It has been heartening to see Spanish home prices moving in the right direction this past quarter, with the Spanish Property Registrars latest index reporting an increase of 1.15% for Q3 2014 when compared with a year earlier.
With the market at turning point, many people will be looking seriously at Spain with a view to purchasing an investment property, second home or retirement property, wanting to buy while the market is at its lowest point and then enjoy capital growth once prices rise. According to Market Watch, house prices in Spain have fallen 35.2% on average since 2007, so the potential for capital gains is extensive.
Buying overseas can be a confusing business to the un-initiated, so Taylor Wimpey España, Spain’s market-leading homebuilder, has put together some top tips to help buyers understand what they need to do, with Sales and Marketing Director Marc Pritchard showing that buying a home in Spain is as easy as TWE with Taylor Wimpey España.
Taylor Wimpey España’s guide to buying a home in Spain
Trust – firstly, make sure you work with a company that has a proven track record that you can trust in. Grill them on their experience and do your homework online to be sure that you have complete confidence in the company you are working with. Whether you buy directly from a developer or through an agency, be sure you know who you are dealing with and trust them to handle your transaction smoothly.
Work patiently through the purchase process. You may be chomping at the bit to complete, but there are certain legal steps that need to be followed in the right order. If buying a property off plan, you will need to:
- Obtain a Spanish fiscal number.
- Sign a reservation contract and pay a fee.
- Sign a contract of sale (this can take up to 30 days to draw up).
- Make staged payments during the construction process.
For homes that have been previously owned, you still need to obtain a fiscal number, then pay a small deposit once your offer has been accepted, followed by legal investigations and the signing of the contract of sale.
Ensure you pay your fees after the purchase is complete. Several fees and taxes are payable following the completion of the sale and the property will need to be registered at the Spanish Land Registry. Once all this is done, you just need to relax and enjoy your new property!
Many buyers ready to take the Taylor Wimpey España approach and purchase their Spanish home are likely to look in one of three main areas: the Costa Blanca, the Costa del Sol or the Balearic Islands. All three are popular holiday destinations offering beautiful beaches, fantastic restaurants and sunshine aplenty.
On the Costa Blanca, Taylor Wimpey España’s La Vila Paradis is a gated development in an enviable beachfront location offering swimming pools, private parking and delightfully laid out communal gardens. Prices start at €225,000 for a two bedroom apartment.
On Mallorca, the Cala Magrana III development has key-ready two bedroom apartments available from just €230,000, with a 5% cash discount for any buyer who legally completes before the end of the year. Buyers can enjoy the nearby Porto Cristo marina and the pristine Cala Anguila beach, as well as access to excellent local golfing facilities.
Over on the Costa del Sol, Horizon Beach has the last few remaining penthouses available for buyers looking to enjoy spectacular sea views and easy beach access. Prices start at €500,000.
For more information please contact Taylor Wimpey España today on 08000 121 020 or visit www.taylorwimpeyspain.com. Those residing outside of the UK should call 0034 971 70 69 72.
