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5 tips for buying a home in Spain
Buying a property on the Costa Blanca in Spain is an exciting opportunity, and is something that requires thorough preparation and research. Here we share five key steps to make your Spanish home purchase a success. From exploring different areas along the Costa Blanca to securing a competent real estate agent and lawyer, we'll guide you through the process so you can make an informed and confident investment. Read on to learn more about how you can realize your dream of owning a home on the Costa Blanca.
1 - Research different areas
The Costa Blanca is a large area overall and has a lot of different things to offer. It is essential to carry out thorough research on different areas along the Costa Blanca before deciding where to invest in real estate. Each area has its own unique features and it's important to consider factors such as accessibility, local amenities, cultural experiences and price levels. If you've done your own research online, we'll work with you to explore the area in person, which can give you valuable perspectives and a better sense of each area. This helps to ensure that your investment not only meets your housing needs, but also suits your lifestyle and preferences.
2 - Be clear on your criteria
Choosing the right area is the most important thing when buying property in Spain. You also need to find a property that suits your needs, whether you're looking for room for many or a property with a lot of intimacy and privacy. It is important to carefully consider your wishes regarding the number of bedrooms and bathrooms, price level, year of construction, housing type, privacy, neighborhood composition and proximity to amenities such as airport, beaches, supermarkets, restaurants, shopping and golf courses.
3 - Choose the right real estate agent
When considering buying a property on the Costa Blanca, it's important to choose a competent real estate agent who takes your individual needs into account. It is recommended to choose an established real estate agent with good experience and who is well known in the area where you want to buy a property. In addition, it can be beneficial to choose an agent who speaks your language and can guide you through the housing market and the buying process. Since the housing market in Spain is open and cooperates across brokerage firms, it's a good idea to stick with a broker who can do all the research on properties and make sure you get all the information available. The right estate agent will also be able to take you to the latest construction projects and have contacts with reputable developers.
4 - Use an experienced law firm
For your own safety, it is always advisable to engage a professional real estate lawyer when buying property in Spain. A specialized lawyer can help you with the legal aspects of the purchase, ensure documentation of any encumbrances on the property and give you insight into potential risks. In addition, you'll get help with everything from obtaining a NIE number, registering water, electricity and internet, to conducting a thorough home inspection before taking possession. Our in-house legal department will ensure that all papers and contracts are translated into English.
5 - Financing a property on the Costa Blanca
The housing market on the Costa Blanca attracts many foreign buyers, and financing can be solved in several ways. Banks in Spain have been more restrictive with loan terms than they were previously, and you must expect to have a minimum of 30% in equity to get a loan from a Spanish bank. You also need to consider the currency transfer and exchange rate when borrowing euros from a Spanish bank versus financing your home purchase in Spain by borrowing money from a foregin bank.
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