5 things you need to know before buying a property in Spain
Falling in love with Spain isn’t hard. The gorgeous beaches, abundant sunshine and affordable, delicious food and wine can quickly get under visitors’ skin. Golf lovers are also particularly well served by Spain, which has around 350 golf courses, many of them championship quality.
However, holidaying somewhere and buying a property there are two very different matters. As such, leading Spanish home builder Taylor Wimpey España, with its 60 years of experience, has provided its five top tips on what overseas buyers need to know before they put their money into the Spanish property market.
“Every country has its own unique quirks when it comes to buying property, and Spain is no different in this respect. Understanding the local market can ensure a pleasurable buying experience rather than a stressful one, so it’s well worth taking a little time to research everything you need to know in advance.”
Marc Pritchard, Sales and Marketing Director, Taylor Wimpey España
Taylor Wimpey España’s 5 top tips for buying a property in Spain:
- Choose the property type carefully
Different types of property come with different financial implications. For example, many buyers assume that condominium charges only apply to apartments. However, they also often apply to townhouses and villas built on private estates. As two thirds of foreign buyers in Spain opt for these types of ‘community properties,’ according to Just Landed, buyers should be sure to check the details as part of the viewing process.
- Arrange viewings early
The summer months are an incredibly busy time for the Spanish property market, so it’s advisable to book viewings as far in advance as possible. Don’t assume that it’s possible to just turn up and have a viewing on the same day without arranging an appointment in advance. While that may well be doable over the winter months, it’s unlikely to be the case during the peak summer season.
- Check the paperwork
It’s important to view the nota simple (similar to a Land Registry extract) before committing to buying a home in Spain. This is available from the Colegio de Registradores in Spanish, or in English for an additional fee. For new build homes, popular with many overseas buyers, the final building certification paperwork and guarantees all need to be in order, including certification from a registered architect that the property is finished.
Buying with an established housebuilder such as Taylor Wimpey España offers a comforting degree of certainty in this respect, as all its new build homes come with final building certification, plus a guarantee that they comply with all relevant planning permissions. At La Floresta Sur, Elviria, Marbella, for example, the key ready apartments and penthouses, with communal gardens and pools, have all the paperwork in place for a swift and easy purchase process.
- Check the cadastral value
Purchase tax in Spain is based on a property’s cadastral value. Interestingly, this value can differ from the sale price, as it is calculated based on the council’s valuation of the property, rather than on the seller’s. As such, buyers should not make assumptions about the purchase tax amount, but should instead check the cadastral value at the relevant regional government’s online tax agency site.
- Choose a trusted seller
Perhaps an obvious point, but one that’s still worth making. Choosing a company with a long, strong track record (such as Taylor Wimpey España’s 60 years of building homes in Spain) brings considerable peace of mind. Not only does it offer assurance as to the design and build quality of the property, but also in relation to how easy the transaction is likely to be – a key consideration when buying a home in another country.
For more information please contact Taylor Wimpey España today on 08000 121 020 or visit http://www.taylorwimpeyspain.com/. If you reside outside of the UK you will need to call 00 34 971 706 972.