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Buying a property in Spain is an exciting and life changing event for so many of our customers, and for most it is a dream that they have been working towards for many years.
Whilst viewing property and soaking up the glorious Spanish sun, it can sometimes be easy to forget the more serious side to purchasing property overseas. Well, let’s be honest, who can blame anyone for getting a little carried away when they find the property of their dreams?
So whilst it may sound like we’re bringing our customers back down to earth with a bump, (we’re absolutely not, we promise!) we’re just as excited as them! There are some serious matters that need to be fully understood when purchasing a property in Spain, and it is our job to remind customers of those matters, ideally before they even arrive in Spain.
For example – Are you aware of your obligations of owning a property in Spain? Spanish Wills? What happens at the Notary? What are the related taxes & costs when purchasing in Spain? Whilst there is nothing to dampen your spirits or take away from the dream of owning your own home in Spain, these are matters that you should be advised of well ahead of purchasing.
We believe that the obligations of owning a property in Spain must be fully understood by our customers before the search for property even begins. So when you do find that perfect property, there are no bumps in the road. Our ‘Top Ten’ this week is focused on the purchase process, so here are our suggestions & tips on those matters that we help our customers with along the way…
1. THE FIRST THING TO CONSIDER – LEGAL ADVICE
When customers speak to us & tell us that they are looking for property in Spain, the first thing we advise them to do is to speak with an independent solicitor.
WHY IS THIS?
If you’re going to be a homeowner in a different country, you really need to know what you’re obligations are going to be. An independent solicitor will also guide you through the process of purchasing the property, including obtaining NIE numbers, opening bank accounts, & making a Spanish Will.
WHY AN INDEPENDENT SOLICITOR?
The reason why we suggest using an INDEPENDENT solicitor, is so that the solicitor is not associated with any agent, including us, they are working solely for & taking care of you, the customer.
2. THE PROPERTY – WHAT ARE YOU LOOKING FOR?
It is so important for us to understand exactly what our customers want from their property in Spain.
For example – Will you be using the property as a holiday home? / Will you be looking for a property with great rental potential? / Are you planning to live in Spain full time, will this be your permanent home?
We like to understand all of the details that you want from your dream property in the sun so that we can do our very best to try and find it for you from our vast portfolio.
3. LOCATION, LOCATION, LOCATION
We have many customers that know the exact location in Spain that they want to purchase a property in, but we also got a lot of customers that are still trying to decide where they want to purchase. Just like with understanding what you want from a property, it is very important to think about what you are looking for from a location too.
Do you want it to be a lively, thriving place all year round? Are you looking for a traditional, Spanish lifestyle in a small village? Do you want to be in an ex-pat community? Is it important for you to be near the sea? How about golf courses? Do you need to be close to schools, etc…
There is a lot to think about isn’t there…
4. THE BUDGET
How much are you looking to spend on your property in Spain? To make it easier, we suggest clients stick to calculating it from a Sterling perspective.
We also suggest that you work out how much you want to spend on the whole project, so that is including the property, the taxes, purchase and legal fees (around 13-15% of the purchase price depending on the region).
(See Point 5 below for more details on this)
5. THE PURCHASE COSTS –
It’s important to know the cost of purchasing in Spain, and by speaking with an independent solicitor you will be fully ‘in the know’ about all of these, meaning that you will be aware of how much these costs will be from the very beginning.
These costs include –
Legal Fees (Conveyance Fees) / Land Registry / Notary Fees / IVA or ITP (Spanish Purchase Tax)
Depending on whether you are purchasing a new build or re-sale property various other taxes & fees can apply.
To find out more, and for an estimation of these costs please contact us for an in-depth look at purchase costs.
6. MORTGAGE INFORMATION –
Spanish Mortgages are available to non residents, currently at 65/70% Loan to Value/Purchase price (whichever is the lower,) & subject to status.
Generally speaking the set up costs need to be factored in are anywhere between 2-5%, depending upon the amount borrowed. Also the purchase costs will need to paid as well as the deposit on the property as the banks will not roll these costs into the borrowings required.
Banks do offer 100% mortgages to Spanish residents, and to non residents on some developments, this is not normal practice though.
7. CURRENCY – CHANGING YOUR MONEY –
When it is time to complete on the purchase of your dream home in Spain, it will be in euro’s.
Ideally as a ‘Your Place in Spain Ltd’ client you will have spoken to a currency broker so that you are aware of how market fluctuations can affect the cost of your property.
It is important to understand that as the rate changes, the cost of your property purchase can too, & this can in some cases, be a considerable amount of cash.
We do recommend using a currency broker rather than a high street bank as massive savings are available, click this link to understand more about this.
8. GOING TO THE LOCATION & VIEWING PROPERTY –
Once you are ready to actually view property, it is time to fly to Spain, to your chosen location & view an organised portfolio.
We think it is more comfortable & relaxed for our customers to fly out to Spain under their own steam, and to get to their hotel/rental property first before starting the viewings.
Once you are settled in, the viewings can commence…
9. PURCHASING A PROPERTY –
You’ve viewed the portfolio, (and in many cases one or two others that have been added to the mix whilst you’re there) and you have found ‘the one.’ You have made an offer on the property & it has been accepted.
At this point your independent solicitor should check the Reservation Contract to ensure that all is correct. In the event of anything not being as it should be, this also ensures that any moneys paid will be refundable
The legal team should then guide you through the rest of the process, including –
Obtaining your NIE numbers / Opening bank accounts / Preparing & translating documents for you to sign / Arranging payments / Organising all final arrangements of the purchase
10. YOU’VE PURCHASED A PROPERTY IN SPAIN – NOW WHAT?
Once you own your property in Spain, the legal team should once again be on hand to direct the following –
Making sure all utilities are transferred into your name / Ensure all arrangements have been made for you to pay necessary property taxes / Inheritance & Wills
These ‘tips’ above are to be taken as a guide of what to expect and what to be prepared for when you start your search for a property in Spain.
A large part of our service here at Your Place in Spain Ltd is talking to our customers to make sure they understand the whole process of purchasing. We’re here to talk you through every step, and in a way, hold your hand through the journey.
We’re here to help, and if you’d like us to give you a call and talk you through the process of purchasing in Spain, or if you would rather pop into our showroom to discuss your plans for buying in Spain, then you can find our contact details here.
You know what they say… “Knowledge is power!”
Be in the know, buy safely. Talk to us today.
Joanne Lynsdale, Your Place in Spain Ltd
We are currently finding the property market across the Costa Blanca, Murcia and Almeria extremely buoyant. The excellent euro/pound exchange rate combined with the keen prices we are seeing right now are a big plus for the buyer. The media are reporting a growth in mortgage completions, and in some locations prices are now actually starting to rise.
Over the last year we have witnessed changes in the property market, for example, 12 months ago buyers had a high number of options and opportunities available to them which helped to drive the selling price of property down. Fast forward a year and this is no longer the case in many locations.
High quality re-sale stock is moving, and moving quickly, which creates demand, and that demand creates an upward price movement. All of a sudden the gap between good re-sale property and high quality new build options is smaller.
The entry level for a new build apartment, in a good location is currently circa 100,000 euro, (approx £71,500.00.) The new build opportunities on offer right now are with a high level spec and a 10 year build guarantee that makes this option difficult for some to ignore.
New Build Apartment in Villamartin, Southern Costa Blanca – Click on image for details
Whilst at this time the market most definitely favours the buyer, anyone looking to purchase property in Spain should seek advice from an independent lawyer prior to purchasing. This is to ensure that all obligations of owning a property in Spain are fully understood. It is also essential for buyers to know how to buy euro in order to maximise their pound sterling’s buying power.
Penthouse Apartment in Ciudad Quesada – Click on the image for details
Your Place in Spain Ltd will always offer the service of a ‘Safe Purchase’ to clients, eliminating any unwanted surprises in the purchase process, and making sure that clients are ‘in the know’ at all times. Be savvy and be safe.
Rob Lynsdale, Proprietor
Your Place in Spain Ltd
Did you see our feature on Townhouses and Bungalows from across the Costas this week?
A beautiful selection with amazing opportunities – http://eepurl.com/br4zsb
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Buenos Dias! How has your Bank Holiday weekend been? Make the most of today, relax and have fun before the working week picks up again tomorrow.
In Spain it has been a busy holiday weekend too, with Labour Day on Friday, and Mothers Day on Sunday, and our friends in Spain certainly know how to celebrate!
As the holiday weekend draws to a close today, why not settle down and take in our latest property selection with some of our favourite opportunities of the weekend…..
Don’t forget to let us know what your property requirements are, we’ll be happy to put together a personal property portfolio just for you, with properties that meet your criteria.
Is your perfect property out there and waiting for you? If it is, then one thing is for sure, we’ll try our very best to find it!
Here we go…..
1. Apartment at Hacienda Riquelme Golf Resort, Murcia
1. A stunning first floor apartment with a fabulous open ‘L’ shape terrace with great views over the golf course.
€84,950 / approx £62,500
2. Apartment in Mojacar, Almeria
2. This 2 bedroom, 1 bathroom ground floor apartment is located on one of the most sought after communities in Mojacar.
€105,000 / approx £77,250
3. Apartment in Villamartin, Southern Costa Blanca
3. This very well presented 2 bedroom, 2 bathroom penthouse apartment is located just 100 metres from Villamartin Plaza with numerous shops, restaurants and bars.
€107,500 / approx £79,100
4. Villa in Albox, Almeria
4. This wonderful 2 bed villa is located just outside the large town of Albox. The property has fantastic panoramic views of the surrounding mountains.
€109,995 / approx £80,900
5. Bungalow in Moraira, Northern Costa Blanca
5. A single level 2 bedroom, 1 bathroom whitewashed bungalow situated in Moraira Park, close to the San Jaime Golf Course.
€119,999 / approx £88,300
All properties here are subject to availability, and plus purchase costs of approx 13-15%. The sterling prices have been calculated at the current exchange rate (3/5/15) of 1.36.
Call in to our showroom, have a chat with us and tell us what you’re looking for in ‘Your Place in Spain.’ We look forward to seeing you. Check out our opening hours here and address.
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Hola! Happy Domingo! We hope your weekend has been wonderful, and it has been so lovely to see the sun shining on this very sunny Sunday in Manchester.
The month of April has been very busy for us here at Your Place in Spain, in fact, we’re set for a record month of sales! That is no surprise to us though, as every day new properties are coming on to the market of fantastic quality and at great prices, meaning these opportunities are just too good to miss.
Don’t worry though, as we are here to keep you fully up to date and informed. So we’ll get straight to it, take a look at our ‘Sunday Best,’ here’s our top properties for this week from across our portfolio. Enjoy….
**All prices are plus purchase costs and properties are subject to availability. Sterling prices are calculated at rate of 1.375, – todays (26/4/15) interbank rate is 1.3913**
Southern Costa Blanca –
1. A ground floor apartment in Playa Flamenca
1. A 2 bedroom, 1 bathroom ground floor apartment situated in the very popular area of Playa Flamenca, close to an excellent selection of amenities, including the fantastic “Zenia Boulevard” shopping complex. The property is just a five minute drive to the beautiful blue flag beaches, less than seven minutes to three stunning golf courses and forty five minutes to Alicante Airport.
€70,000 / approx £50,100
2. Bungalow in Villamartin
2. This is a very impressive 2 bedroom, 1 bathroom bungalow, situated in the sought after development of Verdemar. The whole area has established palm trees and green areas and has a unique quality. The property is close to three golf courses and just a short drive to wonderful blue flag beaches.
€135,000 / approx £98,200
Murcia / Costa Calida –
3. First Floor Apartment at La Torre Golf Resort
3. A Superb first floor two bedroom apartment situated just a short walk from the resort facilities and offered for sale at a great price. This apartment benefits from being one of the most popular designs as it boasts a large fitted kitchen and terraces to the front and rear.
€79,950 / approx £58,200
4. 3 Bedroom, 2 Bathroom Villa with Private Pool. Lo Santiago, Murcia
4. Possibly the best value for money 3 bedroom, 2 bathroom villa, with a pool and a good sized plot, in the Murcia and Alicante region. This property is ready to move in to, located in a residential area just 15 minutes from the beautiful Mar Menor beaches. Be quick.
€130,000 / approx £94,550
Costa Almeria –
5. Apartment overlooking the communal pool and the beach in Mojacar
5. This beautiful apartment has wonderful views of the sea and beaches and is situated on a private complex just a 2 minute walk to the beach. Located in one of the most sort after locations within Mojacar with all amenities to hand.
€129,950 / approx £94,500
6. 3 Bedroom Villa in Arboleas, with Private Pool
6. A beautiful individual villa located in a tranquil setting of Los Higuerales. All amenities are available within a short 15 minutes drive and only 35 minutes to the coast. The property is very private with a walled and gated plot of land.
€159,995 / approx £116,400
Calahonda, Costa del Sol
7. 2 Bedroom, 1 Bathroom Apartment in Calahonda
7. Great value, a beautiful 2 bedroom apartment situated in the well-known urbanisation La Cartuja in Calahonda, right on the doorstep of La Siesta Golf.
€95,000 / approx £69,100
8. Ground floor apartment, 2 bedrooms and 2 bathrooms, in Calahonda
8. This large elevated ground floor apartment in a gated complex has spectacular sea views from the south west facing terrace. It boasts 2 good sized bedrooms as well as an open plan fully fitted kitchen.
€139,000 / approx £101,100
