Tips for buying property in Spain

Every year many thousands of properties in Spain are sold to foreign investors. What is the attraction? Firstly the country has a great climate. Getting there is both quick and relatively cheap. A flight from London to Malaga takes only a little over two hours.



There is a wide selection of property to choose from.



Many developers looking to improve their own cash flow will offer property for sale off plan. An initial deposit is payable followed by several stage payments. A couple of advantages, if property prices rise between purchase and the completion of the project the buyer will own a property worth more than they have paid for it. Secondly, most developers will allow the buyer some say in style and design of both the inside and outside of the house.



The cheapest property available in a finished state is likely to be an apartment.



A detached, purpose built villa offers more privacy and seclusion but it will cost more than a comparative property within a community.



Buyers looking for a more of the Spanish experience should look at properties within an established town or village. Many of these properties look small but are surprisingly spacious once inside.



A Finca is a property standing on a plot of land in the countryside. It may be a tumbledown farmhouse or a just completed villa. Many fincas have a good deal of land and this may have fruit orchards or olive groves.



Finding the right property in Spain should be no more than a question of looking. Once a decision has been made on the location and the type of property it is time to talk to the estate agent. Make certain this person is registered with the authorities and holds a license. Any claims made by agents should, wherever possible, be substantiated by an independent source.



A mortgage application in Spain is relatively straightforward. The following original documents need to be shown, passport, if employed, the last three months payslips and if self employed, accounts of the last 3 years, an accountant's reference, and tax returns.



People planning to move to Spain for a period in excess of 6 months must apply for residency. Spanish property owners who do not have residency should appoint a financial representative and they must be resident in Spain.