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The definitive guide to buying property in Spain as a foreigner
Buying a house in Spain as a foreigner may seem like a complicated process, but with the right information and resources, it can be a fulfilling experience. Here are the necessary steps to buying a house in Spain as a foreign national.
Get the NIE
Before buying a property in Spain, you must obtain a Foreigner Identification Number (NIE). It is essential for carrying out any economic activity or financial transaction (such as buying a home), as well as to register as the owner of the house once purchased. You can get one at the police station or the Spanish embassy in your country.
Open a bank account
Having a bank account in Spain will streamline the process and facilitate the transaction in its different steps. This bank account will be necessary to pay the notary’s fees and all other associated costs. In addition, having the money abroad usually leads to delays and extra complications. Once you have the NIE, our recommendation is that you go directly to open an account at the institution of your choice.
Conduct research on the area
Before buying a house, research the different markets and areas in Spain. You should also consider your budget and the types of properties you are looking for. This includes information on security, the economy, infrastructure, public services, education, culture, and transportation services. It is advisable to research the areas of the city or region that are of interest to you as a buyer.
Look for a real estate agent
An experienced real estate agent can help you find the right property and navigate the buying process. Make sure to choose someone who speaks your language, has experience in the Spanish real estate market, and understands your needs. A real estate agent can help you find suitable properties, make an offer, negotiate the price, and guide you through the buying process.
Conduct a property inspection
Before buying a house, it is important to conduct a property inspection to ensure that it is in good condition. It is advisable to hire an independent inspector who speaks your language and has experience in the Spanish real estate market. An inspector can detect structural problems, electrical or plumbing issues, and other problems that may affect the value of the property.
Get a mortgage
Once you have found the right property and your offer has been accepted, you can then obtain a mortgage if necessary to pay for the property. For foreigners, this can be a bit more complicated due to the regulations and requirements of the banks. However, options are available. Spanish banks usually require foreign buyers to have a good credit history and a high level of income. It is important to investigate different options and compare interest rates and requirements before choosing a mortgage.
Complete the purchase process
Once you have obtained the mortgage and met all legal requirements, it is time to complete the purchase. This involves signing a contract with the seller, paying the necessary fees, and registering the property in your name. After the completion of the purchase, the new ownership will be registered in the property registry.
Property registration
Once the purchase is complete, it is necessary to register the property at the Property Registry. This will ensure that the property is in the buyer’s name and that all legal requirements have been met. It is important to register the property as soon as possible to avoid legal problems in the future.
Get home insurance
Once the property is registered, it is important to get home insurance. This will provide protection against incidents such as fires, thefts, and natural damage. It is advisable to research different options and compare rates before choosing insurance.
Payment of taxes
Foreigners must pay the Patrimonial Transmissions Tax (ITP) when buying a property in Spain. It is a tax that must be paid to the Spanish State when purchasing a property. This tax varies depending on the autonomous community in which the property is located and usually ranges from 8-10% of the purchase price. Additionally, you will need to pay the Property Tax (IBI) annually.
By following these steps, you can successfully buy a house in Spain as a foreigner. However, it is important to remember that each case is different and it is important to get legal and financial advice before making any important decisions.
If you are looking to buy a house in Spain as a foreigner, do not hesitate to contact us. At GoMarbellaHomes, we are highly skilled real estate experts to guide you through the process of buying a house in Spain and ensure that you feel safe and informed at every step of the way. We offer a personalized service to help you find the perfect house in the perfect place at a fair price. Contact us today to schedule a consultation and start your search for your dream home in Spain. We are waiting for you!
