It's really important that you should be aware of your budget and financial options. Wasting your time and money in the search for a property that you then cannot pay for is an exercise in pure frustration. If you feel that external financing is going to be required, you should visit your bank to consider the different possibilities. You can obtain a mortgage loan in Spain to help you buy a property, provided that you meet a series of requirements relating to income and solvency. At Medland Spain, we do not recommend that you request loans for more than 50% of the property’s value, as, in our experience, these are normally not approved.
Depending on your preferences, you have to choose the coastal or inland region that most interests you. You should bear in mind the climate, the landscape, cultural conditions, and how easy it is to travel to and from the area. Consider factors such as available services (hospitals, entertainment, supermarkets, etc.), the quality of the beaches, whether you like hot temperatures or not, the seasons of the year during which you intend to spend time in Spain, and of course, the frequency and cost of flights.
Medland Spain is based in the Costa Blanca (Alicante), which over the last few years has become the leading area for the sale of properties to foreigners, due to its beaches, services and prices.
Although not strictly necessary, it is highly recommendable, however, that you go to an estate agent that can help you choose your ideal property. A good agency shall recommend the best construction companies and shall provide you with independent advice about each of these. Employ the services of a well-established estate agency in the country, which will help ensure that the entire process is carried out without hiccups. That way you’ll save time, and ultimately money, as the estate agency shall make a prior selection of products worth visiting based on your requirements, ruling out those products that fail to meet suitable quality standards or where the financial solvency of the constructor is in doubt.
You can establish dates for visiting Spain in conjunction with our agency. The ideal length of a visit is 3 to 4 days, depending on the availability of flights, of course. And these should preferably be weekdays, as this will allow you to have guaranteed access to all of the property developments, bank branches, and lawyers’ offices. If you plan your visit well, you won’t need a longer visit. Shorter stays are also possible, provided that you have a very clear idea of what you want, or if you have already visited the zone. You should avoid, as far as possible, visits during local festivals, which could make it difficult to access certain property developments. In our agency we will gladly give you advice in this regard.
If you organise your visit with an estate agency like Medland Spain, we shall pick you up at the airport to take you to your hotel, where you can drop off your luggage. Your itinerary shall be planned depending on the arrival time of your flight, with visits to properties either commencing the very same day or the day after your arrival. A well-planned trip saves you a lot of time, as the route and the order in which the real estate products are visited shall be optimised, making sure that time is not wasted or that you drive unnecessary distances. Your rest times also have to be well organised. If you like a product well enough to want to buy it, our agency shall assist you with the subsequent steps.
You should you go through the process of opening a bank account in Spain only if a product really interests you. Any bank will do, although it’s a good idea to choose a branch where they speak a language that you can understand without problems.
At Medland Spain, we always recommend that you contract the services of an independent lawyer to oversee the entire legal process. Provided that you have enough time, you should arrange a meeting in a lawyer’s office where they speak your language. If you have enough time during your stay you can also obtain a National ID for Foreigners (NIE), which you will need in order to finalise the purchase, although you can always obtain this ID number during a later visit.
All of the above steps can, and indeed should, be coordinated by your estate agency in Spain.
If you decide to buy, you shall have to pay a sum as a downpayment to reserve the property (normally 5000 euros) and sign a private sale and purchase agreement. This agreement establishes the obligations and rights of the buyer and the seller, and normally remains in force until the keys to the property are handed over, at which time the Deed of Conveyance is signed.
Most such agreements are standard in nature and do not vary greatly in content, as Spanish law establishes a series of exhaustive regulations governing all of the aspects of the purchase.
The Deed of Conveyance shall be signed before a Notary Public, which means that the document can be then registered in the Property Register, which is a fundamental step to assure that the purchase has security rights which are enforceable in relation to third parties. Given that the deed is an official document, a Spanish-language version of the document has to be signed, and that is why you really need a lawyer who can provide you with good advice and translate for you.
Normally, when the Deed of Conveyance is signed the keys to the property are handed over to the buyer, from which time you will be considered to be the owner of the full legal and beneficial title of the property and shall be subject to all the related rights and obligations. That’s when you can really start to enjoy your new home.