Investing in property is a huge undertaking, even in your own country, so buying real estate in Spain can be even more daunting. How do we know what is the correct price for the property? Who do we go to for advice? The best thing is to get an appraisal from an expert. If you do not speak or understand Spanish at all, this may be still more of an obstacle, but help is available. You can enlist the help of a Gestor, who is an agent to help with all things legal; like a cross between an English solicitor and accountant, or a lawyer to help with the paperwork further down the line, but to know the true value of the property, you need to get a “tasacion”, which s an official property evaluation.
While there are professional property evaluators, who will visit a property to value it, this is a service that does not come cheap. Furthermore, it is not much use if you are sat in the UK. There is a better option – and that is to get your property valued with a service that offers tasaciones online.
Now is a great time to invest in Spanish property, as the market is on the rise but properties are still available at low prices, as you can see here. And of course the exchange rate from sterling to euros is favourable at present. Don’t be fooled by claims of price reductions however, until you know the correct value of the home that interests you.
Look at the available choices, make a list of the most interesting properties, you can then use a tasaciones de viviendas website to get accurate appraisals of your shortlist of properties; once you have an accurate valuation you can decide if the property is a good purchase or not.
You should of course also study the surrounding area and make sure you have easy access to shopping, schools where applicable, doctors and a hospital, etc. Some areas already have an established expat community, which is especially helpful for those who do not speak Spanish.
The property appraisers will take into account all these aspects, as well as the size and condition of the home, to provide you with an accurate idea of where your money is going.
Before actually going ahead with the purchase, you will need to check with your Gestor about acquiring a NIE number: This is a Numero de Identificacion de Extranjeros, or Foreigners’ Identification Number, which every foreigner residing in Spain must have. This number will be yours for life, and will be required for every legal transaction, along with your passport. The residents permit is at present not required, but this number is important, as it means you are a legal resident. This will make a difference to the taxes you are liable for when purchasing. Your Gestor will guide you through all the legal necessities and obtain any permissions and other paperwork you may need, while you may also require the services of a lawyer; called an Abogado. In resort areas, or where there is a large expat community; most professionals will speak English, but if not you will need to bring along a translator in order to know exactly what you are taking on.
Once you have found your ideal property, had your valuation done, and negotiated the deal to your satisfaction; all that remains to is to move yourself and your belongings to your new adopted country, and enjoy all the marvelous attractions Spain has to offer.2020-02-04