Undoubtedly, there are a myriad of options obtainable for people who are interested in investing in residential similarities on foreign shores. From Portugal to Dubai and already Greece are all popular among people who are keen on buying a character aboard. however, none of these countries can come close to Spain in terms of what they offer.
Not only do you get the best of year around sunny weather, the sparkling blue Mediterranean waters and sand in all colours imaginable, but also you get the Spanish lifestyle served on a silver platter. The laid back and relaxed culture of siestas and “hasta mañana” is almost irresistible, as is the cuisine of tapas, pescado y mojo served with the crisp, Spanish vino.
Then, there is the exciting choice of locales that would suit the requirements of already the most discerning buyers. You could choose between a cosy house in the tranquillity of the white villages, locally known as the pueblo blancos or you could go for the urban decadence of Spain’s many towns and cities. Just as easy to reach are countryside homes, which are ideal for hikers, hunters and character lovers or you could opt for an elegant and inviting villa nestled in a gated estate.
But, is this the right time to invest in Spain?
truly, there could not be a better time to buy a house in Spain than this! The character markets have rebounded considerably in response to the economic recovery. In turn, this has led to renewed interest in homes all across the country. Add to this the fact that Spain remains the most popular and pocket friendly destination for people who want to move and work there, for those who want to use the golden years of their retirement along its sunny shores in addition as for buyers who are looking for an affordable holiday home that offers value for investment.
It is also imperative to understand that the resurgence in the popularity of Spain as a sunny, vacation hotspot method that there is a lot of scope for holiday lettings. In fact, so meaningful has been the growth in need for homes in the popular areas of the nation that several construction projects are due to start in 2015 to meet this requirement. As always, Costa del Sol is nevertheless the favourite area for people who want to own a home along the country’s famed and forever sunny coastline and among second home owners who are once again making a beeline to buy houses in the Andalusian vicinity.
So, how do you start the home buying course of action?
Finding the right character in Spain can undoubtedly be a harrowing task, with the plethora of options obtainable across various price ranges. This makes expert assistance and advice an highly useful asset that can tip the scales in your favour. Although there are countless factors to consider as you go about completing the formalities connected to purchasing a character in Spain, the very first thing that you will need to do is enlist the help of a reliable lawyer.
In Spain, all practicing attorneys are required to be registered with the local bar council or Colegio de Abogados. So, all legal professionals will have a registration number that can be cross checked with the bar association.
However, just because they are registered with the bar council does not average that they are practicing their trade honestly and with fairness. In fact, you will come to learn that finding a reliable and trustworthy lawyer or legal firm can be just as daunting as finding the right home in the country. This is where Winkworth can come to your rescue!
What goes into buying a home in Spain?
Once you have zeroed in on a character and have an able and reputable lawyer working with you, the stage is set to take the first step towards owning your dream home in Spain
Step 1: The Offer and Preliminary Contract
Typically, the ball is set rolling when the buyer makes an offer. This is conveyed to the estate agent working on behalf of the seller. If the price is permissible to the seller, both parties will sign a preliminary contract, which is locally called contrato privado de compravento. At this point, the buyer will be expected to put down a place, typically 10% of the agreed upon price. This money will be forfeited if the contract cannot be honoured for any strange reason. So, if a mortgage is needed to fund the buy, it is crucial to position for it before you sign the contract.
Step 2: Who pays the dues on the character?
Although, you are not required by law to have a solicitor working with you when completing the sale, this is a requirement put forth by many lenders and edges to safeguard their interests and those of their borrowers. Undoubtedly, a lawyer will be able to advice you on the intricacies of the buying course of action. Additionally, it would also be a good idea to get the survey of the character done.
This can be taken care of before you put up the 10% place or after it. The seller is responsible for the defects in the character if you have not been told about these. however, it is always a good idea to get a surveyor to take a look at the house, so that structural and other issues can be readdressed before the sale goes by. Furthermore, as the buyer, it will be your responsibility to ensure that all noticeable utility bills are paid; this includes electricity, water, local rates (IBI), community charges and already unpaid mortgage or other charges levied on the character.
All of this has to be up to date. If the character you are buying is a new construction, you will have to make sure that it has been granted the habitation licence. Your lawyer will be able to check this along with the other character ownership documents.
Step 3: Paying the price in complete
As far as the final contract for the sales goes (escritura de compravento), this is signed by both parties in front of a notary. Since this is the final interaction between the buyer and the seller, the party purchasing the character will have to pay the remainder of the sale value, taxes and any other minor point costs and fees that become due at this point.
The cost associated with buying the home along with all character and other taxes can be paid by the buyer or an agent working on behalf of the buyer. However, as the new owner of the character, it is the buyer’s responsibility to ascertain that all taxes are paid and formalities connected to the ownership of the character such as registration are completed.
Registration will be done by the notary for an additional fee or he may notify the registry office of the sale, without truly completing the registration course of action. In Spain, a capital gains tax of 21-27% applies on the sale of all similarities. This method that your lawyer will withhold that amount of money to cover the possible liability of the seller, so that you don’t end up paying more than you should for your new home.
Buying a house in Spain need not be a cumbersome or taxing course of action. In fact, it can be a thoroughly enjoyable experience as you go about analyzing the best of what each area and home has to offer. The biggest advantage is that the real estate market has just bottomed out. So, you have a multitude of exciting options to analyze and all of these come at affordable price tags. But, the low prices may not prevail for too long as more buyers turn their attention to Spanish similarities.