Article

Article by: Colin Scriven colin@hamiltonsoflondon.net Published: 10/12/2007

Before beginning your property search you will need to think long and hard on where you would like to be. Spain is a big country and narrowing your initial search down to a particular area will save you a lot of time, money and energy.

It may mean that you will need to visit Spain a number of times before you actually decide on where you would like to settle or even stay in different areas for a while to ensure that is really where you want to be.

Spain has much to offer from the normal sandy sunny beaches of the Costa Blanca to the snow capped mountains of the interior where some of the best ski resorts can be found.

When choosing, make sure you do so carefully. With purchase taxes currently standing at 7% it could be an expensive mistake if you suddenly decide that the property you have purchased is not really where you wanted it to be or even the type of property you wanted.

It is also very important to choose your Estate Agent carefully. There are many agents out to make a quick buck and this includes some of the big name companies. If you are feeling pressured in to buying a property, stop!

Chances are you are being pushed into something you don’t really want by a clever salesman looking to close a deal so that he can collect his commission, so if they sit you down and ask you to start signing, don’t do it unless you are 100% in your own mind it is exactly what you are after and it is the right price.

Hamiltons of London has a no pressure sales policy. We prefer you to enjoy your trip and we let you decide how to plan your viewing experience. See our website in the ‘inspection trips’ section for further details.

However, once you have decided on your location and property type Hamiltons of London is sure we will be able to find the property you have been dreaming about and if we don’t have it in our own vast portfolio we will do the leg work for you and speak to other agents meaning you only have to deal with one company.

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How much will it cost?

You will need to work out exactly what you can afford to spend when buying a property in Spain and you should bear in mind the following one-off costs:

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IVA (V.A.T.) – 7% (dependant on area) of property purchase price, new build.

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Stamp duty (purchase tax) – 6-8% on the property price, resale.

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Notary fees – Approx €650.00.

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Land registry – approx €250.00.

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Legal fees – Around 1% of the property value.

Generally, if you allow 10% of the purchase price for costs, you should be covering all your expenses unless something out of the ordinary crops up.

*please note that the above costs are a guideline only and you should check with you solicitor for exact costs prior to purchasing

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What type of property suits me?

Now that you have decided on your location and your purchase price, it is time to choose your property.

The next decision is on what type of property you are looking for. Obviously the price you can afford will have a big bearing on property type and style but here are some examples of property types you could be looking at:

Apartments:

These are usually in a purpose built block and quite often come with a communal pool and gardens. You will normally be required to pay a community charge per annum for the upkeep of these and the maintenance of the block.

Townhouses:

These can vary in design and style. For instance, you can choose between a typical Spanish Town House, usually quite old and in the centre of town, or there are the new style of town house which are two or three storey properties, often with their own small garden, and many newer town houses quite often have a communal pool for which you will have to pay a community charge.

Villas:

A Villa can be detached or semi-detached with private garden. Many have a pool or room for a pool. Villas can be located anywhere except for city or town centres and can be found on urbanisations or in the country, on the coast or inland.

Fincas:

Think of a farm house in the U.K. and you will be thinking of a Finca and they usually come with a good piece of land. Usually found in more rural areas so transport will be necessary, and you will need to check that utilities are available prior to your purchase. Once upon a time, many of these needed restoration but over the years most of these have already been restored to a high standard, especially around the coastal areas and surrounding countryside so if you want something to renovate for yourselves you may have to look inland a bit further.

Your choice will quite often depend on your own circumstances of course and will involve decisions such as whether the property is an investment (location and values will be important), holiday home (do you want to be on the coast) or permanent relocation (do you have a young family, will they need schools and do you need to be close to amenities?).

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Searching for and viewing properties.

The internet is the best way to search for a property in Spain. Hamiltons of London has a vast portfolio of properties, over 1,600 on the Northern Costa Blanca and Costa Azahar alone at the time of writing this article; you can view these at www.hamiltonsoflondon.net. If you don’t see what you want there you can simply email us at sales@hamiltonsoflondon.net or fill in the contact form with your criteria as we are always taking on new properties, and we are also able to search on other local agencies portfolios on your behalf to save you the time and energy.

When you are ready to come to Spain and start viewing you can either let us know and we will arrange an inspection trip for you, or you can come under your own steam. At Hamiltons of London we don’t put any pressure on prospective purchasers in any way, preferring to let you make your own decisions without the hassle of a sales representative breathing down your neck to buy a property. For further information about inspection trips please visit our website at www.hamiltonsoflondon.net/inspectiontrips

Whatever you do, though, make sure that you have a good list of properties ready to view prior to coming to Spain. This will save a lot of time and effort for you and your agent, and will mean that if you have a full itinerary before you arrive, you will be able to view more properties in the time you have allocated.

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Lawyers (Abogado)

One of the most important things at this stage is making sure you have legal representation.

You probably wouldn't buy or sell a property where you currently reside without using the services of a solicitor and the same should apply here in Spain.

Your consulate can provide a list of English speaking solicitors although this is not a recommendation in any way. If you have internet access you should do a search of the Spanish Property forums and either look for an English speaking solicitor that has been recommended, or ask on the forum if anyone can recommend one in the area that you are looking in. Quite often someone will be able to give you the details

External Article Link: http://www.property-partnership.com/overseas-property-guides/overseas-property-guide.cfm?id=98

Article Link: http://www.property-partnership.com/overseas-property-guides/overseas-property-guide.cfm?id=98

Please contact the author at colin@hamiltonsoflondon.net for more information.