FAQ's - Buyers Requirements

Have you been thinking about purchasing a property in the sun?

Maybe a holiday home, rental investment, or perhaps you have decided to take the plunge and make the move to Spain more permanent, well whatever your decision, look no further than Anchorage Homes. Anchorage Homes can assist you, every step of the way, answering any questions you may have and ensuring the process from start to finish, is as hassle free for you as possible.

Should I buy new or re-sale property?

We feel that resale is definitely the way to go at the moment in this current property climate and with the exchange rate at a low there are lots of bargains to be had. We are currently negotiating lower prices with the owners because lowering the price helps attract the buyers and for the sellers, with the low rates, exchanging back to sterling means they will not be that much worse off so every ones a winner. When it comes to new properties, there is no negotiating with builders, we also find that a lot of the current new sites have very little infrastructure at the moment and the locations aren’t that great, so definitely not suitable for someone wanting a property to rent out immediately or to move into permanently, this would only suit the long term invester.

How do I know which location to choose?

This is probably the hardest part, deciding on location particularly when you are not familiar with the country let alone a village or town, well that is of course where we come in, a lot of people usually have a basic idea what they have in mind, be it a country location or coastal or golf but we will help, along with our local knowledge choose the right location for your particular requirements.

Perhaps you want a property as a business to rent out, then obviously we wouldn’t recommend somewhere to far away from amenities and preferably close to the beach as most renters prefer to be close to the coast. This is just an example but what we tend to do is show clients a bit of everything and then let them make their own mind up. Once you have chosen a location, then you can start viewing some properties within that location.

Where do I find the best properties for sale?

The most important part of the procedure is your budget and sticking to it as much as possible. We will show you the best properties that we can find within your budget as much as we can. We will always update you with properties of interest via email prior to your visit. We have contacts with many agents so this opens up a much wider field allowing us access to as many of the best properties on the market at that time, ensuring that when you are here, you get to view the best choice within your budget.

If you find the right property and you wish to purchase it, then a minimum deposit will be required, the amount will depend on individual sellers requirements but it is normally around 3.000€ to 5.000€, once paid a contract can be signed and the preparation will begin for completion of the property within an agreed time which suits all parties.

On top of the property price what other charges should I expect to pay?

For every property purchased in Spain, the (I.V.A tax) or vat is 7% which mean if you purchase a property for 100,000€ then tax on top will be 7.000€. You also have to account for (approx) 3% legal fees making the total costs, (approx) 10% on top.

There are extra costs involved should you require a Spanish mortgage because there are set up fees incurred.

What other legal requirements are there?

When you have found the right location and you have secured a property, the next requirement will be to open a bank account which is a legal requirement by law when you purchase a property in Spain, we will find a bank which best suits your needs.

The next important step is an N.I.E. number. This is an identity number which you have to acquire by law and you cannot purchase a property or anything else for that matter without this important document. We will introduce you to a solicitor who is trained to assist in all of these issues and it is there job to ensure that the property you have chosen has all paper work up to date, they will arrange and liaise with the notary and they complete all of the necessary paperwork on your behalf.

And that’s it! You can return home knowing that everything will be taken care for you, all you will need to do, is to book your return flights to Spain on the agreed date for the completion at the notary. On the day of the signing, we will accompany you to the notary along with your solicitor, or if you prefer, power of attorney can be signed and the solicitor will act on your behalf, saving you having to make the trip over to Spain but we always feel it better for the buyers to attend if it is possible. If you have any questions on any of the information above then do not hesitate to call and we will be happy to help.

What about after sales?

When everything is completed and the property is now yours, we at Anchorage will always be on hand with anything you may require particularly if you are moving over permanently. Be it help with legalities or wanting to know where the best shops are, we are only a phone call away.

We are proud to say that many of our previous clients are now our good friends, who we have helped over the years in whatever form, be it fitting ceiling fans (we’ve done that a lot) to taking them shopping for whatever they want. It has always been our pleasure to ensure that our client’s have the best experience from start to finish, in the hope, be it for property sales or rentals, that they recommend our services to their friends.