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It's Better To Buy Real Estate In Spain

Mistakes often made by Rossians in buying

Коста Дорада

Focus on certain " encroached " regions of Spain

Russian tourphyrmas tend to offer recreation in certain regions of Spain - the famous and decorated resorts of Malaga, Barcelona, Tenerife, Salow, Majorca. Our compatriots are inclined to buy real property where they have previously rested, and often miss the benefits of real estate facilities in less dilapidated but not the worst cities in Spain.

It is worth noting that Europeans prefer regions with cheaper real estate, better climate and a great ecology - the Alicante, Murcia, Calpe region. Why don't we Rosians follow suit?

Wishing to acquire first-line immovable property from the sea

Many Russians somehow believe that 200 to 300 metres from the sea is too far to choose real property on the very bank. Let's not argue, the view of the window in this case will be luxury, and two steps to the sea. But such facilities tend to be 20 to 40 per cent higher than the same, but located a few hundred metres away from the beach. Wouldn't it be easier to pass this distance on foot, significantly saving?

In addition, homes on the first line are exposed to sea salt and weather conditions that adversely affect the building by increasing repair and cleaning costs. And there will be sand from the beach all the time. Think about it.

Purchase of unjustly large real property

Citizens of Russia and other former Union republics often request that they obtain a few hundred square metres of apartments and houses with vast areas of land that they do not really need. These facilities are costly. It subsequently turns out that such " gates " are not necessary on several occasions a year to rest in Spain and that it is difficult to rent them.

We recommend that all Russians, prior to the purchase of real estate in Spain, determine which area is really needed. This is determined primarily by the size and composition of your family, as well as by the objectives that you have set for yourself, the purchase of real property in Spain (for rest or subsequent rental for additional income). Don't overpay the extra square meters!

Request for a minimum mortgage

If you choose to buy property in Spain with mortgages, you ask for it for the maximum possible time (usually, the loan will be issued before the borrower reaches 65 years). The longer the crediting period, the smaller the amount you have to pay monthly. If you wish, you will be able to disburse the loan in advance, pay the balance, plus a fine of 1 per cent of the remaining principal debt, and notarial early-payment services (around 1,000 euros).

To buy property in Spain without intermediaries

Even if you have perfect knowledge of the Spanish language, you know all the nuances of Spanish law and you deal with the procedure for the purchase of real property in that country, you are not insured for errors. It is therefore better to secure the support of professionals who will escort the transaction. Moreover, for the buyer, the services of the Realter Company are free of charge - in Spain, they are paid by the seller. If you turn to the seller directly, you won't save anything.

Under Spanish law, the cost of real property from the developer and the real estate companies should be the same. The builders include a real estate commission for real estate operators, and if the transaction took place without the participation of intermediaries, they leave it to themselves. They cannot do otherwise because the cost of housing is fixed and taxes on profits from its sale are declared.

Having acquired real estate from the real estate company, you get a free set of services to accompany the transaction - the services of the translator, the verification of the documentation, assistance in the processing of mortgages and the opening of the bank account, etc. If you buy real estate directly from a construction company or seller, all of these services will have to be ordered. The cost will be around Euro3,000.

Purchase of acquaintances in lieu of professionals

If you have relatives or acquaintances in Spain, it is legitimate to ask for help in buying Spanish real estate. They're, uh, they're gonna say where they're best, and they're gonna help. But do they know where they really are? In the end, you make a deal for your fear and risk. You don't ask for treatment to a neighbour, do you? In the purchase of real property in Spain, as in other cases, it is best to turn to professionals!

Aiming to receive the GNW in Spain on the basis of the purchase of housing

If you are guaranteed to receive an NIS in Spain on the basis of the purchase of housing, you may consider this as an indicator of the incompetence of the agency you have applied. No one can guarantee the receipt of the GNW because the decision is made by the relevant State authorities in Spain. The existence of real property or business in Spain is not a basis for receiving the GNW, but it increases your chances of obtaining it in the future (by settlement) as evidence of the sustenance in Spain.

Buying small housing due to lack of funds

Many of the Rossians buy a small area only because there is a lack of funds for a facility that is showered. Of course, you can sell your real estate and acquire a larger area. But you will certainly lose about 9 per cent of the value of the facility (in the case of the purchase of a dwelling) or 18 per cent (in the case of commercial real property) - these funds pay taxes and fees. Also, Real property sales in Spain You, as a non-resident, pay the tax - 3 per cent of the transaction. So we always recommend that you buy the real estate you like. The budget could be increased by borrowing from the Spanish bank.

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