We often receive enquiries regarding general information about living in Spain and owning property in Spain. We highly advise carrying out as much research as possible before coming to Spain and you can find the answers to virtually any question you may have by carrying out a search online on the Internet. Below, you will find answers to many of the frequently asked questions we have previously received.
Q. Do I have to obtain the NIE to make a purchase?
A. Yes. Foreign buyers interested in purchasing a property in Spain, must, for their identification, have a personal, sequential and exclusive number, called "Numero de Identidad del Extranjero (NIE)". Your Lawyer in Spain can organise this for you with your Power of Attorney.
Q. Do I have to pay a deposit to make an offer?
A. Yes. In order to present and offer to the owner/vendor, it is an essentail requirement that you are prepared to pay a deposit to accompany the offer in writing, this is normally €6,000. The deposit is of course fully refunded if the offer is not accepted.
Q. Do I have to pay expenses or taxes during the purchase?
A. Yes. All expenses and taxes generated through the sale will be paid by the buyer, except for the increase in the value of the Urban Land tax (plusvalía), which will be paid by the owner/vendor.
Q. Will I have to pay expenses or taxes after the purchase?
A. Yes. When you become an owner of a property, you have to pay annual expenses such as Spanish Property Tax (IBI), Non-Residen Income Tax (annual declaration), local taxes, for example: rubbish collection, community fees (if applicable) and access from street to a private garage (caruaje).
Q. I am looking for a property near the beach?
A. Virtually every urbanisation on the Costa del Sol between Nerja and Sotogrande will be near the beach, certainly within 10 minutes drive, but to be in walking distance to the beach means having a property located just North of, or Beachside (South) of the main coastal road, A7 (N-340), which serves virtually all the main urbanisations along the coastal strip. The advantage of being beachside is that it can be easier to rent out the property, but the community fees may be higher and the vicinity is more likely to be built up. Some road noise may also be noticeable but not usually if located closer to the sea.
Q. I want to be within 45 mins drive from the Airport.
A. This will put you from Nerja, East of Málaga to Mijas Costa, West of Málaga. Marbella is 45 minutes drive from the Airport and Estepona 60 minutes.
Q. I want to be located no more than 15 mins to a Golf course.
A. Virtually anywhere on the Costa del Sol puts you within 15 minutes of numerous Golf courses to choose from.
Q. From an Investment point of view what type of property should I buy?
A. There are more Apartments for sale and less independent Villas available on the market thus improving chances of letting out a Villa easier as there will be less competition in the area.
Q. I'm looking to snap up a bargain property!
A. Based on supply and demand it is more likely to be an Apartment than a Villa for example. In order to succeed, you need to be serious about buying, know what you are looking for and be ready to move quickly when a genuine distressed sale property comes available. Unless you are in Spain at the time and ready to reserve with a deposit to secure the property you are unlikely to be successful in snapping up a genuine bargain as there will always be another buyer ahead of you! Bargains are also more suited to a cash buyer and anyone requiring a mortgage is strongly recommended to apply for a mortgage offer in principle as it can take up to 2 months to obtain an offer from Spanish Banks and no vendor will want to take their property off the market for such a long time with just a holding deposit made subject to a mortgage offer.
Q. What is crime like in the area?
A. Statistically, the Costa del Sol is probably one of the safest places to live in Europe.
Q. What is the Rental market like if I want to rent out my holiday home?
A. As the Number One Holiday Destination for North Europeans the Costa del Sol offers probably the best rental market in the Mediterranean, both for Holiday Lets and Long Term tenants. Due to the convenient location and climate the Costa del Sol will always be in high demand for renters and holidaymakers.