ALL YOU NEED TO KNOW FOR BUYING A PROPERTY ON THE COSTA DEL SOL IF YOU ARE A NON-RESIDENT
Buying a property in Marbella is a dream for many, especially if you are looking to enjoy the Costa del Sol lifestyle. However, if you are not a resident of Spain, it is essential to know the key steps and documentation required to make the purchase safely. From market analysis to obtaining a Foreigner Identification Number (NIE), in this guide we explain all the requirements to make the process go smoothly.
At BIOS, we offer personalized support at every stage of the process, ensuring transparency, trust and professionalism so that your investment is well protected.
1.STEPS PRIOR TO PURCHASE
Before jumping into buying a property in Marbella, it is essential to do proper financial planning and understand the local market.
Market analysis
The first step is to conduct a thorough analysis of available properties and their prices. At BIOS, we evaluate the offers in the area you are most interested in, making sure we find the property that best suits your needs and budget.
Savings for financing
If you need to finance your purchase through a mortgage, keep in mind that banks do not usually cover 100% of the price of the property. It is advisable to have enough savings to cover between 20% and 30% of the cost.
Mortgage comparison
Comparing different mortgage options is crucial to get the best conditions. At BIOS we help you find the mortgage offer that best suits your financial needs.
Encumbrances verification
Before proceeding with the purchase, make sure that the property is free of encumbrances or debts. It is essential to verify that there are no previous mortgages, liens or legal problems that may affect your purchase. At BIOS, we help you obtain all the necessary certificates to ensure that everything is in order.
2. DOCUMENTATION REQUIRED FOR NON-RESIDENTS
If you are not resident in Spain, there are certain key documents you will need to purchase a property.
Obtaining the NIE (Foreigner’s Identification Number)
This number is essential to carry out any tax formalities in Spain. The process to obtain it includes booking an appointment at an immigration office or police station, presenting the immigration form, your passport, a recent photo and proof of payment of fees.
Opening a bank account in Spain
Opening a bank account is an important step to manage the payments related to the purchase of a house. You will need your NIE, passport and proof of address, among other documents.
3. HOME BUYING PROCESS
Once you have completed the previous steps and have the necessary documentation, the purchase process proceeds as follows:
Reservation agreement
The earnest money contract details the initial terms of the purchase, such as price and payment terms. It also ensures that the property will not be sold to another buyer while the terms are being finalized.
Signing of the purchase contract
This legal document, drafted by a lawyer, stipulates all the rights and obligations of the parties. It includes the description of the property, the price, the forms of payment and who assumes the expenses and taxes.
Public deed
The deed of the property is signed in the presence of a notary, who certifies the transaction. At BIOS, we coordinate the entire process so that it is carried out in a secure manner.
Land Registry
The last step is to register the property in the Land Registry. This procedure provides legal certainty and guarantees that your name appears as the owner of the property.
4. EXPENSES AND TAXES WHEN BUYING A HOME IN SPAIN
It is essential to know the additional costs and taxes associated with the purchase of a home.
Notary and registration fees
Notary and Land Registry fees are regulated by the Government and depend on the value of the property.
VAT and Property Transfer Tax (ITP)
For newly built properties, a VAT of 10% is applied, while second hand properties are subject to ITP, which in Andalusia is 7%.
5. AFTER-SALES SERVICE AND PROPERTY MANAGEMENT
At BIOS, we not only accompany you during the purchase process, but we also offer an after-sales service to ensure that everything runs smoothly. We oversee helping you to solve any need you may have, such as insurance, removals, renovations, or even the management of your property if you decide to rent it. Our goal is for you to enjoy your new home without any worries. If you plan to make sporadic use of your home and want to earn extra income, we have a specialized service in tourist rental in Marbella. This way, you will maximize the return of your investment and your property will always be ready to receive tourists from all over the world, managed by experts in the local market. At BIOS, we offer you a complete after-sales service so that you can enjoy your property in Marbella without worries.
READY TO LIVE IN COSTA DEL SOL?
Buying a property in Marbella as a non-resident in Spain is a process that requires planning, but with the right guidance, it can be a smooth and rewarding experience. At BIOS, we are here to make every step easy and secure, ensuring that you purchase your property with complete peace of mind. With over 20 years of experience in the real estate industry and a multidisciplinary team, we are committed to providing our clients with the best buying experience. Visit our selection of properties on the Costa del Sol and find your new home.
Contact us to request the complete Buyer’s Guide and we will help you find the property you are looking for on the Costa del Sol.
