Buy with us
Looking to buy a property in Costa Del Sol? If so, you are in the right place
Why use Marbella Sun Properties to buy?
We are a team of expert agents who know how to do this. Buying a home is hard. But we can help. Here is a step-by-step guide to buying a house, along with a checklist of every key stage.
Guide to buying a property in Costa Del Sol
Marbella Sun Apartments is here to help you buy property in Costa Del Sol. It is so important to work with a real estate agency you can rely on.
Our agency will become your ally when looking to buy property in the region. Here is a step by step guide to buying property in Costa Del Sol.
The dream of your new home can be easily shattered by the budget. Before you start searching for a property, you need to figure out how much you can afford to pay. You need to consider not only the deposit, but also transfer fees, agency fees, mortgage arrangement fees, and mortgage insurance fees.
Now you have a budget in mind, you can start making a list of must-have property features. In general, this should include the number of bedrooms, which school district is nearby, and how far you are from work. You should also consider whether you want a house or an apartment. Most people will have to compromise on their ideal home.
You’re going to spend a lot of money on a home in Costa Del Sol and it’s important to understand the entire process. From making an offer, to negotiations, you need to ask lots of questions and do as much research as possible. This is a huge financial decision and you don’t want to make any mistakes.
When you find a property, don’t ignore it just because it has a style you don’t like. Your broker may be able to come up with a solution. It is often difficult to see past a décor that is not your style, but it is important that you don’t focus too much on things that can easily be changed. Buying a property is a huge step so be sure to ask your broker as many questions as necessary.
Now that you have have found the property you’d like to purchase, it’s time to start negotiating. As soon as the seller is on board, your broker will be ready to close the deal. This can be nerve-racking, but your agent has everything under control and will keep you updated every step of the way.
Typically, a 10% deposit is required. This deposit is paid to the owner of the property and held in trust. The money is not released until the transaction has closed. Your lawyer will conduct due diligence and examine the property to confirm its condition. The seller’s agent will also conduct due diligence, confirming the ownership of the property and making sure it is free from legal defects or encumbrances.
In order to make a purchase in Spain you need to open a Spanish bank account. Before doing this you need to ask your lawyer to assist you with applying for an NIE (número de identificación extranjera) to pay taxes to the Spanish Tax Agency.
Before you sign any papers, you need to make sure the house is everything you want. Ask the real estate agent to confirm that the furniture/inventory is as it appears on paper.
When a buyer and seller have an agreement of sale, the sale is more likely to happen. Your real estate broker will clarify your understanding of the sale with you before you move forward with the transfer of the property.
We have a lot of experience with every step of the process, because we’ve been doing it for so long. We make sure your documents are in order before you start, so that there are no delays.
What taxes you need to pay when you buy a property in Andalucia
There are two types of purchase that you can make, a purchase of an existing home or a purchase of a new build:
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Taxes when you buy an existing property:
7 % Transfer Tax – in AndalucÃa since 2021 there is a flat rate for the transfer tax, the buyer need to pay this tax Â
1.2 % Stamp Duty Tax – in AndalucÃa this tax it was before 1.5 %, but since 2021 it was reduced
0.8 % Notary Fee – fees are calculated depending on the purchase price and the complexity of the title deeds, it varies from 0.5 % to 1 %
1 % Legal Fee – In order to purchase a property in Spain, you need the service of a lawyer. You have to pay around 1 % for the legal services.
Total taxes when you buy an existing property – around 10 % from the purchase cost.
Example – If an apartment  does cost 200.000 euro, you will need to pay taxes around 20.000 euro, so in total you will need a budget of 220.000 euro
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Taxes when you buy an off-plan or a new building :
- 10 % VAT – If you but directly from a developer or you buy a new home, you are liable to pay VAT (IVA in Spain)
- 1.2 % Stamp Duty Tax – in AndalucÃa this tax it was before 1.5 %, but since 2021 it was reduced
- 0.8 % Notary Fee – fees are calculated depending on the purchase price and the complexity of the title deeds, it varies from 0.5 % to 1 %
- 1 % Legal Fee – In order to purchase a property in Spain, you need the service of a lawyer. You have to pay around 1 % for the legal services.
Total taxes when you buy an off-plan or a new home – around 13 % from the purchase cost.
Example – If an apartment  does cost 200.000 euro, you will need to pay taxes around 26.000 euro, so in total you will need a budget of 226.000 euro
What obligations you have after your buy a property in Costa Del Sol
After you buy property in Spain you have few things that need to be done:
- If you’re purchasing a property, you must pay the taxes and other costs within 30 business days (retentions must be paid within a month).Â
- You have to register the change of ownership with the Land Registry, the Cadastre, and, if applicable, the community.
- You should transfer utility contracts and other services to your name and arrange for direct bank account debits for such payments.Â
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