Are you considering a move overseas or investing in international real estate? Spain, with its rich culture, stunning landscapes, and favorable climate, has long been a popular choice for individuals looking to purchase property abroad. In the past Sunday’s edition and training of the Move Overseas Now Club Call, we dove into the world of Spanish real estate with James Lever from Rob Laver Property Consultants—a family-run property consultancy in Sotogrande, Andalusia. James shares valuable insights into the real estate market in Spain, the buying process, associated fees, and more. Whether Spain is your top choice or you’re exploring other EU countries, this episode provides valuable information applicable to your real estate journey.
1.- Understanding the Buying Process:
- Setting a budget and exploring mortgage options.
- Contacting a local real estate agent to view properties.
- Making formal offers and negotiating with the property owner.
- Engaging a lawyer to draft a private contract and finalize terms.
- Signing the title deeds at the notary for property ownership.
2 .-Overview of Fees:
- New build property: 10% of the purchase price (including 2% for lawyers and notary fees).
- Resale property: Approximately 10% of the purchase price (including 2% for lawyers and notary fees).
- Land purchase: 7% stamp duty (if buying from an individual) or 21% VAT (if buying from a developer).
3.- Buying Land and Building:
- Purchasing land and building on it requires finding a trusted partner.
- Stamp duty for land is 7% when buying from an individual or 21% when buying from a company.
- Most land purchases in Spain involve individuals rather than developers.
4.- Annual Taxes and Insurance:
- Annual property tax (IBI) varies based on property size.
- For a 110 sq. m apartment, the approximate tax would be €1,300 per year.
- Home insurance is not mandatory but can be obtained from private insurance companies.
5.- Property Warranties:
- Resale properties do not come with warranties, and buyers should conduct due diligence.
- New build properties often offer a one-year warranty period for snag-checking and addressing issues.
6.- Mortgage and Life Insurance:
- Life insurance requirements may vary by country, and it’s not mandatory in Spain.
- The need for life insurance might depend on the lender or personal preferences.
- Loan terms in some countries, like Portugal, may have restrictions based on the borrower’s age.
7.- Other Considerations:
- Different countries have distinct regulations and practices regarding mortgages and insurance.
- It’s essential to research and understand the specific requirements of the country you’re considering.
Purchasing real estate in Spain presents an exciting opportunity for individuals seeking a new home or investment property. James Laver’s insights from Rob Laver Property Consultants provide a comprehensive guide to navigating the Spanish real estate market. Whether you are interested in Spain specifically or considering other European countries, the fundamentals of the buying process, associated fees, and important considerations remain similar. Take advantage of this valuable information to embark on your international real estate journey with confidence. Join the Move Overseas Now Club here to watch the full episode.
Don’t miss out on the opportunity to join the Move Overseas Now Club, I’d love to have you! We talk about everything moving abroad and I give you 2-90 minute trainings each month. It is a great way for you to stay on track of your move abroad and learn the essentials that you need to know. I’m here to help you find your way.
Are you ready to find your dream home in Spain?
If you’re considering buying or investing in real estate in the south of Spain, I highly recommend reaching out to James to help you find your dream property. Whether you’re retiring, looking for a holiday getaway, or a family home in Sotogrande, James has got your back.
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