mimar gestion hotelera introdusert i salg og kjøp av hus i Costa Blanca
To think off when buying a property in Costa Blanca, Spain.
So, the prefect time for purchasing property in Spain has arrived. The prices are dropping down due to the situation of COVID and are calculated to drop about 6 to 9 % this year but keep in mind that popular areas will not be affected so much!
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Here is a list of things you need to think off when buying a property in Spain.
It can take about 2 till 3 months from the day you start the paperwork until the final signature. It also depends on if you are getting the mortgage in Spain or not.
As non residen, you need a NIE number (Numero de identificación de extranjeros). You need this number so you can do transactions in Spain.
(OBS. It´s not a valid identification!)
IA bank account. Don’t think it’s a requirement, but it makes everything much easier. All the transactions, fees etc. will go faster and cheaper.
You can get a Spanish mortgage if you want to! But keep in mind that for non-residents the bank might ask to put a larger deposit..up to 50%.
Make sure you have a good, reliable, serious and faithful agent. Someone you can trust. This person is the key to getting started, a good negotiation (don’t push the price too hard as it might break the deal and make you loose the opportunity, trust the agent). And you can give him or her a power attorney so he or she can do all the steps for you if you are not in Spain. That agilities the process.
There are a quite few fees you need to keep in mind apart from the property price.
IITT or IVA
ITT (property transfer tax) …for second hand properties and is 4% to 10% depends on the region!
IVA (VAT) taxes is 10% apart from Canarias islands where its only 7%.
INotario (notary) is the person that will be signing the deal of the purchase. You will meet up with him together with the sellers, the agent, the bank representative with the check and he will make sure that you really know what you are signing/ buying with all details as he reads through the entire contract before signing you all! Cost approximately 800 Euros
The “Registro” is actually paying to have the property registered in your name the national property registers. Cost approximately 250 Euros
The “Gestión” which is a service offered by the bank that you can actually not refuse. They do the paperwork for the registry, pay the invoice to the Notario etc .and you pay the service! Cost approximately 450 Euros.
The “Tasación” is the Valuation of the property! Either the bank sends a tasador (a valuator) or you bring your own but it must be an official one! They make you pay for it. Cost aproximatley 200 Euros.
So all together including agents fee etc. about 10% of the purchase price!
And of course....Make sure all the documentation is in order! It makes it all easier.
The most important document is the "Nota Simple". This is the document that tells you if there is a debt on the property, the community payments are up to date etc. The “notario” only checks the debts for the last year…but you are actually obligated to cover the last 3 years! A good agent helps you to check that and getting you in contact with a lawyer if needed. So you want to make sure all payment for the last 3 years are up to date! The “nota simple” also tells you the type of land you are buying if its residential or commercial etc.
IITE. (Inspección técnica de edificios) if the building is older than 10 years! It is the technical inspection form for the property. Makes sure that the insulation is fine, the foundation etc.
So as you can see, choosing a professional and reliable agent is important! Do not hesitate in contacting us for help☺