How to Buy a House in Spain

Buy a House in Spain

Do you dream of eating tapas, sipping sangria, and watching the sunset on the Mediterranean coast?

If so, it’s time to turn your favorite vacation destination into your home away from home. Now is the perfect time to buy a house in Spain, whether you plan to live there yourself or rent it out.

The question is: How does Spanish real estate work? Keep reading and we’ll explain what you need to know about buying a house in Spain.

Do You Qualify to Buy a House in Spain?

The good news is that foreigners are not only allowed to buy property in Spain but they’re encouraged to. In fact, if you invest more than 500,000 euros in property, you can apply for Spanish residency through their Golden Visa program.

To buy a house in Spain, you’ll need:

  • At least 20% of the purchase price for a downpayment
  • Another 15% for taxes, notary fees, lawyer’s fees, etc.
  • A debt-to-income ratio below 35%
  • A Spanish NIE number (tax ID number)

Although not required, it will also be easiest to proceed if you open a Spanish bank account. There are even virtual banking options like N26, which offer extremely low transfer fees and conversion rates.

Different Types of Spanish Real Estate

Once you have what you need to qualify for a mortgage, it’s time to start shopping for a property. Do you want a quaint villa in a small town? A seaside condo or villa? Or do you want to live right in the middle of the action in Spain’s biggest cities?

If you have your heart set on the Costa del Sol, Choose Marbella has stunning apartments and villas for sale. If you’d prefer to live in Barcelona, Sevilla, or Madrid, seek out a local real estate agent in Spain to help you in your search.

The Process for Buying a House in Spain

Here’s a quick overview of how the home buying process works:

  • Get pre-approved for a mortgage through a Spanish lender
  • Find a property you want to buy
  • Make an offer and draw up notarized sales contracts
  • Ensure there are no outstanding debts against the property
  • Finalize your mortgage agreement
  • Sign a preliminary agreement and pay a 10% deposit
  • Sign the Escritura de compraventa to complete the purchase
  • Pay the remaining deposits and fees
  • Get the sale notarized and registered
  • Ensure all your utilities will be connected by your move-in date

Now all that’s left to do is collect your keys and move in. Congratulations! You’re now a proud homeowner in Spain!

How to Buy Property in Spain: Now You Know

Whether you want a sunny place to retire or an investment property to rent out, there are countless reasons to buy a house in Spain.

The Spanish real estate process may work a little differently than in your home country. But with a little bit of patience and the tips listed above, you can succeed!

Now that you know how to buy a home in Spain, what’s next? Keep browsing our site so you’ll have great ideas for fixing up for your new home.


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