4 Things You Need To Know Before Buying A Home In Spain

Spain is easily one of the world’s best countries to visit. It is one of the biggest countries in Europe and populated with people all around the world. The land of Spain has a lot of rich history which is embedded in traditions, cultures, food, fashion, and practices aggregated throughout monumental changes in Europe. Spain is a very famous country with a lot of its elements having a global reach.

Every year people all over the world visit Spain for its La Tomatina festival. It is similar to the festival Holi that is celebrated by Indians, with the only difference being that the former is played by dousing everyone with squashed tomatoes instead of with colors. If you want to know more about Spain, visit valuvillas.com.

Everyone gets together in a large area that can accommodate over twenty thousand people and over a hundred and thirty tonnes of tomatoes are used in the entirety of the festival. Spain is also known for its famous dish called the ‘Paella’ which is a platter filled with cooked Spanish rice, loads of vegetables sauteed in signature Spanish spices, and loads of seafood ranging from shrimp, salmon, etc.

One of the greatest reasons Spain is known for if not the best reason is Spanish football. It has over 42 football clubs in the country among which club greats such as ‘Football Club Barcelona’ and ‘Real Madrid are the longest known rivals in Spain’s football history. Spanish’s football league the La Liga is recorded to have over 2.8 Billion viewers all around the world.

Source: Property Guides

Pre – Requisites Of Buying A House In Spain

Everyone wants to live in an environment they appreciate and love. That is what differentiates a house and a home. A home is filled with comfort and ease while a house is just a construct waiting to be given purpose and use. It is a common thing to want to live in your favorite country. Living in Europe are the things that dreams are made of.

Pleasant work on the weekdays, a calm and serene weekend off in the countryside of Spain with a glass of delicious wine, and a plate of paella for you to fill upon. Another scenario would be to have a very hectic work schedule in the week and a posh party in Madrid filled with music and drinks where one would want to dance their hearts out.

Either way, Spain is a wonderful place for you to spend your time in. But buying a house and especially settling in can be a slightly tricky scenario. Staying in Spain could call for you to adjust to the lifestyle of the Spaniards. Therefore, if you’re resolute about buying a house in Spain, then look into the following factors you need to consider before you invest in buying a house in Spain. 

Source: Fodors Travel Guide

1. Helping hands

If you are buying a house in a country you are not familiar with, it is important to have official and legal help. This is to help you through the official procedures of buying a house. Make sure to hire a professional who will help you clear out your doubts in the clauses of the agreements of the house deed.

This is crucial as with the lack of legal help, there is a high probability that you could get into trouble if you fail to fulfill a requirement of the clause due to misunderstanding or basic language jargon. Hence, taking legal help costs a lot less than having to pay for legal breaches.

Source: Sharek Logan & van Leenen LLP

2. Identification Formalities

Keeping track of residents in a country can be very tricky. It is standard procedure to separate the residents and the NRS ( Non-residents of Spain) to calculate various inflows of income for GDP calculation (Gross Domestic Product).

One of the tools to facilitate this identification is the NIE which is the Número de Identidad de Extranjero which means the identification numbers for foreigners in the country of Spain. You must get this number as it is the main tool for you to purchase anything in the country that requires high transactions of money.

Opening bank accounts and even buying houses require this NIE number. You can apply for this number at the Spanish consulate by filling the 790 NIE form. The entire process costs not more than 15 euros. 

Source: Idealista

3. Period Of Stay

Depending on how long you decide to stay in Spain, this will affect the buying decision of a house. The difference between buying a house or renting a house will depend on the period of stay. If you decide to stay and settle in Spain, it makes sense for you to buy a house that will substantially cost you less for the same period if you rent a house.

In cities like Madrid and Barcelona which are the main hotspot of culture and entertainment hotspots, living there will cost you substantially. Renting a place for a long period is highly inefficient when buying a house for a longer period makes more sense. 

Source: Oremfi

4. Budgeting

Making an account of how much it costs you to buy a house in Spain is very important because if you don’t keep track or properly budget for the property, you might end up eating into your savings before you even wonder what’s going on. There are two cost scenarios that you might face while trying to buy a house in Spain.

The first scenario is if you are trying to build a house from scratch. Architecture costs per Spain’s services, interiors, and raw material acquittal are to be taken into account. There are the taxation costs as well such as stamping fees, notary fees, VAT, and other taxes.

The second scenario is if you’re buying a house that has already been used or given to you as a gift. You will incur property transfer costs and depending on the square feet area of the house or property you will have various slab rates.

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