8 tips for buying a house in Spain

20.05.2018

Buying a house in Spain or in another country is often a big and complicated step to take. Partly for this reason MedVilla has the following 8 tips. These tips can help you buy a house in Spain.

1. Never just conclude a reservation contract when buying a house in Spain

We do not start our list with the first step but with a very important tip. The conclusion of a reservation contract can have major adverse financial consequences. When signing a reservation contract, a substantial amount of money is paid to keep the property or plot off the market. This amount is of course a deposit for the home. When the contract is signed, no further negotiations are possible because both buyer and seller have recorded their wishes here. In addition, the final date is determined for buying the house, ie the transfer date at the notary. If you do NOT then you have lost the amount.

In our practice we have been called in by several clients who wanted to claim this amount back. This was because certain things did not go as expected, such as the mortgage application. It also happened that the house did not correspond at all with the show as made by the seller. Because the reservation contract had already been signed and the amount had already been paid, we were only able to start legal proceedings. In many cases, however, the seller has the right to keep this amount under Spanish law, even though this is sometimes very unjust

2. Make sure you request a NIE document in time for buying a house in Spain

Requesting a NIE document is a step that many people do not immediately consider when buying a house. However, it is a requirement when buying a house in Spain. It is therefore important that you have the document when you conclude the purchase contract for the home in Spain.

3. Open a bank account to pay the costs of buying a house in Spain

If you are going to buy a house in Spain, you need a bank account with a Spanish bank. This is regardless of whether you wish to take out a mortgage or not. Depending on whether the house in Spain also becomes your permanent residence, this is a bank account for residents or non-residents. The fixed costs (electricity / water / gas) of the bank account are paid and you also pay the tax. Gimbrère lawyers has experience with various banks and can advise you on this.

4. Make sure you know the region where you want to buy the house.

When you buy a house it is wise that you know the region in which the house is located. For example, when buying the house, pay attention to the distances to the main exit roads and airports. It is also good to check how far the house is from shops and whether they are easily accessible by public transport. When you plan to live in the house yourself, it is also important that you feel at home in the area. Living somewhere is not the same as going to that place every year, and it is good that you are aware of it. It may be wise to first rent a house for a while in the region where you want to live before buying a house

5. Invite an expert in good time to buy a house in Spain.

here are several (Dutch speaking) service providers in Spain who can assist you with the purchase of a property in Spain. Normally these are accounting offices, real estate agencies or law firms. However, it is very wise to have your purchase contract checked by a lawyer at all times. An accounting firm or real estate agent can, for your benefit, call in a lawyer. However, you can also do this yourself. Gimbrère advocaten does not charge extra costs for obtaining information about the process of opening a bank account and a NIE application.

6. Count on extra costs when determining the budget for buying a house in Spain

Buying a house in Spain carries various costs. For example, you should take into account transfer tax. This tax is, depending on the region where you buy your house, 8 or 10 percent. The Dutch-speaking tax lawyer of Gimbrère can advise you on this. In addition, you must take into account the lawyer's fees which are around 1 or 2 percent of the purchase price. What kind of home you buy, what you want to do with it and what the location is, also plays a big role in this. Finally, there may be a commission that you have to pay to the broker office that you have offered the house.

7. Ask about the possibilities of renovating the house you want to buy

When you buy a property or real estate where you want to make changes, it is advisable to state this wish to the lawyer who will examine the purchase for you. Having a part of the house demolished or having a part built up (such as a swimming pool, guest house or barn) can cause problems in connection with local regulations. It is therefore very important to clearly document your plans and discuss them with an expert.

8. The main tip; -) .... let MedVilla guide you for buying a house in Spain

At MedVilla a motivated team is ready to give you expert advice when buying a villa on the Costa Blanca. Do not you find what you need in our extensive portfolio of house purchase in Spain? Then we will be happy to search for you and save you valuable time. For example, buying a villa on the Costa Blanca in Spain is a pleasant adventure rather than a painful agony.

Take time to hire an expert and independent lawyer who can assist you from the beginning when buying a house in Spain. In this way you will be well informed and you will receive the right assistance at the right time.

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