1. I know where I want to buy and what I can afford. What is the next step?
The best way to get a good impression of the region and the real estate market is to visit the area. You can do this independently, but with the help of a local agent you save time, avoid stress, and prevent possible pitfalls.
As local experts, we know the full range of properties, including those not publicly listed. We also know which properties you better avoid because of legal issues or if the seller is unwilling to negotiate. With our guidance, you will discover opportunities you might otherwise overlook.
2. Should I choose new build or resale?
That depends on your wishes and needs. New build properties, especially larger complexes, can take 1.5 to 3 years from purchase to completion. The advantage is that you have enough time to sell your current home or prepare a possible move. Resale properties are ready to use immediately.
3. Can I get a mortgage in Spain?
Yes, Spanish banks grant mortgages to non-residents. The conditions differ from many other countries. Usually, banks finance up to 70% of the value for properties in urban areas ("urbano"). For rural properties ("rústica"), often lower percentages apply. For the mortgage application, we work with a mortgage advisor who compiles your information and presents it to all banks to find the best offer.
4. What additional costs should I expect?
Expect 10 to 13% extra costs on top of the purchase price. These costs include:
- Transfer tax: - Resale properties: 7% - New build: 10% VAT + 1.2% to 1.5% stamp duty - Notary and land registry fees: approx. 1% - Legal fees (lawyer): approx. 1%
- Agent fees: usually paid by the seller and included in the sale price
-Mortgage-related costs (if financing is needed): may include valuation, bank fees, and administrative charges
5. What are the annual costs for owners?
- IBI (property tax): Approximately 0.5% of the cadastral value - Utilities: Electricity, water, gas - Municipal charges: Waste collection, local taxes - Community fees: Maintenance of shared facilities such as garden, pool, lighting - Insurance: Building and contents insurance - Internet and phone - Wealth tax: Annually on December 31; depending on property value and location - Exact amounts vary per municipality, property type, and your usage.
6. What documents do I need to buy a property in Spain?
You need: - A valid passport - An NIE number (Spanish tax identification number for foreigners)
The lawyer will arrange the NIE number for you during the purchase process. We work with a fixed law firm that can support you in your own language..
7. Do I need a lawyer?
Yes, we recommend hiring a lawyer. Most speak English or even your native language. Your lawyer will guide the entire legal process and ensure everything runs correctly and safely. We work with fixed lawyers to make the whole process quick and easy.
8. Do I need a Spanish bank account?
Yes, it is needed for payment of the property and for setting up utilities. You need a passport and must open the account in person. If desired, we can connect you with reliable banks or the lawyer can arrange this.
