Buying a Property in Spain

Typically there are several stages of planning that a buyer will work through to purchase a property. Although we identify the stages here, in actuality they will be extremely individualised for each person going through this process. Please be aware that there is not necessarily a "right" or "wrong" way to go about working through these stages. It is simply important for you to be aware that these stages are elements of the typical purchasing process:

STAGE 1

Decide the main reason for the purchase. Is the property for use as a permanent home, a holiday home or a buy to let investment? The answer to this, plus your personal preferences, will help you to determine the type and location of the property.

STAGE 2

Decide which area in Spain most appeals to you.

STAGE 3

Decide on your maximum budget.It makes no difference if you are going to finance your purchase from your own funds, by releasing equity in your home, by obtaining a Spanish mortgage or by a combination of these. Decide on a budget and stick to it. That is – decide your upper limit. We at Utopia Spanish Property take great pleasure in helping people realise their dreams – we are not in the business of creating nightmares.

STAGE 4

Arrange your finances. This is vital before you view any Spanish property. If you need to sell a house before buying – sell it prior to viewing properties. Likewise if you are to arrange equity release on your home – do this first. Whilst some developers do sometimes offer special arrangements, as a general rule for Key ready property you will need access to about 20% of the purchase price. For off-plan situations, your mortgage could be around 50%. These figures do not include taxes and legal costs of approximately 10%.

STAGE 5

Arrange your inspection visit through UTOPIA SPANISH PROPERTY.

STAGE 6

Once you have found the property of your dreams, you need to reserve it. To do this you will have to pay a holding deposit - usually by credit card and usually between 3,000 and 6,000 Euros. At this stage you will need a solicitor who is an expert in Spanish law and speaks both English and Spanish. We can recommend suitable lawyers in the area but please remember that they are only recommendations and you can use any legal adviser that you want. You will also need a bank account and to obtain an Identification Number (NIE). We can assist you with both of these items.

STAGE 7

At this point, your solicitor arranges all legalities and stages payments, etc., until the property is yours.

Please remember that no property will be offered through Utopia Spanish Property unless all legalities are in order.