How to Find a House in Spain
So you've settled on Spain. With its sunny climate, healthy Mediterranean fare, and friendly people, it's not surprising that Spain is a popular destination for citizens from all over the world. Even with all of the positive aspects of living in Spain, finding and purchasing a house in Spain is not for the faint of heart, and will require intelligent investigation and planning, persistence, loads of patience and a large chunk of your hard-earned money. Stick with it and you'll be moved into your very own Spanish villa before you know it.
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Instructions
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Do Your Research
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Do your research about the buying process in Spain before you even consider buying a house. Don't forget to take into account the extra expenses and hassles of the required legal advisers, translators, notaries, taxes, mortgage fees and exchange rates. Lawyers and notaries usually charge 1 percent of the sale price, and property tax, and mortgage and property registration fees combined will set you back around 9 percent. Unfortunately, the local municipal tax, or "plus valia", is a wild card that varies based on the increase in the value of the property since it was last sold.
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Think about where you want to live in Spain. Get online and research different regions and communities in Spain, which include Catalonia, Andalusia, Aragon, Asturias and Basque Country. Different parts of Spain have different climates, different cultures, different foods and even different languages. Properties on the coast in Catalonia and Basque Country can be prohibitively expensive when compared to rural inland properties. These are all things to keep in mind when you decide which of the distinct areas to live in. Write down the regions that you're interested in based on your needs and preferences.
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When you've narrowed it down to a few regions, research the cities, towns and villages in those regions. Do you want to live near the commodities of a large Spanish city like Madrid or Barcelona, or would you be content with life in a 15 person village in Teruel, a region with the tourism slogan "Teruel Exists"? Write down the names of any communities in particular that interest you, keeping in mind that beach-front properties along the Mediterranean coast, and houses near larger Spanish cities will cost more than small isolated farmhouses.
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Do a search in English and Spanish (if you can understand results in Spanish) of housing for sale in the communities that interest you. Make a list of properties you would consider purchasing and be sure to include relevant facts like contact information, location, size, type of property and any amenities.
Finding and Purchasing Your House
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Contact sellers or real estate companies for further information and to set up times to visit properties. Try to group property visits in the same area together to save time and gas money. If you aren't currently living in Spain, schedule your visits as far ahead of time as possible, and within the same time period to save money on travel costs. But whatever you do, don't rush a decision on a property, even if it's love at first sight.
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When you've found the property you want to buy, it's time to contract a translator to translate all of your paperwork into English. You will also need a lawyer to take you through the intricacies of your contract and to make sure the contract is in your best interest before you sign on the dotted line. Never place your trust in translators or lawyers hired or recommended by the real estate company or the seller, as they may be likely to protect the seller's best interests instead of yours.
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After your lawyer has made sure that the house is registered, verified the current owner's identity, and confirmed that there are no debts against the house, it's time to draw the contract. In Spain, debts against a property stay with the property, no matter the ownership, so it is very important that your lawyer carefully investigates this. When the contract is drawn you will have to pay 10 percent of the purchase price as a deposit. Penalties will be incurred if the contract is broken in any way.
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A month later you will sign the deeds to the house in the presence of a notary and pay the remaining balance of the purchase price. As soon as possible, register your house with the land registry to prevent the seller from getting a mortgage or incurring charges against the property.
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Tips & Warnings
Learn Spanish if you plan to live or own a home in Spain. It will be helpful not only during the buying process, but also during your daily life in Spain. If you are set on buying a house in an area with a regional language like Catalonia, or Galicia, try to pick up at least a basic level of the local language. It might make you some friends, and certainly won't make you any enemies. Consider renting in an area you're not familiar with before making a more permanent commitment and buying. Keep track of the exchange rate or contract the services of professional exchange company.
Set a budget and don't stretch it. As of 2010, the real estate market in Spain is somewhat volatile, so you don't want to push your economic limits and end up losing money. Consider the full cost of purchasing and maintaining your property. Some properties have communal maintenance fees. Try to avoid buying your house in peak seasons when there's likely to be more buyers looking for property, which results in pushing prices up. Be prepared to pay some of the price of the house under the table. Be extremely careful though, because if you are caught by tax authorities you might have to pay a hefty fine.
References
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- Photo Credit spanish house image by les sanders from Fotolia.com
