Buying A Home In Spain As An Expense
It may sound easy but a lot of people going to Spain to buy a property don’t
actually know what they want!. Yes, we would all love that big cliff top villa
with its own private pool, but if your budget is for a 2 bedroom apartment, just
look at those. Its easy to get carried away by looking at properties way over
our budget but don’t. Set a budget with a small amount of leeway and stick to
Black money or “B” money as it’s known in Spain is when they buyer
gives some cash to the seller and a lower price is declared on the deed. You
will save a little bit of tax on the price, but when you sell you will have to
pay Capital Gains tax on the difference of that lower price and your selling
price unless you can find someone to give you cash. However the authorities are
wise to this now and even if they just think you did this the penalties can be
hefty. Don’t do it and walk away from a seller who will only sell if you give
Make sure that it is your vendor’s name on the registration.
Again, your lawyer should check this, but so should you. You can obtain a nota
simple from the land registry just to make sure.
There you are in Spain. It’s hot and sunny and you have
enjoyed a hearty lunch with some sangria. Every property will look beautiful.
Swimming pools, lush gardens, tropical flowers – just the perfect place for your
new home. But is it?. Make sure you compile a list of essential requirements.
How many bedrooms you must have… distance to the beach… price…location…
how close are the shops. Narrow down your search before you start looking and
stick to your guns. Only buy the property if it fits your requirements. It might
sound silly but – sun, sangria and property searching are not a good
Find an estate agent you can trust, that will offer more services
than just selling you a house. Beware of advertisements offering you free or
low-cost inspection trips, you could pay dearly for them in the
However, it may not be out of place to cast a glance at a few issues
that may prove a setback to your plans: High price of the property, some even
call it overpricing. This is a common complaint but then also a much expected
one. What can you expect when your plans are on the exotic side of the line? The
solution herein can be good research, and preferably online at that. This can
help you to chance upon the Moraira Property For Sale
that suits your fancy and also your budget. Finding a real estate agent is
another good idea.
The cheapest property available in a finished state is
likely to be an apartment. These are often on an urbanizacion or housing estate
that will often include other types of property such as townhouses and villas.
These small communities will include a pool and landscaped gardens. Some kind of
security is often employed either in the shape of guards or CCTV cameras. A
community charge is payable to cover these facilities. A word of caution. Many
of these properties are let to holidaymakers during the summer months. Some to
English people with children. The noise these guys make while on holiday has to
be heard to be believed. If it’s not the kids during the day it’s their drunken
parents in the early hours of the morning.
Easy accessibility – Spain is
easily accessible by air and a number of international flights fly to Spain
regularly. Flying to Spain is not very expensive and a flight from London to
Malaga, which is on the southern coast, takes only a couple of hours. You can
either fly by budget airlines or choose to travel on any of the chartered
To use an agent or not? If you find the right one they can make
the process so much easier. There are a few good ones. There are also many who
have the best intentions but don’t really know their right hand from their left,
and there are others who will rob you blind if you let them But if you have no
other option then just make sure you choose wisely.