In addition the banks have become the largest owners of Spanish property as many property developers and builders folded and the banks took control of the housing stock. With more than 700,000 properties owned by the banks and sadly many desperate owners trying to sell their main or second home, now is a great time to buy a Spanish property.
But you must buy safely, so before you start searching, follow the top tips below from local English Solicitor & Spanish Abogado Alex Radford of Irwin Mitchell.
1) Think carefully about the type of property you would like to own and plan your budget. Allow between 10% and 12% for costs on top of the purchase price
2) Do your homework on the chosen area and consider local facilities, regularity of flights from your airport to the local Spanish airport and distances involved on arrival
3) Source local estate agents to help you find the type of property you are searching for and carry out your own internet research
4) Seek a specialist property lawyer who can speak your language. It is important that you can speak to your lawyer in your own language and that you understand what they are saying. Communication and confidence in your lawyer throughout the buying process is crucial
5) Check the property thoroughly and arrange a survey
6) Learn all about the costs involved in owning the property. Apart from the purchase costs on an annual basis you will have to pay town hall rates (IBI), electricity, water, community fees and non resident income taxes
7) Be cautious when buying off plan and if you do buy off plan, ensure you receive bank guarantees for all payments made
8) Make a Spanish will.
You can talk to Alex at our forthcoming show at Olympia (12-14th April) but in the meantime, he can be contacted by email at [email protected] or by phone 00 34 952 209 860/web www.irwinmitchell.es. Or click here to start your property search in Spain.