What to consider when buying an apartment in Spain? It’s important to know what to consider to avoid potential problems. With our helpful guide, you’ll gain valuable insights and make informed decisions throughout the process.
Spain is a popular destination for buying a home among foreigners. The country’s warm climate, wonderful beaches and diverse culture attract thousands of people every year to look for their own vacation home or permanent apartment in Spain. However, buying an apartment in Spain can be challenging if you don’t know what to consider.
Find a Suitable Real Estate Agent
The first step in buying a property in Spain is to find a suitable real estate agent. Make sure the broker has the proper licenses and experience in the field. A good broker will help you find a suitable apartment for your budget and also offer help in the transaction process.
Use Professional Help in Legal Matters
When considering buying an apartment in Spain, you should use the help of a professional in legal matters. It is important to understand the local laws and regulations. It is wise to have a lawyer involved from the beginning of the sales process when you find the perfect property.
Understand the Costs of the Buying Transaction
Before you make an offer on the apartment, make sure you understand all the costs associated with the transaction. In addition to this, you should check for possible hidden costs, such as real estate taxes and unexpected repair costs.
In Spain, when buying an apartment or any other type of real estate, you could encounter several taxes and fees, for example value added tax or transfer tax, property tax, stamp duty, notary and land registry fees as well as legal and administrative fees.
Take Possible Exchange Rate Changes Into Account
When you have signed the Private Puchase Contract, you must pay 10% of the price of the apartment in advance. The rest of the money is paid within a timeframe agreed between seller and buyer. Also remember to take into account possible exchange rate changes and their effect on the price.
Obtain a NIE Number
Final thing, what to consider when buying an apartment in Spain: before you move to your new home, you must obtain a NIE number. The NIE (Número de Identificación de Extranjero) number is an identification number assigned to non-Spanish individuals who reside in Spain. It is a unique identification number that is used for various administrative and legal purposes.
The NIE number is issued by the Spanish government, specifically by the National Police, and it serves as a means of identification for foreigners in Spain. It is required for a range of activities, including opening a bank account, buying property, getting employed, paying taxes, and accessing social services.
Wrapping Up
Buying a property in Spain can be an exciting experience, but it also requires care and proper preparation. By doing enough research and using the help of professionals, you can find your dream home in Spain without unnecessary complications.
