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Property purchase

Posted: Tue May 4, 2021 12:51am
23 replies1015 views10 members subscribed
Sligogent

Posts: 100

20 helpful points

Location: Torrevieja

Joined: 31 Jan 2021

I  have  been viewings  Property  online  around  Costa Blanca  region,  some interest  me some don't,  So  gave  Estates  Agents  a  calls to make further  enquiries, Some  are  sold, no  problem, But  in  further  discussion  with 2 agents I  was  asked  would I  be buying   after a virtual  viewing, Somewhat  surprised  i  ask  was  he serious, But  I  am  the  fool  as they are being  purchase  by European  and  UK  citizens  through  Virtually  viewing,  I   ask  myself   are  the  Mad  days of  Property  purchase  coming  back, or  is it me  stuck  in  old fashioned way  of  Standing  in a property  before making  decisions  to purchase, Hence  I  will  suspend  my property  search  for a while, 

8102Mko

Posted: Tue May 4, 2021 2:27am

8102Mko

Helpful member

Posts: 158

94 helpful points

Location: Torrevieja

Joined: 30 May 2018

Posted: Tue May 4, 2021 2:27am

Don’t panic, there are a lot more properties out there than buyers. Many folk may never return to their homes again. You’re doing the right thing searching online & look at the properties that have locations on them. Google Earth will be your best friend. If you already know the area even better. Air travel will be restored soon along with ferry travel from Rosslare direct to Santandar. Sort out independent lawyers/solicitors as you’ll need them to do property checks, oversee the sale, get you your NIE number arrange the notary etc. We made a fine long list of properties  to view which was just as well as some agents advertise properties that have been long sold to suck buyers in and then steer them to other properties. We bought 3 years ago after viewing 15 properties we had viewed online out of a list over 20 and got through the process without much trouble. You’ll have no bother. 

Sligogent

Posted: Tue May 4, 2021 7:37am

Sligogent

Original Poster

Posts: 100

20 helpful points

Location: Torrevieja

Joined: 31 Jan 2021

Posted: Tue May 4, 2021 7:37am

8102Mko wrote on Tue May 4, 2021 2:27am:

Don’t panic, there are a lot more properties out there than buyers. Many folk may never return to their homes again. You’re doing the right thing searching online & look at the properties that have locations on them. Google Earth will be your best friend. If you already know the area even...

... better. Air travel will be restored soon along with ferry travel from Rosslare direct to Santandar. Sort out independent lawyers/solicitors as you’ll need them to do property checks, oversee the sale, get you your NIE number arrange the notary etc. We made a fine long list of properties  to view which was just as well as some agents advertise properties that have been long sold to suck buyers in and then steer them to other properties. We bought 3 years ago after viewing 15 properties we had viewed online out of a list over 20 and got through the process without much trouble. You’ll have no bother. 

Thanks  for reading  message  and vote of Confidence,  May  I  ask you  did you  for  Holidays  or Retirement 

I  am planning  on Retirement  over there  and moving  lock  stock  and barrel. 

It  a  high tax  economy,  if  Irish  pension  get paid into Spanish  Bank account  it gets hit with Spanish  Tax, Getting  legal  with  Residence  and Health insurance  that might  be no good to me  but it compulsory   expensive  as I  have  existing  Health  issues,  minor ones

I  would  welcome  your  views

Herefordjack

Posted: Tue May 4, 2021 9:15am

Herefordjack

Helpful member

Posts: 318

306 helpful points

Location: Pego

Joined: 18 Dec 2017

Posted: Tue May 4, 2021 9:15am

Sligogent wrote on Tue May 4, 2021 7:37am:

Thanks  for reading  message  and vote of Confidence,  May  I  ask you  did you  for  Holidays  or Retirement 

I  am planning  on Retirement  over there  and moving  lock  stock  and barrel. 

It  a  high tax  economy,  if  Irish  pension  get paid into Spanish  Bank account  it gets hit with Spanish  Tax, Getting  legal  with  Residence  and Health insurance  that might  be no good to me  but it compulsory   expensive  as I  have  existing  Health  issues,  minor ones

I  would  welcome  your  views

It doesn't matter which account your pension or any other income is paid into, once you are full time resident in Spain, ALL of your worldwide income is liable for Spanish income tax.

I wouldn't call Spain a high tax environment, it's pretty much on a par with the UK, maybe a tad higher, but then the cost of living is lower in Spain for most everyday purchases, so it evens out. And I would argue that public services are much better in Spain. I don't know what the comparison is like with Ireland.

killjoy

Posted: Tue May 4, 2021 9:35am

killjoy

Very helpful member

Posts: 1535

891 helpful points

Location: Orihuela Costa

Joined: 4 Nov 2017

Posted: Tue May 4, 2021 9:35am

Property: Do not commit yourself on anything you haven't seen personally, don't pay anything upfront, that money is gone. Taxation: my wife says "never put all eggs in the same basket" and I add "better not waking up sleeping dogs".

Sligogent

Posted: Tue May 4, 2021 10:01am

Sligogent

Original Poster

Posts: 100

20 helpful points

Location: Torrevieja

Joined: 31 Jan 2021

Posted: Tue May 4, 2021 10:01am

Herefordjack wrote on Tue May 4, 2021 9:15am:

It doesn't matter which account your pension or any other income is paid into, once you are full time resident in Spain, ALL of your worldwide income is liable for Spanish income tax.

I wouldn't call Spain a high tax environment, it's pretty much on a par with the UK, maybe a tad higher, but then the cost of living is lower in Spain for most everyday purchases, so it evens out. And I would argue that public services are much better in Spain. I don't know what the comparison is...

... like with Ireland.

No  water  rares,  No Resident  tax, Health  service  in Ireland  good  once you are in  the system,  But  take your points  of view on  board

8102Mko

Posted: Tue May 4, 2021 3:03pm

8102Mko

Helpful member

Posts: 158

94 helpful points

Location: Torrevieja

Joined: 30 May 2018

Posted: Tue May 4, 2021 3:03pm

Sligogent wrote on Tue May 4, 2021 7:37am:

Thanks  for reading  message  and vote of Confidence,  May  I  ask you  did you  for  Holidays  or Retirement 

I  am planning  on Retirement  over there  and moving  lock  stock  and barrel. 

It  a  high tax  economy,  if  Irish  pension  get paid into Spanish  Bank account  it gets hit with Spanish  Tax, Getting  legal  with  Residence  and Health insurance  that might  be no good to me  but it compulsory   expensive  as I  have  existing  Health  issues,  minor ones

I  would  welcome  your  views

It’s only a holiday home for us so I haven’t  dealt with any of the issues you mention. There can be good advice here though but put the question in another section. Most people retiring out there would have some medical issues but the health service is good. There was an interesting piece recently in the Irish Times on this. https://www.google.ie/amp/s/www.irishtimes.com/business/personal-finance/spanish-move-in-retirement-can-leave-you-with-some-irish-tax-headaches-1.4524906%3fmode=amp . 

Kimmy11

Posted: Tue May 4, 2021 8:48pm

Kimmy11

Legendary helpful member

Posts: 3335

7013 helpful points

Joined: 8 Aug 2017

Posted: Tue May 4, 2021 8:48pm

Hi Sligogent,

The cost of buying and selling property in Spain is high, certainly compared to the UK.  In addition to the selling price, a further 10% in ITP (property transfer tax), plus another 3-4% for legal fees and disbursements.  Then a minimum of 3% agents' fees for selling, more typically 5-6%, so you can see how much money you would waste if you got it wrong.

Estate agents will tell you anything to talk up the market, especially during lean times.  If this is to be your forever home, keep your money in your pocket until you can view properties for yourself.

Kind regards, 

Kim

Sligogent

Posted: Tue May 4, 2021 9:01pm

Sligogent

Original Poster

Posts: 100

20 helpful points

Location: Torrevieja

Joined: 31 Jan 2021

Posted: Tue May 4, 2021 9:01pm

Kimmy11 wrote on Tue May 4, 2021 8:48pm:

Hi Sligogent,

The cost of buying and selling property in Spain is high, certainly compared to the UK.  In addition to the selling price, a further 10% in ITP (property transfer tax), plus another 3-4% for legal fees and disbursements.  Then a minimum of 3% agents' fees for selling, more typically 5-6...

...%, so you can see how much money you would waste if you got it wrong.

Estate agents will tell you anything to talk up the market, especially during lean times.  If this is to be your forever home, keep your money in your pocket until you can view properties for yourself.

Kind regards, 

Kim

I  appreciate  your  advice  and  it  has been  taken  board, i  now  wonder if  estate agents  are  filling  me with  Bull.  Surely  people  would not buying  without Standing in property,  it  happens  here in  Ireland  but at least  you can drive to see  outside  of  Property  and  there's  a  get out clause if not  100%  Happy and  deposit  return  but a housing  shortage in  Ireland,  Property  in  Spain  one  will  find  it  difficult  to  gain  entry  to  Country,   and no  housing  shortage  over there,  Best   wait  and  hope these people  doing  virtually  viewing  and purchasing  will  take not of  advice  given  on  this  fantastic  Forum, by people  on the Ground  in  Spain

Davebev1

Posted: Tue May 4, 2021 9:51pm

Davebev1

Super helpful member

Posts: 1006

1330 helpful points

Location: Playa Flamenca

Joined: 7 Nov 2017

Posted: Tue May 4, 2021 9:51pm

Spain is open for some countries, there are buyers from mainland Europe travelling to buy now. I personally would never recommend buying without seeing a property for yourself. It isn't just the property itself but the immediate surrounds, the wider community, the outlook and orientation that all matter.

Look online and start to research areas. Decide on styles you like, but remember that you can often adapt a property to your taste but you can't change where it  is located. So, location first - decide what will matter to you in terms of what is around. Think long-term too, ie what will you need in 10 years time, not just now, what if you have to stop driving, health care, other amenities. 

Set your budget and be realistic about the price of property in your preferred location. Allow enough for the purchase costs and taxes. 

When you can travel there will be similar properties to view - new properties will replace the sold ones.

Finding your property should be an enjoyable process, don't let over zealous salesman spoil that enjoyment!

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