How do I find a reputable, professional Real Estate company ?
You may or may not be aware that the Spanish Real Estate industry is unregulated, so basically anyone can act as a Real Estate agent as long as they abide by Spanish Contractual law. This means that for any prospective buyer (or seller) the market can be a real minefield. Please find below a few questions to ask yourself when choosing a professional company;
- Does the agent have a landline number ?
- Does the agent have an office they are based in ?
- What is the condition of the office ?
- Is the agent a member of a professional body eg. AIPP - Association of International Property Professionals ?
- Does the agent offer refundable deposit subject to legal checks ?
- Does the agent use branded vehicles to show property ? and what is the condition of the vehicles used ?
If you can answer YES to all the above questions then you are well on your way to working with a reputable, professional company.
Payment structure for a new build property
A deposit of 3.000€ to 5.000€ depending on the property will be required to secure a reservation. Staged payments during construction normally deal with up to 60% of the balance of the purchase. The remaining balance will be settled on completion once you have inspected your property
Payment structure for a resale property
Payment structure for a resale property
A deposit of 3.000€ will be required to secure a reservation and to take the property off the market. Generally the balance of 10% will be paid within 28 days with the remainder payable on completion. Vincent Real Estate offer a secure reservation subject to legal checks. Consequently if there are legal or debt issues with the property that cannot be resolved the reservation fee is refunded.
Can prices increase before I get to Spain?
Once a reservation has been made the price is secured. However, until such time as a reservation fee is paid the property is available for sale. If you see a property that is ideal we recommend a reservation subject to viewing within 7 days. This holds the property for 7 days giving you first refusal. If you do not wish to reserve in this manner then we suggest a viewing trip as soon as possible in order to secure the property of interest.
Will I receive a Guarantee with my property?
Yes, all properties receive a 10-year structural guarantee. With resale properties it will depend on the age of the property. . For example, if the property is only 2 years old, there would be 8 years left of the structural guarantee. This would be transferred to you.
How safe is my money ?
With new build purchases bank guarantees can be requested. With resale property, this will depend on the agent you choose to work with. Some offer reservations subject to legal checks like ourselves. Some do not, consequently if there is a legal issue with the property you will lose your deposit
How long will I have to wait for my property?
It depends if you buy a new or a re-sale property. You will have to wait between 6 and 18 months for a new build property. However, some developers have key ready stock available which are new properties that have not been sold. The resale market is also very strong where the timescale is a lot shorter. Timescale for resale properties is generally down to legal checks and finance approval where required. Resale completions can be within 4 weeks or up to 6 months depending on the agreement of the buyer and seller.
What additional costs can I expect to pay when buying a property in Spain?
To cover all the additional costs of buying a property in Spain we suggest you add 13% to the purchase price of the property. This is to cover 10% IVA (tax) and 3% for legal fees, notary fees, stamp duty and the connection of water and electricity. For a more detailed breakdown of buying costs please check out our page which covers this subject specifically 'Guide to Buying'
Could I buy my new property cheaper elsewhere?
The Developer sets the prices not the agent, so we can guarantee that you cannot buy the same property cheaper elsewhere. If you compare prices you should check to see if all the additional costs are included and remember to check the rate of exchange if prices are quoted in Sterling. Also, please be aware that some agents will quote the price of the cheapest property in the new build development which invariably is sold. When purchasing a new build property spend time to find an agent that is both knowledgeable and professional.
Book a viewing trip
Planning a trip to Spain?
Wish to book a property viewing.