Is Buying A Property In Spain Easy - Propertysotogrande.Es
by Liz Seyi Digital marketing managerIf it has long been a dream of yours to buy a property in Sotogrande,
but you are unsure exactly how the practicalities of such a plan would work,
the good news is that it’s actually relatively straightforward to purchase a
home in Spain. This is especially the case as would-be buyers from overseas
don’t face any restrictions in terms of their basic right to buy property here.
But of course, that’s not the start and end of
any conversation about the buying process. There are still certain things you
will need to know, so we thought we would provide a quick summary of many of
them below.
What do you need to do before buying a
Spanish property?
If you are serious about acquiring a property in
Spain as a foreigner, you will need to go through some practical steps before
being able to actually purchase your dream home.
One such essential will be having a financial
number, or what is commonly referred to as an ‘NIE’ number in Spain. You can
submit an application for an NIE during a visit to Spain at a police station
that deals with foreign documentation, or you might find it easier to simply
apply at the Spanish embassy located in your country.
Having a Spanish bank account will also help make
the formalities of purchasing a property here easier; that said, it is not
absolutely essential.
Sotogrande continues to enjoy a thriving
property market
One thing that will help if you are seriously looking
to buy a property in Sotogrande, is having as strong a knowledge as possible of
the local market.
In truth, with Sotogrande being such an exclusive
and desirable part of Andalucia, its property values have historically stayed
high even during times of considerable global economic uncertainty. Still, this
underlines why purchasing here can be such a good idea for those who wish to
invest, and there are options here to suit different budgets.
As with everywhere, there are fees incurred in
the process of buying a property in Spain, other than the ‘headline’ price.
We have previously covered
these charges in detail; they can include the likes of property transfer
tax, notary costs, the title deed tax, the land registration fee, and legal
fees. However, the exact costs payable can vary over time, and from one part of
the country to the next, so it is important to seek expert advice and be
well-informed on the exact costs that would apply to you.
There are also estate agent fees, although it is
the seller rather than the buyer that typically pays these.
The process of buying a property in Spain
Firstly, the buyer will make an offer. If this is
accepted, the buyer and seller will sign a preliminary contract and the buyer
will pay a deposit – usually 10% of the purchase price.
The buyer will then arrange any mortgage they
need, although by this point, they should have already discussed it with their
mortgage provider. The contract of sale is usually signed with a notary
present, and it will then be time for the buyer to pay the full sale price,
taxes, and other costs.
There you have it – a quick ‘cut out and keep’
rundown of the steps involved in purchasing a Spanish home. If you have the
ambition to buy a property
in Sotogrande in 2022 or beyond, why not begin your search at Property
Sotogrande, where we bring together the listings of multiple leading estate
agents serving this highly sought-after part of the Spanish property market?
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Created on Jul 23rd 2022 02:53. Viewed 210 times.