Welcome to Scandinavian Property, your guide in the process of buying, selling and renovating of properties on Costa Del Sol.
If you dream about owning a property in Spain, you have come to the right place. This blog will give you some practical advices regarding the process of investing in properties on Costa Del Sol.
1. Choose the right area:
Buting a property in Spain is not just about the property, but also about the location. Å kjøpe leilighet i Spania handler ikke bare om selve eiendommen, men også om beliggenheten. Explore different areas of the Costa del Sol and choose one that suits your lifestyle. Consider proximity to beaches, golf courses, shopping and other amenities that are important to you.
2. Understand the legal process
The Spanish real estate market has its own legal processes. It is important to understand key aspects such as security deposits, purchase contracts and taxes. Our partnership with skilled lawyers will guide you through these steps to ensure a smooth transaction.
a. Deposit
- A common step in the buying process is to place a deposit to secure the property.
- The deposit is usually around 10% of the purchase price and is paid at the conclusion of the agreement between the buyer and the seller.
- If the purchase is not completed, the conditions for the refund of the deposit may be described in the contract.
b. Purchase contract
- Purchase contract (Contrato de compraventa) formalizes the agreement between buyer and seller.
- It usually contains details about the property, terms of sale, price and timeframes for transfer.
- It is advisable to engage a legal expert to review the purchase contract before signing to ensure that all conditions are clear and understood by both parties.
c. Taxes
- Transfer tax (ITP) is a regional tax incurred on the transfer of property. In Andalucia, the ITP rate is usually between 7% and 10% of the purchase price, depending on the value of the property.
- Documented Legal Acts Tax (AJD), is a tax incurred on legal documents, including purchase contracts. Rates vary, but in Andalucia it is usually around 1.5% of the purchase price.
It is important to be aware that taxes and procedures can change, so it is always advisable to consult with local lawyers who are familiar with the applicable laws and regulations in Andalucia. Involving an experienced real estate attorney in the buying process can help ensure a smooth transaction and protect your interests as a buyer. Whether you want to use the lawyer we recommend, or have your own lawyer is a choice you are free to make on your own.
3. Think long term:
When investing in real estate, it's important to think long-term. Assess the potential for increasing property value and rental income. Costa del sol is attracting an increasing number of investors and this can be a profitable long-term investment.
4. Common concerns addressed:
a. Language barrier:
Don't worry about the language. Our team speaks Norwegian, Spanish and English. We will be with you throughout the process. In addition, we offer our assistance and guidance after the purchase.
b. Currency Exchange:
We work with trusted banking partners and can put you in touch with the right people for currency exchange advice. (This applies for Norwegian clients)
c. Local culture:
Gain an understanding of the local culture and way of life. This will help you adapt faster and enjoy the experience in Spain.
5. Renovation and Customization:
Scandinavian Property not only offers guidance through the purchase process, but we also support in renovation projects. Tailor your property to your preferences with our help. We have extensive experience in home purchase, renovation and sale in Norway. With a Norwegian wet room certificate, we also offer renovation of high quality and within Norwegian standards.
Buying an apartment in Spain should be an exciting and rewarding experience. With Scandinavian Property by your side, you can rest assured that you will get the support you need. We take the time and assess the different homes with you, we give our guidance in case a home needs improvement so that you can make the choice to buy the home that needs renovation, or that we find a home that is ready to move in. Explore our services and contact us to start your journey towards owning your dream home on Costa del sol.
Contact us today for an informal chat!
