Follow These Steps For A Successful Purchase
This guide aims to provide you with the general steps involved in buying your home on the Costa del Sol. The total costs of the property purchase depend on if you are buying a New & Off-Plan Property or a Resale (used) Property.
1. Prepare your finances before you start your property search. Establish your budget!
2. Contact us at My Home Marbella to discuss your requirements. Place your trust in us to find your ideal home. With our market experience we can access most of the properties for sale, either directly or by collaborating with our network of reputable developers and established property agents.
3. Choose your preferred property type, a New Development or a Resale home.
4. Arrange your Spanish visit. We will then organise viewings to inspect your selected properties, showing you around each home.
5. Enlist the services of your legal representative who will initially arrange your NIE identify card and open a bank account on your behalf. You need these to purchase a Spanish property.
6. Make an offer for your chosen property.
7. Agree the price and pay a deposit.
8. Contact your legal representative to start the due diligence checks of the property purchase.
9. Agree a completion date, sign the public title deed (escritura) in front of a notary.
10. Pay the transaction costs and taxes. The main expenses to be paid when buying a home in Spain are the ITP property transfer and VAT taxes, capital gains tax, notary costs, the payment to register your name on the Property Register and any costs related to the mortgage.
11. Change the owner name (title) with the utilities providers, such as energy, water and gas bills. The energy companies and any other services providers should be notified that you are the new owner and will be paying the bills from now on.
12. Pick up the keys and move in to your new home in Spain!
Are You Buying A New Property?
The costs associated with the property purchase can be as much as 13.2%.
- Taxes (IVA/VAT): 10%
- Stamp Duty (IAJD): 1.2%
- Registration & Notary fees: 1%
- Lawyer Fees: 1%
The developer will need a reservation deposit (the deposit will be deducted from the Private Purchase Contract amount). The agreement should be subject to preliminary legal checks, mortgage loan availability on the property and the deposit should be returned if there are problems.
1 month after the reservation the developer will ask you to sign the Private Purchase Contract and pay 10% minus the reservation deposit already paid.
- Reservation Deposit: € 10,000 – 30.000€
- Private Purchase Contract: 10% (Minus Reservation Deposit)
- 1st Payment: Usually 30% or in staged payments during the building phase. This will vary from one developer to another.
- Balance of 70% is paid upon the building completion.
Are You Buying A Resale Property?
The costs associated with the property purchase can be as much as 10.2.%.
- Transmission Tax (ITP) : 7%
- Stamp Duty (IAJD): 1.2%
- Registration & Notary fees: 1%
- Lawyer Fees: 1%
When you have chosen your new home, the seller will ask for a reservation deposit to take the property off the market.
How long between the reservation and finalizing the purchase?
This is mutually agreed with the minimum time of no more than a one month as your lawyer needs time to do the Due Diligence process and make sure everything is ok. If you need a mortgage, you will need a little more time.
- Reservation Deposit: € 6,000 – 10.000€
- Balance is paid upon purchase completion
See What Our Customers Are Saying?
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WE BOUGHT OUR DREAM CONDO
Ian is awesome. For a foreigner to buy a property in a country who knows very little about is a mission impossible. We bought our Dream condo and it would have never happened without Ian’s going far above and beyond his business responsibility. He helped us to find not only the property we love, but to connect us with a great attorney to represent us on all technical and legal issues that we knew nothing about. He also recommended the bank that financed our purchased. On top of that he helped us to receive the brand new home and identify all imperfections to remedy by the builder. If this was not enough he helped us with furnishing the property. Do you know some one else who can do all of these for you? Ian is not our realtor. He is a great friend and family.
Taghi Azizi
WARMLY RECOMMENDED
Ian hjälpte oss på ett mycket professionellt vis att köpa vår lägenhet. Vi kan varmt rekommendera Ian som Er partner vid genomförande av ett köp av bostad i Spanien.
Mikael Lusth
VERY PROFESSIONAL
If buying a property in Spain is stressful then selling is even more so. Ian was just very professional and told me not to worry about anything, he would secure me a sale. And he did!
You really have to be at the top of your game if you can do this in a Covid pandemic. He supervised all the aspects of the sale and even went with the lawyer to complete the transaction.
I honestly cannot thank him enough for the service he gave me.
If you are looking to buy or sell in the Marbella region Ian is the man to go to.
Maria Andrews
SUCCESSFUL SALE
My HOME Marbella, an Estate Agency owned and operated by Ian Elsby, successfully arranged the sale of my house in El Rosario, Marbella last year. I could not recommend the service provided more highly. Ian really has the personal touch as well as the professional expertise necessary to close a sale. I am so glad I took the advice of a friend to use his Agency.
Owen O`Connor
SOLD IN 1 MONTH
Ian a vendu mon apartement, pour plus que ce a quoi je m’attendais en 1 mois. Tot ca en temps de pandemie. je me suis appuye sur sa connaissance du domaine et des questions juridiques. Merci encore Ian.
M. Steel
RECOMMENDED 100%
Ha sido una suerte contar con Ian, toda su experiencia y ayuda nos ha facilitado mucho la compra de nuestra casa. Recomendable al 100 por 100. Muchas gracias!
K. Zonnevylle
PURCHASED OUR PERFECT FLAT
Working with Ian to help us find and purchase our perfect flat has been a great pleasure and experience . He has gone above and beyond to help us in all aspects of our purchase. He helped us in finding the property we love, financial institute, attorney, addressing all misc issues, and…. helping us with furnishing the property. Loved working with Ian and highly recommend him to all my friends.
Sassan Salimpour
PROFESSIONALISM WAS SECOND TO NONE
I cannot recommend this company enough! They managed to sell my house within months, for a lot more than what I was expecting to get. Ian’s professionalism was second to none. He constantly reassured me and was always there to answer any of my questions with honest and true answers. Working with them was a breath of fresh air, I couldn’t have asked for a smoother process! They are truly incredible
John Anthony Gorman
PROFESSIONAL AND SINCERE
Vendí una vivienda unifamiliar. Agradezco su profesionalidad y seriedad.
J J Mengibar
PRESENTED A MULTITUDE OF OPTIONS
Ian was an incredibly valuable resource during my search for a summer home to work from. His extensive knowledge of the local area was reassuring, especially considering the significant investment involved. Ian presented a multitude of options, all of which were exceptional. What stood out was his access to high-quality properties that were not readily available on popular accommodation websites. I wholeheartedly recommend Ian to anyone seeking to rent, buy, or sell property in Marbella without any hesitation.
Dee Sweeney
OUR WARMEST RECOMMENDATION
Ian var väldigt lyhörd vad vi sökte och alltid funnits till hands när frågor uppstått under och efter hela köpprocessen. Han är en trygg tillgång när man inte har kunskapen eller kan närvara hela tiden. Våra varmaste rekommendation
Anders Heden
MADE THE SALE HAPPEN IN 7 WEEKS
We used Ian at MHM to sell our villa in Marbella. As an non-resident we needed someone proactive who would go the next mile and organise everything. We found Ian and his team to be absolutely fantastic. Spainish buyers can be tricky. Demanding. However Ian made the sale happen in 7 weeks from first advertised to money in the bank. I can not recommend Ian highly enough. Paul and Liz Stacy