Buying process in Almeria

Houses in ALMERIA are an interesting investment. There is an ample selection of properties available: from luxurious villas, houses, apartments in the beach or the city, to houses of free rent and lots in a very important tourist zones of Spain next to the last immaculate beaches of the Mediterranean. All of that comes with the superb climate of southern Spain and the Mediterranean quality of life.

According to the Spanish authorities, there are more than 135,000 citizens of the United Kingdom living in Spain, many of them by the Mediterranean coast.

In general, the purchase of real estate in Spain is an attractive option for retired couples. They find that Spain offers them a wonderful place to live in, with sun all year, great golf courses, precious beaches, a very efficient system of health and an enormously high quality of life at a very affordable price in comparison to the UK (including the price of housing and low taxes on the mortgages). This is what makes the decision to buy a house in Spain so easy.

Make sure to carry out the purchase with a real estate agent and lawyer that are trustworthy. As in any other place, it is important and helpful if the person you are working with knows the region and speaks your language and Spanish.

The real estate agent will charge a commission for his services and will add that to the price of the house. Since the commission may vary from agent to agent a given house may be announced at different prices by different agents.

THE RESERVATION

After you made your decision it is usual to deposit a certain amount of money to prove your intentions. This step will guarantee the property and the chosen extras for a period of time, usually up to 30 days.

THE CONTRACT

The legal team of the agent will supply you and your lawyer with the contract of the purchase and all the necessary legal documentation. Once the terms are agreed upon, the purchase contract will be signed and an initial payment must be made.

All payments need to be made with a guarantee from the bank.

PAYMENTS

1. The deposit

2. First payment (a month later) of approximately 30% (+ IVA/VAT) and subtracting the amount of the deposit

3. Last payment (at delivery) of the remaining 70% (+IVA/VAT)

Right before the delivery the buyer inspects the house and confirms that it has been completed to the terms of the contract. At this point the buyer needs to travel to Spain to sign the final papers in the presence of a Notary. If the buyer cannot make the trip, it is possible to have another person, who has been granted authority by the buyer, to finalize the papers.

FINANCING

There are different ways of financing your new house, if you need information about mortgages we will be glad to assist you.

EXAMPLE PAYMENTS VILLA

This is an example to show an overview of the estimated costs of purchasing of a house on 400 sqm lot (Prices do not include VAT/IVA)

Purchase price 225,000

IVA (7% Spanish VAT) 17,500

Legal Costs 4,000

Town hall tax (plus valia) 200

Water rights of connection & meter 300

Electricity supply contract & meter 300

Purchase Costs (euros) 245,550

Please note that this is offered as guidance only.