Spain is home to many exotic things to ex-pats: scenic Mediterranean and Atlantic beaches, Romantic language speakers, and iconic Roman-era ruins. The only thing that it doesn’t have is you.
But that won’t be for long. Spain is a hot destination for people to buy a property and take up residence in the country. However, the process can get very confusing when you begin.
Here is a basic guide on how to buy property in Spain so that they’ll soon be able to add you to their list of exotic things.
Can An Ex-pat Actually Buy Property in Spain?
It might feel like it’s too good to be true, but owning property in Spain as an ex-pat is a reality. In fact, the number of foreigners buying property in Spain broke records just several years ago.
Before Brexit, British ex-pats were the most represented group. Now you’ll find many other Europeans and even some Chinese. Everyone wants a piece of Spanish real estate, especially near the beaches.
Steps to Purchasing Property
Even though it may be easy for ex-pats to purchase property, there is still a process that you must go through to make it happen. You need to get an NIE (Número de Identificación del extranjero) in order for you to be able to make the transactions.
All documents that are issued to you have this number. It’s not difficult to get one, but it does take a long time. Once that is complete, the process is largely the same as in the US.
Agents will help you find where to own property in Spain. But sometimes you don’t even need a realtor if you choose Marbella as an option. But if you prefer an in-person approach you can probably find a reasonable realtor quickly.
Have Checks Done
Once the offer has been accepted by the seller, at this point you can have the necessary checks on the property. In this stage, cover all your bases and make sure the property doesn’t have any underlying issues.
Look at Mortgages
Mortgages are virtually the same everywhere, so you can opt to obtain a mortgage in Spain too. But be careful, as mortgages are hard to come by in Spain, especially after their housing bubble burst in 2008.
Get the Deal Done
If you’re in Spain already, then you can sign the contract of sale. You should have paid the full sale cost and other expenses by this time.
However, if you are not in Spain, you can hire a solicitor to handle this process for you. Your solicitor has permission to pay the seller, and handle the other expenses in your stead.
Taxes, Taxes, and More Taxes
There are certain taxes that you must pay in order to have the transaction go through though. As a buyer, you are responsible for most of the costs and those can vary by region. They usually fall between 8%-12%.
How to Buy Property in Spain
Learning how to buy property in Spain is fairly straightforward. Pretty soon you’ll be lounging on the coast near your seaside property. Don’t be afraid, get your Spanish home today.
For other informative articles like this one on buying property internationally, be sure to browse the rest of our blog.