How do I choose the right housing advisor?

In times of high demand for properties on the Costa del Sol, the number of property advisers is also growing explosively. The challenge for home buyers without prior experience in the area, therefore, is to  research and select the adviser(s) who, in a decent and professional manner, will be able to safeguard the buyer’s interests throughout the entire purchasing process and, very importantly, after the purchase agreement is signed.

On the coast, the majority of advisers profess to provide a tailored and unique service to clients, demonstrating their experience in precisely the area the purchaser has shown interest.  However, it is not uncommon for advisers to exaggerate the interest shown in a chosen property.  This can invariably place the purchaser in a position where they find themselves pressured into making an offer on a property without perhaps considering it further.

Nordica Estates strongly recommend that the buyer makes a background check of the advisor, listens to recommendations from friends and acquaintances and reads others’ recommendations and experiences with the advisor in question.

Should I buy off-plan or re-sell?

The decision can in many cases be difficult to make, as prices often do not differ significantly from each other. Instead, in each situation, it often depends on one’s feeling when it comes to location, area and interior design.

The benefits of a resale home may be that after some years the garden is “matured”, you experience the “feeling of space”, can see the finish of the home and possibly. view from there, and that the infrastructure in the area is in place.

Conversely, for many, it is attractive to acquire either off-plan construction or a newly built home. In most cases, this will represent the technological and environmental development and greatly reflect the quality of Northern European standards and quality. In both cases, the cost of residential housing in Spain is significant, but with a marginal benefit from resale properties.

Further information can be found in the section “Buyers guide & fees“, where you can enter a purchase price and get a more accurate overview of the total cost of a home purchase in Spain.

Do I need a lawyer and how do I choose the right one?

In Spain, real estate and a competent and experienced lawyer are undeniably linked, as in Spain, the lawyer has the ultimate legal responsibility. The person in question obtains, as the buyer’s representative, a copy of the approvals and verifies that the documents present are valid before the final agreement of transfer in the notary’s office takes place. If the buyer chooses a home in a off plan construction, the deposit with the lawyer can secure one’s right to later signing the purchase contract on the specific dwelling.

At the same time, the lawyer can help to register the buyer with the public authorities and handle the connection of water, electricity and make a will.

At Nordica Estates, we always recommend aligning with legal assistance, even if the lawyer’s fee is 1% + VAT on the purchase price. The alternative may result in serious financial consequences at a later date. Other assignments are remunerated by appointment.

How do I open a bank account?

If you buy property in Spain, you should open a Spanish bank account to settle local costs. This can be an advantage, for example, for payment for utilities and owner association contributions, which are automatically registered via “direct debit”. This avoids sudden interruption of supply due to payment oversight. It also to avoid potential transaction and exchange costs.

On the Costa del Sol virtually, all banks employ one or more English-speaking banking assistants. Common to all, however, is that the banks’ position has changed from service to sale, so caution is advised.

What is a NIE number?

N.I.E. is an abbreviation of “Número de Identidad de Extranjero”, which corresponds to what we in England know as a Social Security number. The NIE number is used in Spain as the identification number and is needed in virtually all contexts involving the purchase of property, car, contract with utilities and the fiber network. 

And most importantly, when you have to pay your taxes. With an NIE number, the Spanish tax authorities can assess and process annual tax payments for example. resident (IRPF), not resident (IRNR), as well as IBI (El Impuesto dobre los Bienes Inmuebles) which is the local municipality property tax.

Is it necessary to take out insurance in Spain?

The Spanish word for insurance is Seguros, and yes, it is important that you as a homeowner cover yourself in the same way as you know from home. The alternative may end up with incalculable economic convictions, which, all things being equal, are further complicated by language barriers.

In the same way as with the choice of bank, the policyholder should seek advice and guidance on various forums and examine the market before taking out insurance. In Spain, sales of insurance are often handled by commission-paid insurance brokers, who can “sell” the company that pays them best instead of the best solution for the policyholder.

However, on the coast there are several serious English-speaking insurance brokers with widespread customer service.

Any questions?

Do you have any questions feel free to contact us and we will get back to you shortly