Buying your home

Buying a home ...

 

Buying a property abroad is not something one does every day, and therefore there is the need to work with a professional company that can assist you before you decide to purchase. The Holiday Home Vision Group is a long existing real estate company specializing in the sale and rental of holiday homes and villas in Spain.

 


Your first step ...

Once you have decided to look for a suitable property in your favorite region that meets your needs and budget, you will soon notice that the offer is large, but that prices can sometimes show inexplicably large differences. This can have many causes, such as the type of land on which the house is built, if the Urbanization is paid and whether the ground has a municipal zoning plan or a rural zoning plan with limited rules. How many meters can be built, and how many m2 is built? In short, a long list of questions that can greatly affect the price and the value of your potential new property.

 


Legal research ...

We advise all our customers when buying a property to have prior research conducted by a lawyer with knowledge of the local area; he can easily contact the local authorities. In all cases it is wise to take your own lawyer who checks for you if all documents are in order, if there is nothing illegally built, the number of square meters which are built with regards to the ownership documents and many other things.

 


Purchase Assistance ...

If you cannot find your ideal property within our organization's offering, but would like to use our expertise as purchase counseling we offer that possibility. Our brokers and our house lawyer can be of excellent assistance and, if desired, can also do the negotiation on your behalf. This has the advantage that they do not wear pink glasses, so they can look at the property in a more neutral way. With over 15 years of experience our team knows the pros and cons of buying in the region, and can often avoid costly mistakes for you.

 


Formalities ...

Before you make a purchase in Spain, you need a NIE tax number; this is a number, which the notary uses to transfer the property to your name, and allows you after purchasing your house to connect utilities such as water, electricity and gas and pay real estate taxes. We will inform you what steps you should take before and after the purchase, and assist you with this. You will also need a local bank account; our organization works closely with several local banks that focus on foreign account holders. We put you in direct contact with the bank manager, which can open the account for you and can advise which type of account best suits your needs. Please pay special attention to the bank charges; this can save you a significant amount over time.

 


Mortgages ...

In recent years it was almost impossible to get a mortgage for a second home, this was due to the crisis and the decline in the value of real estate that came with it. Banks could not precisely estimate the decline in real estate prices, and thus the value of their collateral. The result is that they did not provide mortgages to avoid any risk. This situation has changed and banks are willing again to provide mortgages. If you fulfill certain conditions it is possible to get a mortgage. In a nutshell, you can borrow up to 70% of the value of the property on condition that the monthly amount to be paid does not exceed 40% of your net income, after deduction of your other obligations. Upon your request we can put you in contact with various banks, without any obligations, that can make you an offer for a mortgage.

 


Engineering research ...

Prior to making a purchase, you can decide to do an architectural survey. This study may be limited to the advice of our architectural surveyor, but can also be carried out by an architectural engineer who will issue a written report on the state of the object. If there is no energy certificate available it has to be made before the transfer, and this will also be discussed in the report.

 


The transfer ...

Once there is agreement on the purchase price, the work can begin on the transfer. Take into account the additional costs, and make sure you know how high these costs will be before you decide to buy. The bank may charge a fee when taking out a mortgage. The main costs relate to the transfer taxes, notary fees and any mortgage costs. The seller pays the agency brokerage fee. Our tax advisor can exactly tell you in agreement with the broker which costs must be taken into account. Please note that you make a division between the property and any furniture that you are going to take over; this will make a saving on the taxes.

 


Payment ...

Sales in Spain are made using the Euro currency; if you do not come from a country that uses the Euro as its currency, you will probably have to change. We advise you to contact a professional company specialized in exchanging currency. This can lead to substantial savings compared to the rate you can get from your own bank. We can put you in touch with accredited exchange companies, which can quote you their rate so you can check whether these companies can offer you a better condition than your own bank. We only put you in touch with companies with a proven track record, based on previous transactions from our customers that were very satisfied. The exchange rate may vary at anytime and with each company, so we advise you to contact at least two exchange offices to request the rates. Ask our consultant to put you in contact with reliable exchange offices, so that they can contact you with your permission for their best rate.

 


Your new home ...

Once your newly bought property is registered in your name you still have a few things that should be handled, such as having water, electricity, gas, municipal charges and taxes transferred to your name. We also assist you with these formalities and advise you after purchase. You may have plans for your new property such as remodeling, redecorating, construction or modifications, like adding a swimming pool. Note that a cheap price can turn out to be expensive, especially abroad where architectural matters and appointments can often go wrong. We advise you to discuss your requirements with our advisor. If you are handy and want to do a lot of things yourself, then he can certainly give you some tips.

 


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