Buy property in Spain – how to start?
If you find a perfect property do not buy it without seeing it in person or via a videochat. It is important to see the actual condition of the property, since the pictures may deviate from reality. Make sure to check the walls, floors, furniture etc.
Once you choose your dream house or apartment it is best to consult a real estate agent in Spain, who is well-acquainted with the market and with all the formalities since legal regulations change very quickly. In addition, the agent should pay attention to the condition of the house as well. If something seems off, they should inform you.
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The preliminary contract – what is it?
Signing the preliminary contract is a form of a collateral for you and the seller. In case any of the parties to the agreement withdraw from it, the withdrawing party is obliged to pay a payment in advance. It usually amounts to EUR 3,000-6,000. Thanks to this contract, the potential buyer is booking the property and mustn’t be worried that the owner sells it to anyone else.
It shouldn’t be a surprise that buying property in Spain is impossible without having an ID card or passport and its copy – just like in any other country. However, what is new is the NIE number (Número de Identidad de Extranjero). It is a number assigned to a foreigner in Spain. It may be obtained at police stations – sometimes it lasts up to 2 months. A professional real estate agency will help you in organising the meeting and will be present during it. Moreover, you should have an open account in a Spanish bank, which also may be assisted by a real estate agent.
Best regions to buy property in Spain
First of all you should focus on what will the purpose of your property be – whether you wish to live in it or rent it to tourist for profit. The location is another important factor – city centre, outskirts, by the sea or in the mountains? Choose the perfect area with many tourist attractions or a quiet place with no neighbours. The choice is yours.
Costa Blanca is one of the most popular areas for investment. It is mainly due to the wide variety of properties at different prices and its beautiful, sandy beaches with all amenities at hand. It is a great place for family with children, as well as for couples of all ages and singles.
You have to keep in mind that properties near popular tourists resorts are more expensive, but they are also more attractive to tourists and therefore generate more profit. Alicante, Benidorm and Calpe are only some of the most popular and beautiful cities in the Costa Blanca area.
Alicante is the capital of the province and is known for its interesting history. In addition, it is filled with tourist attractions, such as the Basilic of St. Mary or St. Barbara’s Castle.
Benidorm is a Spanish New York. It is full of pubs, restaurants, clubs and fun. It is a perfect place for people who wish to relax dancing to their favourite songs. It also has beautiful beaches, which are adapted to children and adults.
If you wish to relax in a more quiet place then Calpe will be perfect for you. It is known for Penon de Ifach – a 332 m limestone rock, which is referred to as the little Gibraltar. When climbing it you may meet seagulls and cats wandering there. It is ideal for active recreation and the views are amazing.
Should you buy property from the owner or via a real estate agency?
Many people believe that buying property directly from the owner results in saving a lot of money. It is true, however, real estate have experience in negotations and therefore it may be just as affordable. Moreover, with the assistance of a real estate agency you will save a lot of time.