10 tips to buy a house in Costa Blanca, Spain

Today we thought sharing with you the advice we give to our clients when they decide to buy a property in Costa Blanca or any other area in Spain:

1. Analyse your family necessities. Make a simplified list of the basic requirements your new home must have.This is essential to make the house search process easy and successful.
2. If isn't going to be your permanent home, think rentability and think investment. Go for a property that has the key factors to be good for renting or choose an emerging location that will reevaluate with time. For that we recommend you speak with a good real estate agent.
3. Study all of the mortgage options carefully, your bank won't always give you the best option. You can also ask for a non-resident loan if you aren't spanish. Whatever your situation is, comparing is the key.
4. When making numbers, remember you'll have other expenses you need to take into account: there is a tax in Spain called “Impuesto sobre bienes patrimoniales" applies over the buying price of the property, and represents between the 4 and 10% of the total. This variation exists because depends on the county you are purchasing the house and also every year can change, so find out which percentage applies to your region. But if you buy a new property you won't pay this tax, since it onoly applies second hand properties but you'll have to pay V.A.T instead, which is the 10% or the 4% if it is a subsidised housing. Also don't forget you'll have to cover the notary expenses which is around 1% over the price of the house.
5. We recommend to our clients that your loan don't take more than 45% of your income. Needless to talk with a financial advisor to study your case in the situation the house you want makes your loan bigger or just because you'd like more money to refurbish your new apartment for example. Seek professional advice.
6. Analyse the real estate market on each area. From one place to the other can be only a few kilometres distance but a difference in price. For example; la Mata, Torrevieja is a cheaper option if you compare it to the properties for sale in Guardamar del Segura.
7. When buying a house in Spain you have to remember you'll have annual maintenance expenses: IBI (council tax, which is much cheaper than in England), community fees, perhaps you'll have a private garden, pool or wooden structures...elements of the housing that you'll have to look after every month, take them into consideration.
8. Take advantage of the Brexit, specially if you are british. A lot of properties are sold in Costa Blanca and with the constant change of value of the pound compared with the euro you could save some if you buy in the right time.
9. Before you buy make sure the property is debt free: ask for a “nota simple" on the council and also ask the company in charge of the community for a community charges report that will show if the payments are up to date.
10. Work with a real estate agency. They know the sector, they guide, are good negotiators and will solve any problems it might arise. If you'd like to know more about the advantages of buying a house through an agent, follow this link.

If you'd like to follow the last advice, the Naranja Spain team is here to help you find the home of your dreams in Costa Blanca south. From a beautiful mediterranean villa to a stunning attic with sea views. We have a good housing catalog selected and managed individually just for you. We hope to meet you soon.

Regards.