Around 80% of Spaniards own their own property and many people do it without taking out a loan.
Purchasing and selling property can be overwhelming, especially if you aren’t familiar with the area and industry. If you’re considering buying a villa in Spain, you’re probably wondering how much it’s going to cost.
Well, you’ve come to the right place. Keep reading to learn more about how much you need and how to go about owning property in Spain.
Villa Vs Apartment
Knowing the difference between a villa in Spain and an apartment is crucial. When you’re searching for the perfect property, you need to know what you’re looking for. You also need to know what type of property is going to work best for you, your family, and your needs.
An apartment or flat in Spain is the most common place that people live in. However, there’s not a lot of privacy.
A villa is going to be a great option if you’re looking for more space and a quieter area. It’s a detached home that is typically located outside busy urban towns, so you’ll have much more privacy.
Benefits of Buying A Villa
There are a number of benefits that come with living and buying a villa in Spain. If you’ve never purchased a property, the process can seem daunting; however, buying a villa in Spain is smooth and straightforward.
You won’t have to worry about hidden fees. Working with an agent is also advised to make the process easier.
Owning a villa is a great long-term investment as well. You can live in the property for a while and then rent it out later on or sell it for a profit. The Spanish economy is growing and getting stronger, which is another reason to invest in a villa.
Property Taxes and Fees
When you’re buying a villa, you need to be aware of the property taxes and how much they are going to cost. Many buyers forget about the fees and can’t afford them. You can expect the property transfer fee to be between 6% and 10%.
You should also be prepared to pay a notary fee of 0.03% and 0.45%. Lastly, there’s likely going to be a registration fee of 0.02% to 18%. If you work with a realtor, you’ll also have another fee.
The Deposit
When you’re buying a villa and taking out a mortgage, you’ll need to have another money for the down payment. The more you put down upfront, the lower your monthly payments will be. Typically, buyers will put down at least 10% of the purchase price.
Property Insurance
Property insurance isn’t a requirement in Spain; however, many owners purchase a policy to keep their property safe. If you do decide to invest in an insurance policy, there are several companies you can work with.
If you’re relocating from another country, you can use a home insurance company from abroad. Be sure to get a few difficult quotes so you can compare prices and get the best deal.
Prices
Prices for villas in Spain can vary based on a few different factors. Location and size are the main determinants. However, you probably know the housing market can change without warning.
Marbella is a great place to own property, whether you’re looking for your dream home or investment property. The average cost of a villa in Marbella is around €2,500 per square foot or €223,380.
However, you can find it less expensive in the area. If you’re looking for a larger property, you can find villas that are more than €2,000,000.
It’s important to stay within your budget when you’re purchasing a villa. There are many villa options, you can get a luxury villa or get a smaller one that fits your budget.
Finding Property
Buying and finding a property takes time. It can be hard to find a villa in Spain. Villas aren’t as common as townhomes and apartments, so you might need some extra resources.
Working with a local agent is going to be your best option. They will know the area and have access to resources that you may not.
They will also be able to explain the home-buying process to you so you’re prepared. You also won’t have to worry about getting a bad deal if you work with a reputable company. It’s expected that the housing market will fall slightly in the near future, making it a great time to buy.
Selling a Villa
If you’re looking to sell your property, you may also want to consider working with a real estate agent. If you aren’t in a rush to sell your villa, you can hold out and make a profit.
Many locals and foreigners are looking to buy a villa, so when the perfect deal comes around, take it. You’ll need to know how to market your villa so more people see it.
People all over are looking to invest in property and if you market it correctly you can find the right buyer. As a property owner, you’ll need to be looking at market prices before you list your villa.
Villa In Spain
Owning property is a great way to increase your monthly income. Spain is also a great place to live.
Take your time searching for the perfect villa in Spain. It’s crucial that you don’t settle for a property.
Working with an expert is key and if you’re ready to find your dream home, contact us. Our team is ready to help you purchase a property and answer all of your questions.