Buying real estate in Spain – What you need to know

Spectacular landscapes, picturesque beaches and a paradisiacal climate - this is what characterizes Tenerife. No wonder more and more people decide to buy a property on the Canary Island. Are you also playing with the idea, but are unsure how a real estate purchase in Spain proceeds? We talk to our site manager Eckhard Bernstorff in our new YouTube video and explain everything you need to know so that nothing stands in the way of your real estate dream in Spain.

The first steps

That you fulfill the desire of a property in Spain is certain. But where exactly? In a quiet location surrounded by nature? Or as central as possible? We make the decision easier for you and show you the most important spots on our island and city tours. Here’s how to find the perfect location for your new home.

Once you have made a selection of properties, we check the offers for seriousness and protect you from unpleasant surprises. We will then arrange a viewing appointment. Often our customers combine the visit with a short vacation in Tenerife. If you do not have this opportunity, we offer high quality video tours, where you will have the feeling of being there live.

These costs await you

To finance the property, it is common to take out a mortgage in Spain. As a non-resident, you should contribute about 40 percent equity. If you already live in Spain, about 20 percent is enough. When calculating your costs, plan for incidental purchase costs, which average seven to eight percent of the purchase price. They consist of the entry in the land register, the notary fees and the land transfer tax, which on Tenerife, for example, is 6.5 percent. The broker’s commission is always paid by the seller.

Payment and delivery

The last steps on the way to the dream house are different from buying real estate in Germany. Once a price has been negotiated that both buyer and seller agree to, the broker prepares a preliminary contract. At that time, a 10 percent deposit is required to secure both parties. The final purchase then happens a short time later at the notary. Here is another special feature: you pay the purchase price directly on site by check or online banking.

We at WEISS IMMOBILIEN do not only have a location in Tenerife, but also in Barcelona, Mallorca, Marbella and on the Costa Blanca. We are experts in the real estate market in Spain and support you with our many years of experience. Feel free to browse through our real estate listings and contact us for an initial consultation.

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