Chalet Valencia offers Exclusive Buyer Agent services for the purchase of your villa or house in Spain. Below is a guide on how to buy a home in Spain and the services offered by Chalet Valencia as a Exclusive Buyer Agent in Spain.
Steps to buy a villa in Spain
Search for my villa in Spain
Analyze what is the reason for buying a property or villa in Spain
Investment, vacations or a permanent home. Depending on the case you will have to search in different areas of Spain. The coast and mountain villas are a good option for vacation home, however if you are looking for a permanent home it is important to be close to a city with all services and nearby airport. If you are looking for an investment you need to find a opportunity price and you will have to be advised by a person in Spain who knows the price trend.
You need to calculate the budget you have
The purchase of a villa or house in Spain has some additional expenses and the bank will finance a maximum of 80% of the house without including the expenses, so the rest of the money is necessary that you have saved before making the purchase.
In Valencia (Spain), the costs of taxes, notary, registration and paperwork services are approximately 12% of the value of the villa, if you ask for a mortgage on an additional 3% and if you buy through a real estate you have to add from 2% to 5 % additional.
Don’t forget the costs associated with moving your furniture to Spain, or buying new furnitures for your Spanish home.
Choose a type of Spanish property
Off-plan, new construction, resale property in better or worse condition. These last resale homes are the most numerous and as there is more variety we can negotiate the price better and we can even look for homes in perfect condition with furniture that allows us to move in or rent immediately.
Analyze what area of Spain you are interested in
Each area of Spain has characteristics that you must know, its climate, its tourism, its means of transport. In our case we know that Valencia is an ideal destination to buy a house, has a pleasant Mediterranean climate throughout the year, is a point of world-known tourist attraction, has quality beaches, has an international airport and the prices of Homes are inferior to other capitals of Spain.
It is important to previously visit the area where you plan to buy
Spend time on your own exploring the area around the property you want to buy is crucial. Go there not as a vacation tourist, but with an eye to what it would be like to live full time. Renting a property in the area for a few months will give you a better idea of what it’s like to live there.
Find a real estate agent
Once you know where you want your new home it is important to contact a real estate consultant in that area, this advisor will help you find the most suitable property for your needs. In general, real estate agents charge a percentage on the sale price or 1 month’s rent in the case of rentals. They can also charge a fee in advance in the case of hiring a personalized search service. In these cases it is very recommendable to hire a buying agent.
Search the advice of a lawyer
Especially if you do not fluent in Spanish language then a local lawyer who knows your language will be a good guide not to break any of the Spanish laws in the purchase process. If you hire a Spanish lawyer, request your registration number and look for it in the local Bar Association (Colegio de Abogados).
Obtain the NIE (Foreigner’s Identity Number)
To buy a villa or house in Spain it is necessary to have this identification number, just as to open a bank account in Spain or create a business in Spain. The NIE can be requested in Spain or in a Spanish embassy in your home country. This document may be requested by the interested party or by an authorized person. The process can take several weeks, so it is important to plan ahead, mainly for non-EU citizens.
Create a bank account in Spain
You will need an insurance and a bank account in Spain if you want to buy a property in Spain. Most sellers will only accept bank checks from Spanish banks and payable in euros. If you receive a pension, make sure you can receive it at a Spanish bank. You can get your mortgage through a Spanish bank. If you apply for a bank mortgage in Spain then the same bank will help you get home insurance. Otherwise, contact an insurance agent.
Hire a translator
Even if you speak Spanish well you may not know some legal terms that are used in Spain. Having these documents translated into your native language will help you understand everything better. Ideally, be an accredited translator who has experience with legal documents, especially real estate documents.
Write a contract
Your real estate agency, buying agent or lawyer (if you have hired one) will negotiate with the seller in an attempt to lower the price as much as possible. It will also negotiate all the details of the buy or rental and will draft a contract based on these conditions. The contract will also include deadlines to complete several steps of the process. There will be deadlines for you and the seller.
Apply for a mortgage
Unless you buy the property with cash, you must finance your purchase. You can do so by applying for a mortgage loan on an existing property you own, establishing a mortgage in your country of origin or arranging a mortgage with a Spanish bank. There are also other options such as purchase with deferred payment or rent to buy. It is important to value these other options before applying for a mortgage.
Purchase of property at the notary’s office
With the conditions established in the contract and with a bank check for the amount pending payment we can go to the signature of the purchase of our property in the notary’s office. The notary is an independent legal person that offers a guarantee when buying a home in Spain. If you can not appear at the notary in person the day of the purchase then you can appoint a representative. You can ratify this representation in a Spanish consulate office in your country of origin or in a notary office in one of the trips to Spain prior to signing.
Register the property
In Spain, the buyer is responsible for registering the property at the local registry office. In the same notary office, the paperwork service that is responsible for this process is offered. The cost of the services of notary office, property registration and paperwork services together corresponds to approximately 1 percent of the sale price of the property.
Contract supply services
Contract or change the contract holder of the supply, electricity, water, gas and telephone services. Check the best rates offered by each of the providers of these services.
Residence Visa in Spain
Do you need a visa?
Depending on the country of origin you may need a visa if you plan to stay more than 90 days in Spain. If you are a citizen of the European Union (EU), the European Economic Area (EEA) or Switzerland, then you do not need a visa to live or work in Spain.
Choose the correct type of visa
You will need a different type of visa depending on whether you plan to work in Spain or wish to retire in Spain. If you want to retire to Spain and live in the property you have purchased then you will need a different type of visa.
A resident visa to retire in Spain allows you to live in Spain without working. To get one, you will need a valid passport, proof that you have adequate financial resources and a medical certificate. The fee ranges between € 30 and € 150, depending on your country of origin.
If you want a visa to work, you must first be hired by a Spanish company. The company will contact the Spanish Immigration Office to obtain a letter of approval. In addition to this letter of approval you will need a valid passport, a police background certificate from the police of your country of origin and a medical certificate.
There is also another form of visa for people who buy a luxury home in Spain valued at more than 500,000 euros, is known as a residence visa for real estate investment or vulgarly the “Golden Visa”.
If you are not sure which visa to obtain, speak with someone at the Spanish consulate or with a lawyer who specializes in Spanish immigration law.
Apply for permanent residence or Spanish nationality
If you want to make Spain your home then you can apply for permanent residence after having lived in Spain continuously for five years or the Spanish nationality after having lived in Spain continuously for 10 years.
Exclusive Buyer Agent in Valencia
Exclusive Buyer Agent is a personal and confidential service based on the particular needs of our clients, which allows both buyers and those who want to rent a home in Spain to save time and avoid any kind of problems.
Chalet Valencia and its team of professionals have a deep knowledge of the market of villas in Valencia and can advise on the budget, areas and properties.
Chalet Valencia offers services as real estate in a traditional way, putting at your disposal the offer of villas in Valencia of your portfolio, but also offers a personalized service of Exclusive Buyer Agent (EBA) where you will have a professional who will work looking for the greatest benefit for you.
The EBA service includes many of the points mentioned in this article that you need to buy a villa in Valencia or in Spain.
Services included in the Exclusive Buyer Agent (EBA)
- Advice in the search of your house based on the personal criteria of the client
- Advice on obtaining NIE and bank account in Spanish bank
- Signature as representative in case of obtaining powers as legal representative in Spain
- Negotiation of the best price of the chosen property
- Legal advice and drafting of the contract with the conditions of the purchase or rental
- Search for a sworn translator to translate the contract into your language
- In case of purchase help in the search for a mortgage in Spain
- In case of purchase, coordination of the date of signature in the notary’s office and registration of the new owner in the corresponding Property Registry
- In case of purchase, management of contracting essential services in a home: water, electricity, telephone and gas
Exclusive Buyer Agent fee
The amounts do not include VAT