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| Thinking of buying a Costa Blanca property? Then you must first read this guide to buying in Spain. All the best information and a step by step guide for buyers. Everything you need to know about Costa Blanca Property. |
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For most people the dream of buying their own “place in the sun ” will forever remain just that, a dream. However in recent years a growing number of people have been able to change that dream into a reality.
Tempted by the sunshine and the leisurely and relaxed way of life, many have decided on the Costa Blanca area as their dream destination. In fact the Costa Blanca is an ideal location for a holiday home or even for permanent re-location, it has a warm and temperate climate, low rainfall, fantastic hot sunny summers and easy access to major airports and motorways.
1. Deciding on a Budget – Before you start looking for your perfect Costa Blanca property you must set yourself an affordable budget. This will be your main guide throughout the entire process and will influence other decisions such as location and property type. Set yourself an affordable budget and try to stick to it.
2. Choosing a Location - Picking the ideal area for your Costa Blanca property is another important decision you will have to make. In the Costa Blanca as with anywhere, there are good and bad areas, take your time and have a good look at the various locations available, when it comes to re-selling later it will help if you have chosen well.
3. New or Resale? – Another choice you will have to make is new or resale property. I would suggest that you keep an open mind on this and look at both. New is fine but you will probably be buying off-plan, so be ready for a long wait (up to 2 years) before you get your keys. There is plenty of resale Costa Blanca property available and some excellent bargains to be found. These resale properties are usually furnished and may already have air-conditioning, grills, alarms etc fitted – this can save you a lot of money.
Also with resales you get to see what is built around the property, you certainly don’t want a huge apartment block taking away your sunshine.
4. Property Type – This is another choice that will have to be made and it will depend to a certain extent on your budget, but also on your own personal requirements. To you want a detached villa on its own plot, or an apartment in a seafront block? Maybe you are dreaming of a townhouse in a nicely landscaped and secure urbanization which is safe for the children. Perhaps you want an isolated finca on a huge plot of land in the middle of the countryside. There are many types of Costa Blanca property so it helps to have a good idea of exactly what you are looking for before you start, otherwise you may find yourself going around in circles with no decisions made. Most estate agents will ask you these questions before they start showing you any properties.
5. Choosing Your Property – Going out and looking at potential properties is probably the most enjoyable part of the whole process of buying a Costa Blanca property, so have fun but always keep in mind your previous decisions on property type, location and most important, budget. Be certain to take a camera with you and a notebook to keep detailed notes which you can use later to make a short list. If you have a video camera, you could keep a video diary of your day this will help with your short list.
When you have compiled a decent short list, go back and see all those properties once more, the first look goes by in a flash and it is essential to take a second or even third look before you make a decision.
6. Paying a Deposit - You have made you choice, now is the time to put your money where your mouth is! The usual in Spain is a 3,000 euros deposit to take the property off the market. The next step will vary depending on whether your choice is new or resale. With new property the next step will probably be payment of something in the region of 30 % of the final purchasing price, payable within one month. There may also be stage payments during construction though the norm is balance on completion. Different builders have different rules so be aware of these before you decide to put down your 3,000 euros deposit. With resale property the whole process can be completed within 1 month (if this suits both seller and buyer), so normally it is 3,000 euros deposit and the balance on signing at the notary.
7. Retaining a Solicitor – You will need to enlist the services of a Spanish solicitor with a good knowledge of Spanish property law. It is also important that he (or she) has a decent understanding of the English language, as you will be conferring constantly with him throughout the buying process. It is essential that you understand everything before you sign and your solicitor is there to explain it all to you. If you are not sure of anything don’t sign, ask lots of questions, he is there to help you. After signing at the Notary your solicitor should also help with such details as changing names on bills and contracts (electricity, SUMA, water, community etc), and you can retain him to deal with your tax returns in the future.
8. Taxes and Costs – Although this is at number 8 you should consider everything here when setting your budget. The total figure for taxes and costs is normally in the region of 10 %-12 % on top of the asking price of the property. These costs include Plusvalia Tax (on the increased value of the land), Transfer Tax (IVA), 6 % on new property, 7 % on resales, Notary fees (around 500 euros), Land Registry charges (300 euros), mortgage fees (if you need one) and solicitors fees. After signing you will need to be aware of future costs, these include SUMA tax (local council tax), Wealth Tax (a tax on non-residents owning property in Spain), building and contents insurance, community fees (most Costa Blanca property is part of a community) for the upkeep of communal areas and solicitors fees for paying your taxes etc.
9. Signing the Deeds (Escritura) – The final step before collecting the keys for your Costa Blanca property is the signing of the deeds. This takes place at the Notary office (the Notary is an official government representative) and you need to take your original passport with you (together with the passports of anyone else who is to appear on the deeds) and your N.I.E number (foreigners identification number) which you will need to obtain beforehand. To obtain an N.I.E you will have to go to any national police station – ask your solicitor about this when you first appoint him.
10. Taking Possession of the Property – When the deeds are signed and the final monies paid you will receive the keys to your property. You will then need to make sure that electricity, water and SUMA contracts are changed over into your name. Don’t forget to organise property and contents insurance. If the property is new, you will want to check it through and write a snag list of any problems.
11. Congratulations – Now you are the proud owner of your dream property on the Costa Blanca, relax and enjoy it. |
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| About Author |
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Stephen Locke is an authority on the Costa Blanca region, his website contains a wealth of information, pictures and maps of the area. For holiday rentals and property on the Costa Blanca click HERE: - http://www.needahandspanishproperties.com/and for details of airport transfers look HERE: - http://www.needahandspanishproperties.com/murcia-transfers.html
Article Source: http://www. ArticlesTake.com/author-steve-locke-953.html |
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