Spain newsletter June: Buying a property? this is how it works!

 

Today a few tips for the right procedure when buying a property:

Find the right estate agency

There are many real estate agents in Spain, as the proverb says “ as numerous as the sand on the seashore” Unlike anywhere else, the role of estate agent in Spain is different. A good agent is your advisor. He will understand your wishes and try to find properties for you according to your requirements. In a joint process, you select the properties you want to visit. It is not recommended to organize 20 visits with 10 different agents in 5 days. You will have appointment stresses for the duration of your stay and no agent can really advise you. However it is recommended to take (at least) 2 to 3 days with ONE agent, they will show you more properties as they get to know you, therefore understand your requirements better. Also choose an estate agent who speaks your language  (we speak Spanish of course, as well as English, French, Polish and Dutch/Flemish) and look for an agency who works not only locally  (most do) but an agency who can offer you a wide selection of properties in different regions.

Please note that at Su Casita, not only we assist you with the purchase of ANY new build property on a coastline of approx. 300 km but we can also help you with ANY preowned property you see in the listing of another agency!

Find the right property

Think about it ahead, especially about how it will be used later. How many people should be able to use the property at the same time? (Number of bedrooms!). How much privacy do you want? Should it be a detached villa with a pool? A terraced house or a semi-detached house? An apartment in a complex with a community pool? Do you want a roof terrace? Should your dream property be near the beach, is a sea view important to you? If you are looking for an investment and want to rent out to tourists, a property on or near a golf course could be lucrative. Should your property already be "key ready" or is a later completion date also an option? And last but not least: How far can you be from the nearest airport?

New or preowned ....

.... is not just a question of budget. Whether in Mallorca, the Costa Blanca or Andalusia: you can find fairly expensive preowned properties (from the exclusive finca to the penthouse directly at the marina or the classic Spanish-style villa with spectacular views of the sea from the mountains). On website, you will see a price range "from....to" for "preowned " properties as well as for new built properties. You will find what you are looking for  with a budget starting at 50,000 (for preowned, older properties) or 150,000 euros (for new build apartments). The advantage of a new-build property, is obvious: the developers offer a 10-year warranty on the construction of the building. The quality of construction today differs considerably from that of 15 or 20 years ago. In addition, all facilities on a new property are up to date and with new technology, you may also have the possibility to choose floor coverings, tiles, or other fixtures (in some construction projects, especially if you buy "off plan",  you can even modify some parts of the floor plan inside the property). The new build properties are bought at a fixed price established by the builder and in addition you are safe from unpleasant surprises with regard to the necessary repairs of preowned properties. It is important to note that we check for you all the preowned properties present in our listing in advance, so that there is no "rude awakening".

Find the right area

Have you been on holiday on the Costa Blanca, Majorca or Andalusia for years? If so you may know the area well enough and know what you want to buy so your research might well be easier. Otherwise, Take the time to explore the area. On the Costa Blanca, for example, the north and the south differ considerably. In the north there are more mountains, more greenery but the climate is cooler, in the south you will find flat land, kilometers of white sandy beaches and slightly warmer temperatures even in winter.

So you have found your dream property with us, what happens next?

For new buildings: You make a down payment on the property (usually between 3,000 and 10,000 euros) and receive a reservation contract in return. This takes the property off the market. After approx. 4-6 weeks you will receive the final purchase contract. With the signing by both parties, an interim payment (20 to 40 percent of the purchase price) is usually due. For properties under construction for a longer period of time, a further interim payment may be required during the construction phases. For all payments, you will receive security for your payments from the developer, usually via a bank guarantee. Your money is therefore safe. The final payment (depending on the payments made beforehand - usually 50-60 percent of the purchase price) is made at the notarial transfer of ownership (Escritura de compraventa). Then you will also receive the keys to your dream property (which you will have previously inspected together with us for possible minor defects).

For preowned properties: Here too, you make a down payment/reservation payment on the property (usually 10 percent of the purchase price). Since the above-mentioned intermediate steps do not apply to used properties, the entire purchase price minus the down payment is then due upon the notarial transfer of ownership.

Incidental costs: Assume that the amount of the incidental purchase costs will be about 14 % to 15 %. This includes 7% - 10% (depending on the region) land transfer tax (ITP) for preowned properties and 10% value added tax (IVA) for new build. The remaining (+/-) 4 % to 5 % are costs for the notary, the land register entry, the document tax and the entire purchase transaction, among others.

Buy with confidence

All of our preowned properties have been carefully checked on behalf of buyers (we make sure that all documents are accurate, the property is completely legal and have no tax debts or hidden mortgages etc.). If we work with a partner agency for you, we will ask for the necessary documents. With the new built properties, you can be sure that the developers we work with are 100% reliable and most of them have been in the market for many years. And here too, the necessary documents are carefully checked for you by us or our lawyers.

Buy with us

First of all you don't have to pay commission on your purchase! Our percentage of commission is paid at the end of the purchase by the developer or the seller. Once you have decided on the property of your dreams, we will guide you step by step through the buying process. We are at your side and available for any contractual questions or advice, we ensure that all the necessary documents are available in good time. We advise you and can assist you with the opening of a bank account in Spain as well as for the request of your NIE number for a small charge (identification number for taxes), this number is necessary for the purchase of any property in Spain, also we can help you with contracts for electricity, gas and water.

Buy with added value 

Do you find our offer and our service convincing?
Then become a member of the Su Casita family!
Hundreds of satisfied buyers in more than 30 years speaks for itself 

Our maxim: "Once Su Casita, always Su Casita" because even after a purchase, we are always there for you!

As a thank you for your trust, we are happy to offert you a token of appreciation.

All customers who buy a new-build property with us until 31 August 2023 will be reimbursed for their viewing trip to Spain.*

We will be happy to help you with your travel planning or hotel search!

If you have any questions about buying a property in Spain or would simply like some information without any obligation and of course free of charge, we would be happy to hear from you. You can call us at our office +34 966 790 012  or call our agents Dennis (mobile and WhatsApp number +34 67986 86 99) or Danielle (mobile and WhatsApp number +34 638 042 686) or contact us by e-mail at info@sucasita.eu.

As always, you will find a small selection below of various properties from our extensive portfolio. We hope you enjoy browsing. We are looking forward to answering any questions you may have.

With best regards

Jan Hannemann and the Su Casita team

* Conditions for reimbursement of travel expenses:

- Signing of a reservation contract by 31.08.2023 for a new construction property brokered by the company Su Casita, S.L..

- Execution of the notarial transfer of ownership by 31.12.2024 at the latest.

- Reimbursement is limited to a maximum of 1,500 euros (upon presentation of payment receipts for accommodation, flights and rental car) and will be made in the form of a bank transfer.

- Reimbursement will be made after the notarial transfer of ownership (Escritura de Compraventa).