Is buying a property in Spain easy?

Is buying a property in Spain easy?

If it has long been a dream of yours to buy a property in Sotogrande, but you are unsure exactly how the practicalities of such a plan would work, the good news is that it’s actually relatively straightforward to purchase a home in Spain. This is especially the case as would-be buyers from overseas don’t face any restrictions in terms of their basic right to buy property here.

But of course, that’s not the start and end of any conversation about the buying process. There are still certain things you will need to know, so we thought we would provide a quick summary of many of them below.

What do you need to do before buying a Spanish property?

If you are serious about acquiring a property in Spain as a foreigner, you will need to go through some practical steps before being able to actually purchase your dream home.

One such essential will be having a financial number, or what is commonly referred to as an ‘NIE’ number in Spain. You can submit an application for an NIE during a visit to Spain at a police station that deals with foreign documentation, or you might find it easier to simply apply at the Spanish embassy located in your country.

Having a Spanish bank account will also help make the formalities of purchasing a property here easier; that said, it is not absolutely essential.

Sotogrande continues to enjoy a thriving property market

One thing that will help if you are seriously looking to buy a property in Sotogrande, is having as strong a knowledge as possible of the local market.

In truth, with Sotogrande being such an exclusive and desirable part of Andalucia, its property values have historically stayed high even during times of considerable global economic uncertainty. Still, this underlines why purchasing here can be such a good idea for those who wish to invest, and there are options here to suit different budgets.

As with everywhere, there are fees incurred in the process of buying a property in Spain, other than the ‘headline’ price.

We have previously covered these charges in detail; they can include the likes of property transfer tax, notary costs, the title deed tax, the land registration fee, and legal fees. However, the exact costs payable can vary over time, and from one part of the country to the next, so it is important to seek expert advice and be well-informed on the exact costs that would apply to you.

There are also estate agent fees, although it is the seller rather than the buyer that typically pays these.

The process of buying a property in Spain

Firstly, the buyer will make an offer. If this is accepted, the buyer and seller will sign a preliminary contract and the buyer will pay a deposit – usually 10% of the purchase price.

The buyer will then arrange any mortgage they need, although by this point, they should have already discussed it with their mortgage provider. The contract of sale is usually signed with a notary present, and it will then be time for the buyer to pay the full sale price, taxes, and other costs.

There you have it – a quick ‘cut out and keep’ rundown of the steps involved in purchasing a Spanish home. If you have the ambition to buy a property in Sotogrande in 2022 or beyond, why not begin your search at Property Sotogrande, where we bring together the listings of multiple leading estate agents serving this highly sought-after part of the Spanish property market?