How to buy a house in Spain

Hands up everyone who hasn’t dreamt about swapping the rat race for a calmer life in the sun. Or anyone who hasn’t fantasised about retiring to a warm climate and a lower cost of living. Or not thought it would be nice to have a bolt hole by the sea. Exactly as we thought, that’s pretty much no one with their hands in the air! 

Moving to a sunny climate and enjoying a higher standard of living – whether working, retiring or seeking a holiday home – is an almost universal dream. But just how hard is it to turn that dream into a reality? Well, it turns out it is not hard at all. All you have to do is follow our guide to buying a house in Spain and you too could be sipping sangria on your terrace as the sun goes down, strolling on golden sand, and wondering why it took you so long to turn the dream into a reality.

Step 1. Set your budget

Many factors may influence your budget when looking for a home in Spain. 

If the property is an investment you might want to get advice on rental returns and consider capital growth before setting your budget. If it is a permanent home, you may be prepared to spend a higher percentage of your available money to get what you want. For a holiday home, perhaps you will settle for something smaller, cheaper and easier to manage. 

Then you have to ask yourself can you pay cash for what you want or do you need a mortgage? 

Unlike some countries, Spanish banks will lend to non-Spanish residents. So, if a Spanish mortgage could help you achieve your dream, talk to us at Lisa Frain Real Estate and we can give you lots of advice and introduce you to banks and mortgage brokers.

Step 2. Find a real estate agent to search for you

Real estate agents in Spain may work differently than they do in your home country so you need to understand what an estate agent in Spain can do for you.

Here on the Costa Blanca many agents work as part of a network. This is great for foreign buyers who may only have a few days to fit in dozens of property viewings as it means one agent can coordinate searches and visits, saving you time and hassle.

If you contact Lisa Frain Real Estate and tell us what you want, we can do the rest – offering you properties from our extensive portfolio as well as those of most other agents in the area.

Step 3. Apply for an NIE number and get your legal team together

When you find your dream property, you need to be ready to act fast. So, it is a good idea to have your Spanish ID (NIE) and lawyer ready to go. Lisa Frain can introduce you to lawyers who speak your language and will make the buying process smooth and safe. As well as doing your conveyancing your Spanish lawyer can get your NIE and even open a Spanish bank account for you.

Step 4. Get your currency team in place

If your money is not already in euros it is vital to get the best exchange rate to make sure that your hard-earned cash goes as far as possible. Currency exchange companies can get you better rates than banks. Lisa Frain can introduce you to brokers and even give you a few tips to make sure you are getting the very best rate from the broker.

Step 5. Find the right property for you

Now for the fun bit! By this stage, Lisa and her team of property consultants will have been working with you to understand your requirements and getting the best properties together for you to view. So, the next step is to visit the properties with us, get to know the areas, and choose your perfect property match.

Step 6. Make an offer and sign a reservation contract

Once you have found your perfect property, Lisa and her team will guide you through the reservation process. You will sign a reservation contract and pay a reservation fee (this will be deducted off of the final purchase price). Once this is done, the property will be taken off of the market and you can relax knowing it will soon be yours.

Step 7. Sign the sales contract when your lawyer has completed all the checks

At this point your lawyer takes over and makes sure that there are no legal issues with the property, that there are no debts on the property and that it is safe for you to proceed with the purchase. When your lawyer is completely satisfied, she will prepare a purchase contract for you to sign. On signing, you will pay 10% of the purchase price and a date will be set for the final signing at the notary.

Step 8. Sign at the notary and get the property deeds

You will now need to go to the notary with your lawyer (or if you have given your lawyer power of attorney, they can do this for you) and the notary will check everything, prepare the deeds and take the final payment. Then the property is yours.

Step 9. Move in

Unpack your suitcase, buy your furniture, hang up your pictures – whatever it takes to make your new Spanish property a home.

Step 10. Crack open the cava, your adventure has started

 Now you know how to buy a house in Spain, get in touch with us and let us turn your dream into a reality.