Guide of buying a
Development in Costa del Sol
Looking to buy a property in Costa Del Sol? If so, you are in the right place
Here is a guide for buying a property in Costa del Sol
Whether you are buying your first home or adding to your existing property, we are happy to advise you on finance options. Before starting to view, we would suggest that you have an idea of your budget and if you need a mortgage, we recommend that you pay a visit to your own bank. We are pleased to introduce you to one of our mortgage brokers so that he can confirm your buying budget, if required.
We will make every effort to assist you with your real estate needs, whether you are looking for a vacation house or weekend retreat, or if you are planning to buy or sell a home. After we have reviewed all of the details, and discussed the cost of each property that we look at, we will suggest properties based on what is best for you.
The pre-launch sales have attracted interest from a variety of different clients and individuals. Some are investors who like to be first in their investment, others are looking to get a return on their funds and there are many who simply want to move around easily and comfortably. All in all there is a certain amount of risk that goes into this type of investment.
The buying process of a development in Costa Del Sol
It is necessary to check the availability of the property you want to buy and make a binding offer. The developer offers you assistance, as well as professional advice on how to proceed: they check whether the property is suitable for your requirements, and offer possible discounts.
Reservation contract
If you place a deposit, you will take the property off the market and signed a Reservation contract. The deposit amount is typically € 6,000, however pending on the purchase price. If the price of the property is substantial, the deposit amount can be up to 15,000 €. The reservation period is typically 2 weeks, to allow your lawyer sufficient time to make a due diligence on the property, local planning, master planning, etc.
Private Purchase Contract
The Private Purchase Contract is a key part of the buying process. It replaces the Renting Contract and outlines all the specifics of the purchase. In new developments you typically pay 30% of the purchase price, minus the already paid deposit, when signing a Private Purchase Contract.
Completion
From 6-24 months – depending which is the status of the development. Completion and payment of the balance, takes place at the Public Notary. On completion you will receive th keys to the property and you will be the new owner. All future obligations on the property are now your responsibility before leaving the Notary you are handed over a copy of the new title deed,
Buying cost of a development in Costa Del Sol
In Costa del Sol, there are a lot of developments and most of it is still pending. There are some costs that you have to pay on the completion of your property. We made a short list of the buying cost.
- 10% in purchase tax (VAT)
- 1.50% stamp duty tax
- Legal fees, normally 1% on the purchase price + 21% VAT
- Notary fees 500 – 1,500 €, pending on the value of the property
- Land registry fees 300 – 1,500 € depending on the value of the property.
Example
If a property does cost 200.000 euro, you will need to pay around 26.000 euro in addition, so in total you will need a budget of 226.000 euro
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