When buying in Spain, every first-time buyer needs to be aware of the property market. Whether homebuyers want a budget property to buy below 100K, or a high-end villa with six-figure property prices, buying property in Spain, or indeed in any other country, is nothing short of a huge decision, and big lifestyle purchase.
Whether buying a bargain holiday home or looking to invest, before taking any steps towards purchasing a Spanish property, it is vital to work out finances with affordability in mind. Decide how much money do you intend to spend and where will it come from. Will it involve either selling or mortgaging UK property or selling other assets to raise the necessary amount?
When purchasing any property, also consider all the extra costs involved. Buyers who don't have a firm grasp on available money and knowing at which stage of the home-buying process the funds need to be released sometimes get attached to an investment property they can't buy. Therefore making a financial plan is perhaps the most crucial step on the path to purchasing a home for sale without unexpected problems.
Once you have worked out exactly how much to spend on your new first home in Spain, eliminate any properties out of the price range. This lessens the chance of becoming emotionally attached to a family home you can't buy.
Make a note of the following critical financial points:
There are further costs apart from the purchase price involved with purchasing a property in Spain. These costs depend on a few different factors:
Allow approximately 10% to 12% of the total purchase price for fees and taxes. So buyers looking at a 150,000€ budget should consider an extra 16,000€ for costs.
The fees and taxes incurred when house buying include the following:
If this list overwhelms you, do not worry because, as your real estate agent, we have experience in property sales, first-time home buyers and will take care of the paperwork on your behalf. All you need to do is know exactly where the money will come from and exactly how much you can borrow, and you will be one step closer to buy a house in Spain.
When looking at properties in Spain, there are many Mediterranean coast and inland destinations to choose from. Some that stand out for foreigners buying a new home include the Costa Del sol, Costa Calida, Alicante, Torrevieja, Balearic-islands, Estepona, Canary-islands, Benidorm, Ibiza, and Tenerife. Deciding which location is best depends on two factors; your lifestyle preference and budget. Please find out more about our article on the best places to buy a property.
Once finances are sorted out for your property purchase, you can start to find your perfect home. The housing market in Spain is full of apartments and villas for sale; hence you do not have to compromise. Decide on a new property, resale or off-plan home and then begin your property search by browsing our new listings. Each contains everything to know, including the type of property, number of bedrooms, bathrooms, home features, price, and location. Also listed are contact details to find out more via email or arrange a viewing.
About Us: We are Spot Blue, an international estate agent who helps people who plan on buying in Spain. Our expert knowledge of the property market stems countrywide with specific attention on the southern part of Spain, including the Andalusia region. Before buying, get in contact today to discuss houses for sale in Spain. Otherwise, our blog section includes more helpful information for anyone looking at renting, buying a home, becoming a homeowner, looking at houses for sale, the Spanish real estate market, and living in Spain.