Buying a property on the
Costa del Sol
Spain’s laidback lifestyle, affordable cost of living, and breath-taking coastlines attracts buyers from around the globe. It’s no surprise that so many nationalities seek to have a base in this Mediterranean paradise, whether on a permanent basis, as an investment or simply a holiday home.
However, whilst buying a property in your home country can be daunting, buying a property overseas where the laws, customs and language are unfamiliar can seem completely overwhelming. Whilst the principles of purchase are likely to be very similar to what you are used to, the process and procedures may seem confusing.
The property market has shifted considerably since the global pandemic. Pent up demand during lockdowns and travel restrictions has resulted in a surge of buyers seeking to purchase property on the Costa del Sol. This has resulted in a huge increase in demand, a diminishing supply of property and increasing prices. Therefore, it’s so important that you work with an agent that’s on your side with their finger on the pulse, to seek out the best possible opportunities during your search.
At Winkworth Spain, we aim to make the buying process as simple, stress-free and enjoyable as possible for all our clients. With our expertise and honest approach, you can relax knowing your Spanish home buying journey will be a breeze.
We’ll guide you through the process so you can make your dream of owning a Spanish property a reality sooner than you imagined.
Here are the key points that we cover to make
buying your home a breeze:
1. Start your online property search
To get a feel for what’s available on the market that match your property wishlist, we suggest starting with your own online property search, exploring properties, areas and familiarizing yourself with agents that specialize in zones you wish to focus on.
2. Choose a real estate agent
We recommend you select a real estate agent before planning a trip to Spain for in-person viewings. A qualified and experienced real estate agent will give you the best chance at successfully finding property. By making contact and even meeting an agent via online video conferencing before a potential trip to Spain, you can make the most of your trip...
3. Securing a mortgage
If you require part of your property purchase to be financed, it’s worth considering mortgage options in advance so that you can set a realistic and affordable budget. You may want to consider releasing equity from your property at home or alternatively looking for a mortgage in Spain...
4. Viewing properties
Once you have selected an agent and maybe even shortlisted some properties, it’s time to start thinking about visiting and arranging viewings. Visiting properties in person are the best way to truly get a feel for the property you want to purchase...
5. Making an offer
So, after all the planning and viewing, you find your perfect place! Fantastic! Your agent will work with you to establish what an acceptable offer is and pitch it on your behalf to the vendors’ agent...
6. Appoint a lawyer
You will then need to appoint a lawyer to take care of all the necessary legal matters associated with purchasing a property. We can introduce you to an independent and highly professional lawyer who is fluent in your own language...
7. Paying your deposit
Once you’ve agreed on a sales price and appointed a lawyer, you can go ahead and formally put down your deposit. You will need to sign a reservation contract and pay a reservation fee usually of €6,000...
8. Legal checks and safeguards
Once you’ve signed your reservation contract, your lawyer will run through a process to make sure the property is legally owned, debt free, and that bank guarantees are in place (if off-plan)...
9. Transferring the balance
You will transfer your funds to your lawyer’s holding account either via your bank or a currency exchange specialist if you are not already in possession of Euros...
10. Final checks
When signing the deed, it means that you accept the property in the condition it is in. It’s a good idea to have your agent or solicitor (if you are overseas) check the property to ensure it hasn’t been damaged...
11. Signing the deed
On the agreed date of completion, you or your power of attorney will sign the title deed at the notary’s office. Once the deed is signed, you will receive the keys to your property and the purchase will be lodged at the land registry office...
1. Start your online property search
2. Choose a real estate agent
3. Securing a mortgage
4. Viewing properties
5. Making an offer
6. Appoint a lawyer
7. Paying your deposit
8. Legal checks and safeguards
9. Transferring the balance
10. Final checks
11. Signing the deed
