Whether you are looking for a budget property below 100K, or leaning towards a high end villa costing over 500,000K buying in Spain, or indeed in any other country, it is nothing short of a huge decision, and therefore not an issue to take lightly.
Before taking any steps towards buying a property, it is vital you work out your finances. You must decide how much money do you intend to spend, and where will it come from. Will it involve either selling or re-mortgaging your UK property or are you selling other assets to raise the necessary amount?
When purchasing any kind of property, it's crucial to consider all the costs involved in addition to the purchase price. If you do not have a firm grasp on how much money you have available, as well as knowing at which stage of the buying process the funds need to be released, it's possible you might get attached to a property that realistically you are not financially in a position to buy.
Therefore making a financial plan is perhaps the most important step on the path to buying your dream Spanish home without unexpected problems.
Once you have worked out exactly how much you have to spend on your new home, you can eliminate any properties you will not be able to afford. This lessens the chance of becoming emotionally attached to a home you can't realistically afford. To determine the average price of properties visit private agency sites like https://www.javea.properties.
There are further costs apart from the purchase price involved with purchasing a property in Spain. These costs depend on a few different factors:
As a rule of the thumb, allow approximately 10% to 12% of the total purchase price to cover all necessary fees and taxes. So if you are buying a house for 150,000€ budget for an extra 16,000€ for fees.
If this list overwhelms you, do not worry as your estate agent and real estate lawyer are used to dealing with property sales, and will take care of the paperwork on your behalf. All you really need to do is know exactly where the money will come from and exactly how much you can afford, and you will be one step closer to acquiring your dream Spanish property!