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- There is trouble afoot if you don’t familiarize yourself with the rules and regulations of buying a property in Spain. The process is similar to that in the UK but the differences that do exist are big and important.
- Firstly be aware that you can expect to pay around 10,000 to 12,000 Euros (Approx £7,000 – £8,000) for fees on completion of a house sale. In the UK it maybe nearer £5,000.
- When you have agreed a price and your offer Buying a car in Spain is accepted; in Spain it is standard practice to pay a 10% deposit.
- Be aware however that this deposit is non-refundable. Don’t go changing your mind otherwise the seller keeps the deposit. This may sound harsh, but it is meant to protect the seller, as no doubt you’ll become a seller in the future.
- Be aware also that you will need to convert your English money into ‘euros’. It would appear that most English banking systems want to charge for this conversion. Sometimes in the UK, although we’ve found it to be rare, some institutions do this for free. Here in Spain it is common practice to do it for free, they earn money from the interest as they hold onto the funds for a couple of days as the currency is changed.
- Although generally speaking the ‘cost’ of living is a third down on the UK, certain aspects remain at the UK level. Furniture being one of those aspects; cars, car accessories, electrical and digital equipment. We mention furniture as you may choose to plan your furnishings in advance. If you’re moving to Spain to live then furnishings are expensive on a Spanish income. (Ikea… have found their way to Spain, but you may have to travel an hour to find one.
- This may sound obvious but it is worth mentioning as a reminder. Coastal Properties are generally 30% higher than 5 miles inland. This % can increase to 50% in some areas. Go 20 miles in land and you could spend 60 – 70% less. Although it maybe worth mentioning that in Spain a 5 mile drive could take 20 minutes and a 20 mile drive could take an hour.
- Planning laws in Spain are significantly different; and can vary from province to province. There may be ownership restrictions, these may not hinder your purchase but could have a big effect when you could come to sell.
- Try to get a copy of any document translated into English for your own observation. This may cost you money, but could save a headache later on in the proceedings. Small print misunderstood in any document that wasn’t translated could mean you want to back out of a sale; in turn losing your deposit.
- Estate Agents are generally sound and reliable… But don’t make an assumption that they’re credible. Watch their service! If they’re ringing you back in ten minutes and don’t do it they’re losing their credibility. Ask for testimonials of their professionalism and reliability. Don’t entrust them with any money until you’re confident with their service.
- Before you view any property or develop an interest in one over the internet, ask the agent to make sure it has an Escritura (in English – making sure it has the ‘deeds’).
- If you are struggling to make a decision about which property you want, or cannot find a property that fits your requirements, consider renting for six months. By renting for a short period you’ll find the pressure is off making a decision quick and it will allow you to get a better feeling of location and price.
- The price of Spanish Property is very attractive at the moment, but that doesn’t make the decision making any easier. This now encourages wider choice, varying prices and different degrees of value. Be prepared to work harder in your search.