- All new properties in Spain sold through reputable agents carry a 10-year building guarantee similar to the UK’s NHBS. Ask about this before you buy anything new and if you aren’t satisfied, look elsewhere.
- You should also be able to inspect your new property before you complete to ensure everything is as it should be and is as promised. You would expect to do this at home so it should be no different overseas.
- Buying a resale is much the same as in the UK, but it must be completed within 30 days. Wouldn’t it be marvellous if we adopted the same system here?
- Transfer tax is 7% of purchase price, plus 0.5%, which is the fee for transferring it to your name.
- Buying a new property also incurs 7% of the purchase price, plus stamp duty of 0.5% and the usual legal costs, valuation fee and local taxes.
- The advantage of buying new build is you can take advantage of stage payments. These will be stipulated in your contract, but as an example you would pay a reservation fee then approximately 30-50% within eight weeks, with the balance on completion.
- Due to its status as a favourite second or permanent home for Brits, mortgages are easily obtainable and rates are usually lower than in the UK.
- It’s usually possible to get 70% mortgages.
- The good news is that gazumping is illegal in Spain so once you’ve agreed to buy, the place is yours (assuming the finances are in place!).
- As an EU resident you can work in Spain, once you have obtained a Tax and Social Security number.
What you need to know about buying spanish property
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About
Established in 1969, Headlands International is one of the oldest and most respected overseas real estate companies in the country. We have a team of highly trained, specialist consultants who are extremely knowledgeable, and can guide you through the entire buying procedure.
What’s more, we are the only overseas property company to offer a wide variety of different locations and property types in all of our specialist countries.