Once you’ve found your dream home here on the Costa Blanca, it’s time to begin the actual purchase. One thing is for sure, the Spanish laws and procedures in connection with property purchases can often be very different from what we are accustomed from our homeland. However, it is not difficult to buy a home in Spain than it is in Scandinavia, but just a little different.
For everything to be right from the beginning of the buying process so we always recommend that one should take the help of a local law firm and then happily one that has staff who speak your language. We at Bostad Costa Blanca collaborates with several well-known law firms that we can in good conscience recommend, but it’s up to you to choose which law firm you wish. We help to whoever you choose.
Here are some of the questions that often come up
NIE number (Tax ID)
To buy a property in Spain must have an NIE number, which is a Spanish identification number among other treasures. This number is needed for a variety of things in addition to taxes, such as opening a bank account, buy a car, apply for loans etc. Getting a NIE number takes about a week, sometimes faster, sometimes a little longer.
If you buy a used home pay is normally a down payment of at least 3,000 euros, but in some cases it was up to 10% of the purchase price. Payment is made in connection with the contract signing and deposited into a trust account. Final payment is due upon the completion date. If you buy a newly built home, you pay a reservation fee of 3-6000 euros directly to the developer or through your legal representative. The down payment can here vary up to 10% of the purchase price.
Today, Spanish banks have become very reluctant to lend money. We’re not saying it’s impossible, but you should not expect to borrow more than the maximum 60% of the value of the home. Therefore, it is good if you have the funding issue resolved before you decide to buy a property in Spain. Swedish banks rarely lend money to property abroad. You must have some other form of security at home. If you have not solved the financing in Sweden before coming here, we have good contact with several banks who we can contact to discuss this.
In addition to the purchase amount, expect that there will be about 12-13%. There are the costs of taxes, notary, registration fees, etc. Should you also borrow from the bank will cost even for this.
Operating expenses for your home varies naturally on the property that you have chosen to buy. Here, just like at home, you pay electricity, water and insurance for your property. The cost of this is basically the same as in Sweden. In addition to these costs often pay a community charge to the association which can vary a lot depending on whether you have a shared pool, the large green areas to cater etc. Expect a total operating cost of between 1500-2000 per month. Property tax is paid once a year and also varies depending on the property size and assessed value.
How long does it take? Every real estate transaction is unique and it is difficult to say how long it takes from the moment you decided and signed the purchase contract until you have access to the residence. In general, we say that it will take between 4-8 weeks to get everything in place, but we’ve been through faster and considerably longer processing times.
The questions are many and this is just a sample of the questions that often come up for discussion. We recommend that you write down afterwards all the questions you have and take this with the attorney who will be in charge of your home business. We are good at selling homes but not experts on the legal ones and we do not give you the wrong answers to important questions and statements.