Buying a new home is usually an exciting time but can also be stressful and daunting, especially when purchasing property aboard. We have created a step by step guide summary below to help you prepare and navigate through the process from initial researching to finally moving into your dream property.
Starting the process
Define your budget, property requirements and desired area. Before starting to search for your dream property, it’s always good practice to have an idea of how much you can spend or afford to borrow with a mortgage. Also, to narrow down the searching try to have a clearly defined brief with your exact property requirements and conduct background research of appealing areas.
Making an offer
When you eventually find your dream property, to avoid missing out, we recommend submitting and presenting an offer to the vendor at your earliest convenience. If you require mortgage finance to complete the purchase, we advise speaking with a mortgage advisor at your earliest convenience to arrange sufficient funding. At Qlupa, we can arrange a FREE no-obligation consultation with a local mortgage expert to make sure you are fully prepared to submit an offer.
For most buyers, the financing options available are either cash funds from their home country or a mortgage agreement, or seeking a mortgage (Hipoteca) from a Spanish bank. Usually, the average Spanish mortgage terms, for non-residents, are up to 80% of the valuation of the property, with a 15-30 year repayment period depending on the individual’s circumstances and current interest rates are approximately 3%.
Choosing legal representation
The legal process of purchasing a property can be stressful when purchasing abroad with unfamiliar laws. At Qlupa, we have developed relationships with local reputable legal representatives who help to protect clients interests throughout the buying process and can recommend a range of services.
Seeking professional legal representation and advice once you have settled on the right price with the vendor. Will help to keep you protected and check the following important details below before exchanging contracts.
• Is the vendor the true legal owner to sell the property
• Is the property legal
• Confirm that no outstanding debts, charges or other legal encumbrances can be passed on to you upon completion