What are the costs of buying a property in Spain?
We often asked about this and here are the figures to hold on as a rule:
10% transfer tax on top of the purchase price of the property for resale properties and with the new build properties you pay on top of the befored mentioned tranfer tax another 1.5 % to the Valencian goverment.
It's important to bear this in mind before you even start looking for a property because it can come as a nasty shock to buyers who haven't put enough aside to pay for the taxes.
Notary and registry is about between de 1000 euros and 2000 in general but is depending on the property you are buying.
Lawyers' fees vary but are usually between the 1000 and 1500 euros depending what kind of property you buy (resale or new)plus the costs of any official documentation needed like the NIE number wich you need if you buy in spain. We can help you choosing the right sollicitor to do all the searches on the property before you buy so you have a peace of mind as you are buying in a foreign country.
It's common practice in Spain to put down an initial small deposit to persuade the agent and or owner to remove it from the open market. After preliminary legal checks prove satisfactory, it's normal to pay a deposit to secure the property. This has the advantage of stopping the iniquitous UK-style gazumping - you lose your deposit if you pull out of the buy but the owner has to pay you double your deposit if he or she reneges on the deal.
Choosing the right location is important?
Choosing the right location is one of the most important things to do before you even think about buying a property in Spain. You need to take your time and travel around the Costa Blanca untill you find the spot for you be it on the coast of Orihuela or it may be inland where it is more rustic and also the golf courses which the Costa Blanca and Costa Calida have plenty off. Once you are happy with the area talk to us about what type of property you are looking for and i am sure we will find the house of your dreams on the Costa Blanca Spain be it a new one or a resale we have properties from a small apartment to a town house or a large detached villa with its own pool. Newhorizons Property can find you your property of your dreams in Spain
You could buy a property without a solicitor because it is not obligated by law but we advise you to use one just to be sure everything is in order. Also it makes it very easy and relaxed buying a property in this way. We have an independent solicitor we can put you in contact with which take everything out of your hands. References of many clients who bought with him are available. He will do the purchase contract for you, will check de property on any debts, mortgages and legality, pay the taxes and organise everything for the notary and translate for you. Later he will pick up the original title deeds up from the notary to take it to the register office to registrate the property in your name. Water and electricity contracts he will change over in your name and also make the change over with the administrator of the community. As you can see there is quit a lot to do but this will be all be done for you and you do not have any worries and is a piece of cake and a safe purchase in this way. It is also possible to give the solicitor a power of attorney so that means in this way you even does not have to be or to come to Spain and the only thing you have to do is to pick up the keys and start enjoying your Spanish life or holidays in your new home.
Retiring in Spain?
The first reason for retiring to Spain probably has a lot to do with the weather. After suffering a cold winter in northern Europe many people look toward warmer climes. Not only is it a lot more pleasant but as we grow older our bodies certainly benefit from the higher temperatures as do our pockets with the lower fuel bills. Many people report that their arthritis and other aches and pains are much improved by their life in the sun. The excellent Mediteranean diet can also greatly benefit your health on retiring to Spain.
The cost of living is another important consideration as, although prices in Spain have undoubtedly risen in the last few years, so they have in the U.K and generally speaking ones pension does go further in Spain. Although the winters can be cold and wet they are never as cold as northern Europe so less is spent on fuel. If you are already in receipt of your winter fuel allowance before you leave the U.K. then this can still be claimed from Spain although you will probably find yourself keeping it to help pay the cost of your air conditioning in the summer! Additionally the cost of running a car in Spain is a lot less than in the U.K. so that is another added bonus for many people retiring to Spain. The other reason many people have for retiring to Spain is something less easily defined but none the less important, it is the "quality of life." This may mean different things to different people but even so those who have moved to Spain generally agree that there is an all important something here which has made life better for them.
Perhaps it is the more relaxed attitude to life, along with plenty of sunshine and longer daylight hours. Certainly the pace of life is slower here and on the whole less stressful than "back home."
What means buying within a community of owners?
This is the system which is used all over Spain what it means is that you all share the cost of the up keep to the urbanation which could include a pool street lights and cleaning. It normally is a very small amount. You vote in a president and a commitee to over see the running of it for a year then you have another election. At these meetings you can voice your feelings about what you want done also they are very good for getting to now your neighbours.
Lending in Spain
More and more clients are looking to purchase a property in Spain with the aid of a mortgage.
Spanish lenders historically will lend 70% of the valuation to non-Residents while others will lend 80%. Please note this lending is based on the valuation price of the property or on the purchase price and that means whatever is the lowest,
New Horizons Property have access to both Spanish lenders and will be able to select the correct bank to meet the clients requirements after firstly discussing the clients case with them individually.
Please be aware that mortgages cannot be taken out on a property which has not yet been built.
As in other countries, it is imperatively important that you take care of all valuable items, including yourself in Spain. We have access to a wide variety of insurance policies as follows:
We work with Currency direct company for exchanging money which will offer you a profesional service and the best rate to exchange your money. They are a large UK company with many offices all over the world and your money is fully protected above and beyond the compensation scheme.
We work alongside rental companies who specialise in renting on golf courses, properties close to the coast and also inland.
Below is a selection of airlines that provide low cost flights to the UK and Europe: