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Everything you need to know about buying property on Costa del Sol

Posted by admin on November 4, 2020
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Whether you’re an expat who wants to live on Costa del Sol for long or an investor looking to buy property in the Spain, the bustling real estate market will offer you a variety of options. We have put together a list of the most important things that ought to guide you in your house hunt.

What kind of property do you want to buy on Costa del Sol?

The first step to purchasing any property is to establish exactly what you want in the vast spanish real estate market. Why are you buying property on Costa del Sol, where do you want to live and how much house can you actually afford? You need to ask yourself these and other pertinent questions such as do you want a studio, villa or an apartment? Can you stand the risk of an off-plan or would you prefer a secondary purchase? And what neighborhood would you prefer? Factors such as your budget, house features, traffic and accessibility, proximity to schools and your workplace, available social amenities should guide you in answering these questions.

How much can you afford to pay for a property on Costa del Sol

Once you decide on the property you want, you should prepare a budget based on your income and needs. Majority of expats in Spain use mortgage facilities and have access to many credit options including banks and private lenders.
Property mortgages differ depending on your nationality and the type of property you want to buy as well as your income. The amount of loan you can borrow is also pegged to the value of the property.
This means that you must start saving up for your home downpayment long before you even begin the search for property in Spain. It is illegal for borrowers and lenders to obtain down payment through personal loans because these tend to carry much higher interest rates than mortgages. Even though interest rates tend to vary from bank to bank, the interest rates for first properties tend to be higher than those of subsequent properties.

Property Listings and Agents on Costa del Sol

Once you have your finances sorted, you can search through  to find the property that meets your checklist. You are bound to find various properties and compare different residential communities according to your budget and preferences. For instance, while 1 milion euros can fetch you a big 4 bedroom villa in Elviria, the same amount might barely afford you a 3 bedroom apartment in Puerto Banus, Marbella.

Not only will you get a wide variety of studios, apartments and villas for sale on Costa del Sol, but also access experienced property agents who can help you get the right house for the right price. Even though hiring an agent will cost you 3-5% of the total cost of the property, it will ease and speed up your search.

 

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