I want to buy an apartment in Spain. What should I do?
If I want to buy a flat in Spain, it is normal that the first thing I would do is research on internet and check for professional advice. That’s why from Andalucía Realty we want to give you a series of tips about the real estate market in Spain so you can have a better understanding of the process.
Spanish market overview:
The purchase and sale of properties throughout Spain has been changing during the past years. The downturn created by the crisis has already finished, and the market has already recovered, accompanied in many cases by price increases.
I is true that both rentals and purchases were intended for different groups of customers. To give an example young people would rent their first apartment and start thinking about owning a house at the age of 35.
Now, since the outbreak of the housing crisis in 2007, in some cases there are more and more young people and families who choose to buy a home. Not only as a first home, but as an investment, as the demand for rentals are booming. This increase is bigger in coastal areas such as Costa del Sol or Marbella, with a high demand for holiday and seasonal rentals.
Steps to buy a flat:
If you want to buy a property with full guarantees, these are the steps you should follow. If you want to know more about them, check our 10 -Step guide to buy a property in Spain.
- Research the area you like
- Set a budget
- Check with your bank the possibility of a mortgage.
- Choose a trust real estate agent to guide you through all the process
- Check all the legality of the property (You can check our guide “Documents needed before buying a property”)
- Check the property for structural damage or any needed refurbishment
- With the help of your Real Estate Agent make an offer for the property.
- Ask for the mortgage (if needed)
- Order an appraisal on the property
- Check you have revised all the paperwork needed
- Sign the buying contract at the Notary.
If you have already decided to buy a flat in Marbella and the Costa del Sol we recommend that you take a look at our website where you can find the best apartments for sale in Marbella, Estepona, Mijas or Benahavis.
Adaptation from “Quiero comprar un piso. Consejos inmobiliarios“ in AgoraMLS.com by José Carlos Carrasquet Godina