Perhaps you’ve been thinking about it for a long time, and now you’ve finally decided the time is right to buy your home on the Costa del Sol. But exactly how to buy a property in this greater Marbella area? Where do you begin? To help you get started, we’ve set up a list with some helpful tips for buying a property in this area. The main point is to gather sufficient information and plan things as much as possible.
It’s good to start with writing some things down. Buying property in Spain may have been your life-long dream, but it’s about to come real. So think about what you expect and need from your new home. Do you have any kids? You may want to consider a community where they can meet friends. Which regions best suit your needs? You can pick peaceful surroundings or the hustle and bustle of a town. Which amenities do you want to have close by? How important is accessibility to you? Do you want to be able to reach the airport within a certain time, or are you okay traveling a bit further? do you prefer a bigger home with privacy, like a villa? Or you preferer an easy lifestyle in an apartment? These are the kind of questions you need to ask yourself when trying to visualize what sort of property you want.
If you’ve got a good idea of what kind of property you’ll be buying, the next thing is to work out the financial picture. There are many factors to take into account when you buy a property. For example, apart from deciding on a realistic property budget and the buying costs involved, you also need to take into account any ongoing financial commitments like local taxes. You also need to find out which fees you have to pay for various parties during the acquisition process. And if your income is not in euros, keep the exchange rate exposure in mind. You don’t want to be taken by surprise by these costs after you’ve already bought a property. To get good advice along the way, make sure you find the right people to help you.
Perhaps the two most important parties when buying a villa in Spain are your estate agent and lawyer. In both cases, you must work with people of good reputation that give priority to your interests. When looking for a trustworthy estate agent, make sure they listen to your needs.
As for a lawyer, again you’ll need one who is going to ensure your interests alone. If you’ve found a reputable estate agent, they can recommend you, reliable lawyers. Contract a lawyer before you pay a deposit or sign any legally binding paperwork on the property. Your lawyer will carry out the due diligence and basic legal checks; make sure that the property is free of any debts and/or encumbrances, request a review of building permits, licenses, certificates, and taxes.
The process of moving to another country is a whole other thing to work out. Even if you’re buying a property in Spain to serve as a holiday home, there are still many forms to be filled out. One thing to consider is a residency permit/visa. This is especially important if you live outside of the EU. If you have a good estate agent and the lawyer they can help you with this process.
Another very important factor is tax. If you move to Spain permanently, you will probably have to become a tax resident and pay income taxes, wealth taxes and capital gains on your worldwide assets for example. Make sure you have a good view of what moving to Spain will cost you, and how to pay taxes correctly. To help you with this, look to your estate agent if they offer these extended services or to your lawyer.
Finally, you’ll get to the fun part of buying your home in Spain: choosing a house. Although initially, you may just want to go with what ‘feels right’, it is wise to keep the list of needs close that you made before (see “Narrowing down the options” above). With this in hand, you’re ready to start searching.
After you’ve selected an estate agent, you can either start by simply browsing their website for properties or making direct contact and let them help you select a good fit. The former is especially good for a first impression, whereas the latter can help you cut down your initial list.
When you’re down to a shortlist of properties, your agent can start arranging the viewings. Once again, keep your needs in mind when you view a house. However, don’t let this cool down your opinion wholly. A house should also spark your imagination and encompass at least some of the things you’ve dreamed of. Once you have a property in mind you like, keep calm. Have the property surveyed by your lawyer before buying it. It will give you peace of mind, and a reputable estate agent will advise you to do so and have no problems with it, as their properties are usually well-inspected. Another good idea is to take photos along with the viewing. This way you can use them to review, it will help you evaluate the property at a later time.
In general, choosing a house is all about taking the time and thinking realistically. You may need to compromise on some things, but you will get a clear picture of what your home will be like. Having a clear view of the house will also help in the final sale.
Finally, keep in mind you’re not done when you’ve bought your house. Things such as ownership structure and transaction costs (taxes, fees, and mortgage costs) still need to be taken care of. Plus, you may want some advice on, for example, furnishing and short-term renting. Again, a good real estate agent and your lawyer can help you with this. So make sure you have one which offers extended services to help you after the sale deal has been made.
Having or getting a property in Spain is not an easy task, especially to those that have no experience on getting or buying a real estate property. That is why Leaxcoin has created a platform that provides a solution to all the problems with real estate transactions, either in the purchase, rent, lease, and real estate launch or in the property registry.
Know more about us today by visiting our website.