Five 'important' steps expats need to take before buying a property in 'popular' Spain
Searches for "moving to Spain from the UK" have increased by over 54 percent since July 2022.
With the weather remaining wet and cool in the UK, the thought of moving to sunny Spain may be tempting for some Britons right now.
As well as warmer weather, Britons moving to Spain can expect to enjoy the nation’s rich and diverse history, great public transport connections and brilliant healthcare system.
As of January 2022, nearly 316,000 Britons reside in Spain. However, is making the move to Spain as easy as Britons think?
With this in mind, experts at Moving to Spain have shared the five steps Britons need to take before buying a property in Spain.
This doesn’t only allow people to buy a property but buy a car and pay taxes among other things.
It’s best to seek professional help from an immigration lawyer who can take you through the correct steps.
1. Apply for Spanish tax identification (NIE)
In order to purchase a property in Spain, Britons firstly have to apply for a Spanish tax identification number (NIE).
2. Research the property and local area
Before rushing into buying a property in Spain, it’s important to research the property and the area thoroughly.
Some factors to consider are the legal status of the property and the ownership and potential debts attached to it.
3. Make an offer if the property is right
If you’ve found the property you want, make an offer through the estate agent.
Just like in the UK, buyers can submit a lower offer than the asking price if the home needs maintenance work but remember not to offend the seller by offering too low.
4. Secure a lawyer to help with legal proceedings
If an offer has been accepted and a preliminary contract has been signed, it’s time to hire a lawyer.
Those who are not fluent in Spanish need to take this into consideration as purchasing a property is a complex task.
Choose a lawyer who can communicate in English and Spanish so they can keep you informed during the process.
5. Complete the purchase of the property
Once the majority of the legal proceedings have been completed, the final part of the process is to complete the property purchase by signing the deed of sale, paying the remaining balance and any outstanding taxes and fees.
Alison Johnson, owner of Moving to Spain has shared some of the pros and cons of purchasing a property in Spain.
She said: “With searches for ‘moving to Spain from UK’ increased by over 54 percent between July 2022 and now, it goes to show that relocating to one of Europe’s most popular destinations is something that many Britons are seriously considering.
“If you are serious about buying a property in Spain, then it’s important to take into consideration not only your financial situation but whether it’s the right time and move for you personally.
“The pros that are attached to moving to Spain are endless, such as the influx of visitors to the country each year, meaning you’re almost guaranteed rental income if you chose to rent out your property.
“As well as this, the Spanish property market has seen solid growth over recent years and despite some fluctuations, it is projected to continue to strengthen.”
“As with all walks of life, positives often come with negatives and this is no different when purchasing property in Spain.
“Firstly, the property market in Spain isn’t as transparent as it is in the UK, meaning the property’s history isn’t always clear and the legal status may need to be clarified.”
Alison also revealed that there are also added buying costs when it comes to purchasing a property in Spain.
From https://www.express.co.uk/ .