1. Financing

First step is to think about the financing and what the total cost will be.

a ) Costs:

When buying a property, you will have to consider:

  • The buying price
  • Notary fees: €500 – €1000
  • Transfer tax: 10 % of the buying price, (paid within 20 days after paying for the property at the notary)
  • Registration taxes : €1500 – €2000

You are purchasing a property for a €100.000 and you are above the age of 32. The apartment itself costs €100.000, however due to the transfer tax you will have to add another 10% to the value. The final price, including the costs of a notary and registration taxes, will be around €112.000 for acquiring the property.

If you need assistance with the buying process from a lawyer, then his fee will be roughly 1% of the buying price.

b) Financing:

Before buying a property you need to know how and if you can finance it.

Cash buy:

It is possible to pay by transfer or bank check.

Getting a mortgage in Spain:

If you are NOT a Spanish citizen, there can be difficulties getting a mortgage for more than 50% of the buying price.The bank will need to evaluate the flat (takes around 2 weeks) and the evaluation will often be lower than the market price. The evaluation of the apartment can be used to set the price, but is often not. However, the price evaluated by the bank will be the amount you can get a 50% loan of. Casamona can advice and help you with the process.
Getting a mortgage in your own country:

Casamona can help you get in contact with a mortgage specialist who can help you find the best solution.

2. Getting a NIE

3. Opening a Spanish bank account

4. Finding an apartment

5. Signing the reservation contract

6. Signing the Arras contract

7. Hiring a notary

8. Signing the Escritura contract – final deed

9. Buyer-Agent Service

10. Golden Visa

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