Table of Contents
Selecting the offer
First, you should specify your preferences and examine whether you wish to buy villa with a view to a permanent stay or rentals. This will help our real estate agent to find an offer that meets all your expectations.
Upon selecting the property, do not buy it ”blindfold”. Make sure to visit the villa with real estate agents. They will point out what details to pay attention to, will advise you on the property condition and will show you not only around property but also around its area. Hence reliable real estate agent is the best choice to avoid pitfalls.
Generally, booking a property is equal to signing the preliminary sales agreement and paying a deposit of 2.500 to 6.000 EUR. The payment is included in the preliminary sales agreement and the amount is allocated to the property purchase price later on. It serves as a type of the clients’ and sellers’ security.
Preparing necessary documents and signing the notarial deed
The notarial deed is signed in Spanish, but do not worry, since a sworn translator may be present at the scene upon specific client request. Moreover, keep in mind that to execute the notarial need, the possession of the following documents will be obligatory:
- Spanish tax identification number NIE
- Confirmation of bank account opening
- Passport or ID
Financing the purchase of property
Many investors from Great Britain decide to finance the purchase of a villa in Spain by means of a mortgage. It is due to the attractive interest rate and Spanish banks being open to foreign investors.
It is also important to mention the additional costs and the required amount of own contribution, which amounts to 30% of property value. The additional costs are the following: VAT (10%) and the ITP tax. In total, the additional costs amount to 13-14%.
Why do so many British decide to invest in Spain?
The amount of British people investing in the Spanish property market grows every year. It is mainly due to the fact that a property overlooking the sea in Spain may be bought at the same or even a much lower price than a property in a crowded British city. Most importantly, the property provide a high return on investment, which is very favourable for the investors. What are you waiting for? Invest and make your dreams come true!