Financing a house in Spain

• Financial

• Spain

If you want to buy a house or apartment in Spain, you need to think carefully about financing. You can have a maximum of 70% of the purchase price financed in Spain. The additional costs are on average 12.5% of the purchase price and must be paid from your own funds. It is important to take this into account when you start selecting properties.

If you have sufficient assets, you can fully self-finance the property in one go. You can also take out a mortgage. Usually, loan providers have an expert in house who can assist you to make the best choice. The term depends on the amount you want to borrow. Many banks apply a lower limit. The younger you are, the more favourable this is for the loan you want to take.

Practical steps when buying a house in Spain

If you are going to buy a house in Spain, a lot of practical steps need to be taken during the buying process. Make sure the pending matters regarding the house are in order. Be sure to check that no contractors are still in debt as this can cause problems. Once everything is in order, you can move on to specific matters such as drawing up the purchase contract, entry in the property register and arranging gas, light and water connections.

Experts in your home country

Buying a holiday home in Spain is a complicated procedure. That’s why it’s good to work with an estate agent and bank in your home country. If you can communicate in your own language, everything runs much more smoothly with less chance of misunderstandings and dissatisfaction afterwards.