After obtaining your residence permit and your NIE, you may want to buy a property to live in instead of opting for the rental formula. Andalucia is one of the regions of Spain most in demand by foreign customers. The Costa del Sol - especially the triangle formed by Marbella, Estepona and Benahavís - is the most coveted area and the one that offers properties with the most luxurious design and construction standards. It is also the area with the highest population density of resident foreigners in all of Andalusia. The Costa de La Luz in Cadiz has also aroused the interest of foreign buyers in recent years, especially Cádiz, Conil, Zahara de los Atunes, Tarifa and El Palmar, where there are some of the best beaches in Spain and most charming towns. The capitals of Seville, Granada and Córdoba as well as the coast of Almería near Cabo de Gata are other privileged enclaves highly sought after by citizens of other countries.
Here are the answers to some of the most frequently asked questions:
What is the real price that I will pay to buy a home?
It is advisable not to confuse the sale price of a property with the total amount that the buyer will have to pay. The sale price indicated by the real estate agent or the one you see advertised on a real estate web portal is approximate but not exact because it does not include taxes and expenses *. As a general rule, you will pay between 10 and 15% more on the sale price, the result of adding these additional expenses and taxes.
* See the post about taxes and expenses related to the purchase of a property.
How long does the legal process take to buy a house?
You have already found the house of your dreams and you are eager to settle in it as soon as possible. You want to know how long the legal procedures take to calculate when you can move there. There is no single answer, that depends on various aspects such as the purchase audit. This process will guarantee the absolute success of the sale and will avoid disappointment, but you must be patient.
The purchase audit includes several large-scale jobs such as a face-to-face Technical Audit to check the status of electrical systems, pipes, enclosures, humidity, etc. It is vital to avoid encountering ‘surprises’ in the future; and a Legal Audit to study potential litigation, pending payments, payment of taxes that may imply charges against the new owner, insurance analysis, etc.
The process may be finished in less than a month, but it will depend on the aspects mentioned. If you want, we will be with you every step of the way to make sure that everything goes well and do not despair.
Can I request a mortgage in Spain? How much money will the bank give me?
Banks today usually give between 60% and 70% of the price of the property. Know that the house price for the bank is not the actual sale price. They make their own evaluation of the house and from this evaluation they calculate the price. Based on this price they grant the loan.
Can I buy a premises to convert it into a home?
It may be the case that you find an ideal place in a charming area and you want to buy it to live there. Wait. You need a municipal license. Before taking this step, you must go to the city council and request the corresponding license to convert the premises into your habitual residence. Whether the City Council approves or rejects it depends on whether the premises meet the necessary requirements established by the City Council. In other words, in each city different criteria may be applied to authorize the change of registration of a property from commercial premises to habitual residence.
In the last decade, this practice has proliferated to transform premises into tourist apartments. Some cities have increased the requirements to authorize this type of change of use.
I am not going to live the whole year in the house I have bought. Can I rent it?
Yes. Depending on the duration of the rental, you can take advantage of several different types of contract:
- Seasonal contract: for rentals of more than 30 days (they usually last up to nine months, from October to June).
- Tourist rental contract: for days or weeks. Given the proliferation in the last decade of tourist flats in Spain (especially in the main capitals and on the coast) this type of rental is subject to rigorous control by the administration. In Andalusia you must have the home registered with the Junta de Andalucía and, in some cases, request a license from the City Council.
- Contract of less than one year: many Spanish owners have second homes in a city other than their usual residence and they usually rent them for eleven months a year to enjoy them during their summer vacation month.
If you are not sure which city or area best suits what you are looking for, we will be happy to advise you and find the house you are dreaming of for your new life in Andalusia. Contact us.
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