Why Buy Property in Spain?
Spain has always been a popular destination for thousands of British, American, German or Scandinavian resident looking for a second home. For them, the warm and friendly atmosphere of the Mediterranean coast, under the bright glare of the sun, makes for a pleasant change from what it’s like back at home.
Plus their money gets them a lot more in Spain than it would back in their own countries – a similarly sized property in Levante, a beautiful coastal town in Spain, costs a fraction of a similar property in, say, Southampton in the United Kingdom.
Spain is quite an interesting country as the landscape and the climate changes dramatically from region to region – what you get in Catalonia in the North-East, is dramatically different from Andalusia in the South, just as the Basque Country is different from Valencia.
While the Mediterranean coast in the southeast of Spain has been everybody’s favorite holiday destination, many other places are fast growing in the popularity stakes as well in Spain, both among tourists and second home buyers.
Spain has the most relaxed people in Europe, easy going and friendly to a fault. The lifestyle here is on a much slower pace than what someone in the UK or the USA are accustomed to, and yet, modern and European, with first world infrastructure and amenities.
Are You Eligible to Buy Property in Spain?
If you’re a citizen of a nation that belongs to the EEC or the European Economic Community, buying a property in Spain or living there is as easy as it gets. If not, there might be certain restrictions placed on you, depending on which nation you come from.
Buying Property in Spain – The Essentials
There are few things to be kept in mind while buying property in Spain.
# Finding Property in Spain
You may search for Spanish property for sale by looking at the various real estate portals on the internet, by emailing real estate agents or by attending property trade shows.
# Cost of a Spanish Property for Sale
A typical Spanish property for sale, costs anywhere from 5 to 15% over the asking price, by the time the documents are signed and it’s handed over to you. If the asking price of the property is $200,000, for instance, you’re likely to spend $220,000 before you get your hands on it.
This is so because; the real estate agency commission has to be included – which ranges from 3 to 5% of the price of the property. Then there’s the transfer tax paid to the government, which is as much as 10% of the purchase price. Apart from this, there are solicitor fees to take care of, which could be around 1% of the purchase price, plus taxes.
# Importance of Hiring a Good Real Estate Agent
Real estate agents in Spain are normally hired by sellers, but it does make sense to hire one while looking for a Spanish property for sale. Quality real estate agents are in touch with the local market, act as your eyes and ears, and get you a great deal which you cannot afford to miss. They also negotiate with the property owner on your behalf. Worldwide group is an expert in sourcing spanish property of all prices for clients.
# Importance of Hiring a Solicitor
Hiring a solicitor is very important while buying property in Spain. A solicitor is a professional who works for you, not for the real estate agency or the property developer, so it is your interest that is of paramount importance to him. A good solicitor ensures that you are not being fooled or swindled by the property owner when the contract is being drawn, which is something that is known to happen quite frequently to foreign buyers of properties in Spain. It is advisable to hire a solicitor who has working knowledge of English.
# Importance of Hiring a Translator
A translator is also important, as he or she reads out the documents and contracts, translates them for you, interacts on your behalf with government officials, agents and the property owner, and keeps you in the loop, by ensuring that you don’t get lost in a discussion about the property.