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How To Choose A Good Property In Spain?

Thursday , 9, June 2022 Comments Off on How To Choose A Good Property In Spain?

If you are a resident of Spain and intend to purchase a property here then you need to know how you can register it and what taxes are applicable. 

If it is an independent property then the buyer needs to declare the property for the purpose of registration and if it is a part of a society then the promoter or builder needs to submit the application.

You can make your choice of property, especially a home, based on whether you want an apartment, a semi-detached bungalow, a private villa or a farmhouse far off from the city. You can also seek help from the internet to buy low-priced property for sale in Spain.

A semi detached bungalow will definitely offer more privacy, less interference but more maintenance cost too. The same is true of an individual villa, but the risk of being broken into is definitely higher.

Most of the banks in Spain currently provide mortgages of 60-80% of the price of the property for 5, 10, 15 or even 20 years. The terms and conditions differ for the residents and non-residents. 

Even non-residents can buy a property in Spain and in fact many of them are already doing so. This is because of the low interests on properties in Spain as well as other benefits such as write off clauses, no commissions from the banks and so on.

Non-residents are also free to open their bank accounts for the purpose of home mortgage. If you are a non-resident then you would need a passport or a residence permit to apply for a home mortgage.

Since non-resident buying is on the rise, several commercial banks in Spain are taking advantage of it and specifically targeting more and more non Spanish people to buy properties in Spain. This is a win-win situation where both parties tend to gain.