is quite straightforward. Here are the steps to ensuring that you buy your dream house.
Consider why you need the home
The kind of property that you buy in Spain will largely be determined by why you want it. This will help you to establish how much money you can afford to spend on it, its size, location and type of property. Therefore, establish these elements first before you start your search for property. Spanish home buyers, especially from abroad, tend to buy for retirement, a second home overseas or for an investment property they can use for holiday.
Do some research
You need to take time and carry out due diligence. Research different houses in different areas to find what you are looking for. You can checkout various online property directories where agents and homeowners advertise their houses. This will give you an idea of the different types of properties that you can find there and what the going prices are.
Get some legal advice about purchasing property in Spain. This will require that you find a solicitor. It is essential that you find an attorney who has specialized in Spanish law. They should work for you and lookout for your interest.
Find someone that you can communicate with well in English to minimize chances of having misunderstandings with them. Also, find someone who has a good reputation and is easily accessible. You should be able to get in touch with them when you need to.
You should conduct some checks on the property, with the help of your solicitor, to establish whether there is any problem with the property.
This includes checking whether there are any outstanding fees and debts on the property, that all licenses and permits have been acquired for the building and that any community fees and charges have been paid off. Also, there should be no legal proceedings initiated against the property.
Sign the contract
If everything is okay, then you can go ahead and sign the contract for purchase of the property. If the documents are in Spanish, make sure to use the services of an independent translator to have everything translated into English for you.
You will have to pay a deposit for the house at this stage. In case you renege on the contract you will lose your deposit.
For any property that you buy in Spain, it is your responsibility to pay the costs and taxes that are associated with the process of buying a house. This will require that you register with the Spanish Tax Authorities by obtaining a Numero Identificacion de Extranjeros (NIE).
You will then need to register the property, so as to indicate that the sale has taken place. This is after you have signed the Title Deed and paid the remaining price of the property. You will then get the keys to the property. However, if you are paying through mortgage, the bank will keep the deed until you complete making your mortgage payments.