The decision to buy a house is a special and timely process, as well as a moment of nerves and joy. For this reason, in this new Mesena 80-82 article we will discuss the aspects to take into account when buying a house in Spain.
Check that it is free of encumbrances
Before buying a house in Spain, you should make sure who the legal owner is and whether it is free of encumbrances. To do this, you should request a nota simple or certification from the Land Registry, which will provide you with a description of the property to find out these aspects.
Location for buying a house in Spain
It is one of the aspects to take into account when buying a house in Spain, choosing whether you want a house in the countryside or in the city and all the possible options for each of them: hospitals nearby, schools within walking distance, whether it is well connected to public transport, good communications, what the neighborhood is like, etc. Many variables to consider in order to choose the best option.
Expenses associated with the sale and purchase
Buying a property involves a significant outlay. It is necessary to take into account the cost of the estate agent who manages the transaction, the cost of the public deed of sale at the notary’s office, the cost of registration in the Land Registry, the associated taxes (VAT or Transfer Tax depending on whether it is a new or second-hand property, etc.) and the costs of the agency.
Mortgage for buying a house in Spain
It is common that in order to be able to afford the purchase of a house you have to apply for a mortgage, so it is necessary to review and analyse the different types of mortgages to find the one that best suits you according to your financial situation.
Deposit agreement
Once you have chosen the mortgage you can reserve the house (provided that the seller has given you time, otherwise you will have to take a risk). In all home purchases, a deposit contract is signed beforehand, which is an advance payment to reserve the house.
It is important to pay attention to these three things in the earnest money contract: the penalties in case of non-compliance, the causes for return and the conditions of the purchase.
Housing costs
When buying a house in Spain, it is necessary to take into account the costs associated with the sale and purchase, as mentioned in the previous section. It is also necessary to know the maintenance costs of the property:
- Cost of utilities (heating, electricity…)
- The IBI. The Property Tax is obligatory. The year in which you buy the property, the owner will have to pay it at the beginning of the year, but afterwards you will have to pay it yourself and you must be informed about it.
- Community of neighbors. You should know if it has one and how much it costs, as you may be in for a surprise.
- Home insurance.
Having been informed about the legal aspects to take into account when buying a house in Spain, you should also take into account a series of aspects to make your home ideal, such as, for example, First occupancy licence: What you should know.
If this has helped you, don’t forget to take a look at our website where you will find the Mesena 80-82 project and everything you need to know about it.