Buying Steps
Funding
Legal Considerations0
Viewing Appointments
Resale Properties or Off Plan/New Developments, What’s the difference?
Expenses and Finalization
Welcome to Avocado Homes, where your real estate dreams become reality. we’re here to provide you with our top-tier service and expertise in Marbella’s vibrant world of real estate. We understand that buying or selling a home is one of the most significant decisions you’ll ever make, and we are here to guide you every step of the way. Our journey began with a passion for connecting people with their perfect homes.
Founded in 2001 by Sue McClellan we are a dedicated team of real estate professionals, we prioritise your needs, whether you’re a first-time buyer, a seasoned investor, or someone looking to sell your cherished property. We believe that every home has a story, and we’re here to help you write the next chapter of yours.
We take pride in our commitment to integrity, transparency, and exceptional service levels. When you choose Avocado, you’re choosing a team that puts your interests first. We listen carefully to your goals, preferences, and concerns, tailoring our approach to meet your unique needs. Your happiness is our success, and we will work tirelessly to achieve the best possible outcome for you.
Our Expertise:
Our experienced agents are the backbone of our success. They bring a wealth of knowledge about the local real estate market, ensuring you make informed decisions. Whether you’re searching for a cozy family home, an investment property, or your dream luxury estate, our team has the expertise to navigate the intricacies of the market and negotiate on your behalf.
We’re more than just a real estate agency; we’re part of the community we serve. Avocado Homes is committed to giving back and making a positive impact. We’re involved in local initiatives and charities because we believe in building strong and vibrant communities.
In an ever-evolving industry, we embrace technology and innovation to streamline your real estate experience. From cutting-edge marketing strategies to advanced data analysis, we harness the power of technology to ensure your transactions are efficient and successful.
Your journey in real estate begins with a conversation. Whether you’re curious about the market, ready to buy your first home, or looking to sell, we invite you to get in touch with us. Let’s sit down, discuss your goals and requirements embark on this exciting journey together. At Avocado Homes, we’re not just helping you find a house; we’re helping you find a place to call home.
Thank you for considering Avocado Homes as your trusted partner in the world of real estate. We look forward to getting to know you and helping you achieve your real estate aspirations.
Buying a property in Spain is an exciting endeavour that offers the promise of a Mediterranean lifestyle,picturesque landscapes, and vibrant culture. However, like any real estate transaction, it involves a well-defined process. Whether you’re a first-time buyer or an experienced investor, understanding the buying process in Spain is essential for a smooth and successful transaction. On the next page are the key steps involved in acquiring your dream property on the Iberian Peninsula.
Navigating the Spanish real estate buying process requires careful planning, local expertise, as a reputable real estate agent and a knowledgeable lawyer, will help ensure a successful enchanting Spanish landscape. Avocado Homes are here to hold your hand all the way.
1. Research and Budgeting: Define your objectives, including the type of property you desire, location preferences, and budget constraints. Consider additional costs such as property taxes, legal fees, and maintenance expenses. This initial groundwork will help you narrow down your options and set realistic expectations.
2. Legal Representation: Securing legal representation is a crucial step in the Spanish property buying process. A qualified lawyer experienced in Spanish real estate law will ensure that all necessary legal checks and due diligence are performed. They will review property documents, verify ownership, and guide you through the legal intricacies of the transaction.
3. Property Selection and Viewings: Engage with a reputable local real estate agency to assist you in finding suitable properties. Spain’s real estate market offers a diverse range of options, from coastal villas to urban apartments. Real estate agents often have access to a shared MLS network, simplifying the search process. You will only need one agent, they have access to all available properties our advice is to find an agent you are happy with and stick with them, they will be able to help you and there is nothing worse than being bombarded by emails and calls from multiple agents.
4. Offer and Negotiation: Once you’ve identified a property you’d like to purchase, your agent will help you make an offer to the seller. Negotiations may follow, during which price, terms, and conditions are discussed. It’s essential to work closely with your agent to strike a favourable deal that aligns with your budget and preferences.
5. Reservation Agreement: In Spain, a common practice is to sign a reservation agreement and make a deposit to secure the property while the necessary checks and paperwork are completed. This agreement typically involves a nominal deposit, which is deducted from the final purchase price.
6. Due Diligence: During this stage, your lawyer will conduct thorough due diligence to verify the property’s legal status, outstanding debts, and any potential encumbrances. This ensures that you are well-informed and protected throughout the process.
7. Private Purchase Contract (PPC): The PPC is a formal contract that outlines the terms and conditions of the property purchase. It typically involves a deposit payment, often around 10% of the purchase price. This stage solidifies the commitment of both the buyer and seller to complete the transaction.
8. Financing and Mortgage (if applicable): If you are securing financing through a Spanish bank, this is the stage where you finalize your mortgage application. Mortgage approvals may take some time, so it’s essential to plan accordingly and early. Preferably at the start of your journey.
9. Finalizing the Transaction: The culmination of the process involves signing the deed of sale at a public notary’s office. At this point, you will settle the remaining balance, and the property officially becomes yours. The notary ensures that the transaction adheres to Spanish law. If you have been savvy enough to give your lawyer power of attorney, they will manage this stage on your behalf. Generally, your lawyer will complete the administrative tasks, such as registering the property in your name, setting up utilities, and fulfilling tax obligations. expertise, and a commitment to due diligence. Working with experienced professionals, such successful and enjoyable experience as you embark on your journey to own a piece of the way.
Acquiring your dream property in Spain is an exciting prospect, and understanding the various property finance options available can make your real estate journey even more manageable. Whether you’re a first-time buyer or looking to invest in the Spanish market, here is a comprehensive guide to financing your property purchase in this beautiful country.
Navigating the property finance landscape in Spain requires careful consideration of your advisor who can guide you through the options, help you secure the best financing terms, you can confidently embark on your property ownership journey in the captivating landscape
1. Cash Purchase: The simplest and most straightforward way to buy property in Spain is with cash. If you have sufficient savings or access to funds, a cash purchase allows you to own the property outright, eliminating the need for mortgage payments and interest.
2. Spanish Mortgages: For many property buyers, securing a mortgage is the preferred method of financing. Spanish banks offer mortgage loans to both residents and nonresidents, making it accessible to international buyers. Here are some key points to consider:
Eligibility: Spanish banks typically require a minimum age of 18 and stable financial status for mortgage applicants. Non-residents may face additional requirements, such as proof of income and creditworthiness.
Loan-to-Value (LTV) Ratio: Spanish banks typically finance up to 70-80% of the property’s appraised value for non-residents and up to 80-90% for residents.
Interest Rates: Mortgage interest rates in Spain can vary depending on the bank and type of mortgage. It’s essential to compare rates and terms to find the most favourable option.
Repayment Period: Spanish mortgages often have terms ranging from 10 to 30 years, with fixed-rate and variable-rate options available.
Associated Costs: Be prepared for additional costs, including mortgage setup fees, valuation fees, and notary and registration fees.
3. Equity Release: If you already own a property in Spain or have substantial equity in one, you can consider an equity release or home equity loan. This allows you to access funds by leveraging the value of your existing property.
4. International Financing: Some international banks and financial institutions offer financing options specifically tailored to overseas property purchases. These options may provide more flexibility for international buyers.
5. Developer Financing: In some cases, property developers in Spain offer financing options for their projects. This can include staged payments during construction or deferred payment plans. Carefully review the terms and interest rates before opting for developer financing.
your financial situation, it’s advisable to work with a local real estate agent and financial terms, and ensure compliance with Spanish regulations. With the right financing strategy, landscape of Spain.
Navigating the legal side of purchasing a Spanish property requires diligence, expertise, trusted lawyer who specializes in Spanish real estate law is essential to safeguard your investment right legal guidance, you can confidently embark on your journey to own a piece of Spain’s
Engaging a reputable and experienced lawyer is paramount. Your lawyer will serve as your guide and advocate throughout the entire property acquisition process. They will assist you in navigating the complex legal landscape, conduct due diligence, and ensure that your interests are protected. Before committing to a property purchase, your lawyer will thoroughly review all relevant documentation. This includes the property’s title deed (escritura), land registry information, and any existing encumbrances or debts associated with the property. Verifying the legal status of the property is crucial to avoid potential pitfalls.
Your lawyer will also cover the following, Property Ownership and Taxes, Legal Due Diligence, Negotiating the Private Purchase Contract (PPC), Notary Public and Deed Signing, Registration and Taxes and Post-Purchase Obligations.
expertise, and a comprehensive understanding of the local legal framework. Partnering with a investment and ensure a successful and secure property acquisition experience. With the Spain’s picturesque landscape.
Your Window to the Market, viewing appointments are the gateway to discovering your ideal home these appointments offer you a firsthand experience of the real estate market. Here’s a closer look at what you can expect during these crucial steps of your property search.
Spanish property viewing appointments are pivotal moments in your property search. If favourite two or three properties. Second viewings can then be arranged and when you property in the sun.
Engaging with Avocado Homes: Avocado Homes possess a deep understanding of the market, local neighbourhoods, and property listings. They will work closely with you in tailoring your property search accordingly. Based on your criteria and preferences, we will curate a selection of properties for your consideration. These selections are carefully crafted, considering factors such as property type, location, size, amenities, and your budget. Avocado’s expertise is invaluable in narrowing down choices that align with your goals.
Scheduling and Preparing for Viewings: Once you’ve reviewed and approved the property selections, the next step is scheduling viewings. Avocado will coordinate appointments at your convenience, considering your availability and travel plans. They will also provide you with detailed information about each property to help you prepare for the viewings.
The Viewing Experience: Property viewings in Spain are not just about assessing the physical features of the property; they are immersive experiences. Avocado will accompany you to each property, offering valuable insights, answering questions, and providing context about the neighbourhood and community, including local schools, healthcare facilities, shopping centres, dining options, and transportation infrastructure.
Reflection and Decision-Making: After each viewing, take time to reflect on your impressions of the property. It’s common to revisit properties of interest for a second viewing to gain a deeper understanding.
If all goes well on your viewing appointments, you will narrow down your search to your you decide on your absolute favourite then you can move forward in securing your dream
Off-plan and new developments refer to properties that are not yet constructed but are part of a planned project. Buyers purchase these properties during the pre-construction phase. predominantly These properties are not yet built, so you’re essentially buying a promise to receive a property in the future based on architectural plans and designs. New developments are often found in emerging or growing areas offering potential for future appreciation.
You will need to wait for the construction to be completed, which can take several months to a few years, depending on the project’s stage at the time of purchase. Developers often offer competitive pricing and payment plans during the pre-construction phase. Prices will increase as construction progresses or based on market demand.
Factors to Consider: Timing: Consider your timeline and whether you need a property for immediate occupancy or are willing to wait for a new development to be completed.
Location and Lifestyle: Determine your preferred location and the lifestyle you desire. Resale properties offer established neighbourhoods, while new developments may provide growth potential in emerging areas.
Factors to Consider: Timing: Consider your timeline and whether you need a property for Location and Lifestyle: Determine your preferred location and the lifestyle you desire. Resale growth potential in emerging areas.
Ultimately, the choice between resale properties and off-plan new developments depends these factors will help you make an informed decision that aligns with your real estate goals.
Resale properties, off plan properties and new developments are three distinct options in real estate, each with its own set of characteristics and considerations. Here’s a breakdown of the key differences between these property types:
Availability: Resale properties, also known as pre-owned or second-hand properties, are existing homes that have had previous owners. These properties are typically in an established state, with completed construction and often with previous renovations or modifications made by the previous owner. You can usually move into a resale property shortly after the purchase is finalized, as there is no construction or waiting period involved. The price of a resale property is generally fixed and negotiable with the seller. You can see the property as it is and assess its condition before making an offer.
for immediate occupancy or are willing to wait for a new development to be completed. Resale properties offer established neighbourhoods, while new developments may provide depends on your individual preferences, priorities, and circumstances. Careful consideration of goals.
Please note that Avocado Homes have access to the top lawyers, accountants, currency advise that you take professional advice at all stages of a property purchase. The information and local authorities, and is kept up to date as much as possible. Avocado Homes will not not sought or taken during any property related transaction.
Purchasing a property in Spain is an exciting endeavour, offering the allure of a Mediterranean lifestyle and the opportunity to invest in a vibrant and diverse real estate market. However, understanding the costs and the timeline for completion is crucial for a successful and stress-free property acquisition. Here, we delve into the essential aspects of the cost and completion process when buying a property in Spain.
Purchase Price: The purchase price of a property in Spain is the most significant cost. It’s crucial to have a clear understanding of your budget and financial capacity before embarking on your property search.
Property Tax: Depending on the type of property and its location, you may be subject to either Property Tax (Impuesto sobre Transmisiones Patrimoniales or ITP) or Value-Added Tax (IVA). ITP typically applies to resale properties, while VAT applies to new developments, it would be safe to allow 7% for a resale property and 10% for a new development or off plan property.
Notary and Registration Fees: At the completion stage, you will need to pay fees associated with the notary and property registration. The notary is responsible for ensuring the legality of the transaction, while property registration officially records your ownership.
Legal and Administrative Fees: Engaging a qualified lawyer is essential for navigating the legal aspects of the purchase. Legal fees cover due diligence, document verification, and representation during negotiations.
Mortgage Costs (if applicable): If you require a mortgage to finance your property purchase, you’ll incur additional costs such as mortgage setup fees, appraisal fees, and potentially mortgage insurance.
Bank Fees and Currency Exchange Costs: International transactions may involve bank fees and currency exchange costs. It’s advisable to explore options for minimizing currency exchange fees when transferring funds to Spain.
It would be safe to allow 10% when purchasing a resale property or 13% when purchasing an off plan / new development property. this amount would usually cover all costs related to your purchase.
Completion Timeline: The timeline for completing a property purchase in Spain can vary based on several factors: Resale properties are typically ready for immediate occupancy, whereas off-plan developments may take several months or even years to complete.
Mortgage Approval: If you’re securing a mortgage, the approval process can add time to the completion timeline, so plan accordingly.
Due Diligence: Conducting thorough due diligence, legal checks, and negotiations can influence the timeline.
currency exchange and mortgage brokers, all of which are independent companies. We always information in this buyer’s guide is compiled via the Spanish government, regional government, not be held liable for any problems that arise should appropriate legal representation is