Those seeking a new life or holiday home in the sun view Spain as the number one destination, with property prices on the Costa Blanca, Murcia or Almeria starting from as little as €40,000. You probably already have an idea of the area you want to buy in, but if you’re torn between two or more options, there are a number of considerations to think about?
If you’re after a holiday home you can visit throughout the year, be sure that the climate is suitable at the times you’re likely to go. This is also important if you hope to earn rental income from your property, are your potential guests likely to want to visit when you don’t want to go?
Will you be within easy reach of local shops and important amenities? Check out the regularity of flights at all times of year from your nearest airport, can you get there at convenient times and is there an alternative airport? Budget airlines have a habit of dropping minor routes, or only operating to certain airports in the summer. Finally, look into whether all the amenities and attractions you expect to visit are open outside of the traditional holiday season.
We can arrange inspection trips in the Costa Blanca South area which include:
In order to secure your chosen property, you would normally be required to sign a reservation agreement and pay a small deposit (normally €3,000 to €6,000) to take the property off the market. If the full private contract is then signed within the reservation period, the fee is deducted from the purchase price agreed. If not, it may be lost.
You would then be required to sign a contract which gives the buyer the “option” to buy a property or a full private contract, which specifies a period within which completion must take place. A larger deposit of 10% to 20% of the full purchase maybe required to be paid at this point. Prior to signing the contract and paying the full deposit, it is crucial that you have undertaken all necessary searches and legal enquiries.
The buyer needs to pay the balance of the price upon completion, at which point the seller must transfer ownership of the property to the buyer. Legal ownership is transferred in the office of the Notary (Notario) – a public official appointed to perform certain legal duties in the district – who prepares the conveyance document (Escritura de Compraventa). Once the Escritura de Compraventa has been signed before the Notario, all taxes must be paid and the Escritura presented to the Land Registry for registration.
Allow between 10% and 15% of the purchase price to cover the costs of buying your new home in Spain. This will cover transfer tax, Land Registry, the Notario and legal fees.