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FACEBOOK Vista Casas

Top 10 Buying TIPS

We have compiled this list of buying tips - we hope you find them useful...
 
1. Motivation –
What do you want to use the property for? Be clear what you are purchasing for, as this will influence the type of property and the area you buy in. For example, if you are purchasing a holiday home for personal use and want a quiet retreat the area we advise will be different to if you require regular rental income to help fund the purchase. If you are relocating to live permanently then your property criteria will be very different to if you are buying a holiday home. Think about your reasons for purchasing and your requirements of the property and area.
 
2. Agent –
Use a professional agent like Vista Casas with local knowledge and many years experience in the Spanish property market, and with a local office so you have the peace of mind the agent is established in the area.
 
3. Property –
What size and style of property do you need? If you are purchasing a holiday home to use a few weeks of the year then you may prefer an apartment within a managed complex however if you are making a permanent move then you may want a detached villa with private gardens and pool.
 
4. Area –
The area you purchase in is as important as the property. Decide if you want a quiet area or a busy one. Consider if you will drive whilst in Spain or if you want to be within walking distance of the beach and amenities, and close to public transport.
 
5. Budget –
How much do you want to spend on the property and how are you funding the purchase? You need to know your funds are in place before you commit to a purchase.
 
6. Costs/taxes –
Be aware of the additional costs & taxes to the advertised price of a property. Generally you must allow an extra 12-13% for taxes and legal fees. On a resale property (2nd hand property) the transfer tax is 10% and on a new build property the IVA (VAT) is 10% and the stamp duty is 1.2%. The balance of the costs is for lawyers’ fees, notary costs, land registry fee and legal fees.
 
7. Currency –  
If your country’s currency is not the Euro then you will have to exchange your money to Euros. We advise you speak to a currency exchange specialist like Currencies Direct who has an office in our area as they offer better exchange rates than the banks.
 
8. Financial advice –
If you require a loan for the purchase then consider your options; will you raise the finance in your home country or obtain a Spanish mortgage – take independent legal advice.
 
9. Lawyer –
Use an independent lawyer (Abogado) to represent you and handle your purchase.
 
10. Enjoy –
Enjoy your new home and embrace the lifestyle that Spain has to offer. Try your hand at some Spanish lessons to make the most of your experiences here.