12 steps to purchase a Spanish house

Everyone knows how much headache a house is buying, even though it is your first time... especially if it's your first time! Always prepared to help you, idealista guides you through the 12 simple steps to purchase a house in Spain. for sale qatar

Sort your budget: Your budget First of all, you have to know how much you can spend to buy your new Spanish property and how much you have already saved. If you calculate this on the basis of your monthly income, your budget should not exceed 35%–40% of your monthly net income.

How are you going to pay? There are a number of options to pay for your house:

One-off payment: Payment of the full selling price of the property to the seller, usually through a bank check in the name you hand over when you subscribe to the property deed.

Mortgage Loan: to obtain a mortgage from or at home from the bank using the property itself as a default guarantee. The payment terms can be up to 40 years, depending on how old you are and certain other circumstances; banks generally offer to lend 80% of the house value and the remaining 20% will be paid by the buyer.

Mortgage subservience: Change the debtor's name on an existing mortgage to your own name, take on all of its rights and liabilities and make you a new mortgage payer. This must be requested by the same bank entity with which the mortgage already exists. One advantage of substituting the mortgage is that all the costs of a new hypothec are saved by yourself. However, the terms and conditions are set and you cannot adapt them to suit your needs.

Decide which type of property you want and where, whether a new building or a secondary building, free or protected, on the seaside or in a town. The one that best suits your needs and personal situation should be chosen.

Select a seller. Once you have decided where to buy and how much to spend, you will find your search much more focused and productive. Note: the price and the conditions of sale depend on the type of seller, so choose wisely between a private seller, an immobilizer, developers or banks, each having its own advantages and disadvantages.

Visit the property, talk to the neighbors and check the place. When you visit a place, take notes, check measurements and take pictures of anything you like. Take the distribution of the areas and rooms, the direction of the property, the amount of lighting and ventilation, the state of fixed installations, the cable and the energy efficiency, the amount of noise and everything else in the area... Briefly, be thorough at your first house visit!

Make a bid (can't refuse):

Take a trip to the register of the property to find out all the property details and change your offer accordingly.

Make sure that you have your mortgage in place to offer it.

Just look over the property again before making your offer.

Sign the deposit contract (contrato de arras). It is the first agreement that is usually signed and is a type of preliminary protection for the rights of both the buyer and the seller. When you sign up, you must pay a 10% deposit at the house, taking on all the buyer's rights and responsibilities. If you decide not to complete the transaction later, you will lose the deposit but if the seller cancels the sale, they will be obliged to return the deposit to you.

Sign the deed title. This part of the purchase process must be done with the buyer and the seller present in front of a notary. The document must include a description of the property, and must explain every house mortgage or fee, the final selling price agreed, and how it will be paid, plus the taxes and expenses associated with the sale. It is also a good opportunity to check that all documents, such as the Energy Performance Certificate, insurance where applicable and the lagest tax and cost payments in the Community, are present and correct.

Pay the cost of the transaction and the taxes. The principal expenses for buying a home in Spain include the transfer of ITP property and VAT, tax on the capital gain, cost of a notary, payment for registering your name in the register of property and all costs related to the mortgage.

Change the name of the bills for energy, water and gas. The energy companies and all other service providers should be informed that you are the new owner and will from now on pay the bills.

Keep all documents. Keep all documents. Put them in a safe place and do nothing to lose! You never know when again you're going to need them.

Collect the keys to your brand new home!

Go Back