If you are considering buying a property in Spain it is important to be aware of the total cost of purchasing a Spanish property. The costs of purchasing property in Spain vary, depending upon the location of the property, but the costs fall into the same categories no matter where in Spain the property is located.
Please note that this article was written shortly following the referendum. For more up-to-date information, you may find our video on the effect of Brexit for UK nationals throughout the transition period and beyond helpful. We also have more recent articles on living, working and owning property in Spain, as well as an update.
Since 24th June 2016 one of the most frequently asked questions we are asked is “How will Brexit affect British property owners in Spain?” Clearly, many of those who are considering buying property in Spain are concerned about the impact that the vote to leave the EU will have upon their ownership of a property in Spain.
Are you confused about the rules regarding renting out property in Spain? Many of those who purchase property in Spain do so with the intent of renting it out for holiday lets. Recent changes in the rules relating to renting out property in Spain have caused confusion. To be clear, property owners in Spain are free to rent out their houses or apartments to whomever they wish. In fact, it is one of the fundamenta
This is by no means an exhaustive list of the questions we are frequently asked about buying property in Spain, but it is a start. We hope that we have provided the answers to your questions below. If you have any further queries, please contact us and we will be pleased to discuss your query.
When you are buying a resale property in Spain, aside from the legality of your purchase, one of your key concerns may relate to the time that the buying process can take to conclude. As with any process involving a number of actors with diverse interests, its duration will depend on a number of uncontrollable factors. Nevertheless, the following is a guide to the most important phases of the process and the time that you can expect each phase to last.
If you have considered purchasing property in Spain, you’ve likely done your research. You may have come across the terms ‘community of property owners’ and ‘community fees’, and asked yourself what they mean. Here we set out what a community of property owners is, what community fees are for, and why they can become a problem.
Buying property off-plan is back in Spain again, with developers keen to sell properties before they are built and purchasers equally keen to buy at a lower price, pre-construction. It can benefit both parties well, but of course there is a risk for the buyer that the property will not be built after they have paid upfront, either due to unscrupulous builders, or developers going bust.
We are all familiar with the old saying ‘buyer beware’. Certainly, many prospective purchasers of property in the UK know to proceed with their transaction with extreme caution. By enlisting the services of surveyors and solicitors a buyer can avoid spending money on a defective property or one without good title.
If there is one thing that sticks in the throat more than taxes, it is retrospective taxes. In the seven years since the economic crisis gripped Europe by the purse strings, property prices have taken a downward trajectory. No country knows this better than Spain, where properties are being sold at prices sometimes less than 50 per cent of the value they achieved in 2008. In the past few years, there has been an alarming increase in the number of claims made by the tax agencies of the different Spanish autonomous communities for unpaid purchase tax against homeowners who have acquired property, whether by purchase, gift, or inheritance, on the basis that the acquisition value declared in the transaction was too low.
We have nothing but praise for your patience and reassurance when we have had any concerns. On behalf of both of us we would like to thank you and your colleagues for the professional and warm way you have progressed the sale, it hardly seems any time at all that we saw you at the A Place in the Sun Live exhibition back in May and we are now the proud owners of a villa in the Costa Blanca.