Buying a home might sound simple, but it’s actually a process that requires careful planning. If you’re considering purchasing a property in Marbella, here’s a straightforward guide to help you get it right.
Do Your Research Before Diving In
Before making any purchase, do your homework. Marbella has a very open property market, where most agencies share the same listings. The first step is to choose the right real estate agent. Take your time to explore several options, but once you find someone trustworthy, stick with them. A good agent will not only help you find the perfect property but also guide you on the area, flag any potential issues with properties, and connect you with essential services. Plus, they’re skilled negotiators!
Is Marbella the Right Place for You?
Marbella isn’t just a luxury tourist destination—it’s also one of the best places to live in Europe. With incredible weather year-round, a relaxed and friendly atmosphere, and plenty to do, it’s an ideal location. While some areas are expensive, there are more affordable neighbourhoods, such as San Pedro de Alcántara or Nueva Andalucía. It’s not just for the rich and famous!
Plan Your Trip and Viewings
Once everything is set, schedule your trip to Marbella. Here are some tips for property viewings:
- Create a list of pre-selected properties.
- Avoid viewing more than 5 properties a day to prevent feeling overwhelmed.
- Pay attention to the neighbourhood as much as the property (traffic, noise, nearby services).
- If you like a property, visit it at night to see how the atmosphere changes.
- Be honest with your agent about what you like and dislike.
Documents You’ll Need
Before starting the purchase process, ensure you have everything in order, especially if you’re not a Spanish resident. The most crucial document is your N.I.E. (Foreigner’s Identification Number), essential for any formalities in Spain. You’ll also need a Spanish bank account. Additionally, it’s highly recommended to hire a good lawyer and tax advisor who speak your language, as Spanish paperwork can be complex.
Common Questions
- Can I open a Spanish bank account as a foreigner?
Yes, but you’ll need your N.I.E., passport, and proof of funds. - Should I buy before or after selling my current home?
This depends on your financial situation. Buying first ensures you have a place to move, but it may mean paying two mortgages. Selling first avoids this, but you may be left without a fixed residence for a while.
By planning well and working with the right people, buying in Marbella can be straightforward.
Negotiating with the Seller in Marbella
Once you find your dream home, it’s time to negotiate. Here are some key tips:
- Make Your Offer
Ideally, submit your offer in writing, usually through your agent. This document should include the price, payment terms, and timelines. Check if the offer includes furniture or appliances. Be serious but reasonable!If you prefer to negotiate face-to-face, it can be more emotional, but using an agent makes the process smoother and more organised. Agents are often more effective at securing a good deal. - Technical Due Diligence
Before making an offer, request a technical inspection of the property to avoid surprises. Issues like cracks, damp, or electrical problems could influence your decision or the price you offer.
FAQ
- How do I make an offer?
It’s best to do this in writing through your agent for better organisation and effectiveness. - How many properties should I view before making an offer?
There’s no set number—it depends on how well you know the market.
Signing Contracts When Buying in Marbella
If your offer is accepted, it’s time to sign contracts. Here’s a simplified explanation:
- Reservation Contract:
Secures the property for a few days by paying €5,000–€20,000 (or 1% of the price). If you proceed with the purchase, this amount is deducted; if not, you lose it. - Private Contract with 10%:
After the reservation, you pay 10%. This can be the first step for more expensive properties.- Earnest Money (Arras Penitenciales): If the seller backs out, they return double your deposit. If you cancel, you lose the 10%.
- Private Contract: Both parties commit legally to the sale.
- Purchase Option: The seller cannot cancel, but you can, forfeiting the 10%.
- Mortgage:
If you need one, start the process early. Banks typically finance up to 50%. - Completion:
On the big day, you sign the deed at the notary, and the property is officially yours.
FAQ
- What happens next?
The property is registered in your name, a process that can take up to three months. - What is a reservation contract?
It ensures the property isn’t sold to others for a short period while you decide.
After You Buy
Here are some costs and considerations post-purchase:
- Maintenance: Larger or luxury properties incur higher expenses.
- Community Fees: Contributions to maintenance if you live in a complex or building.
- Taxes:
- IBI: 0.4%–1.1% of the cadastral value.
- Waste Tax: Around €300 per year.
- Wealth Tax: Based on the value of your assets.
- Non-resident Income Tax: If not rented, 25% on 2% of the cadastral value; if rented, 25% of gross income.
Golden Visa
If you purchase a property worth over €500,000, you may qualify for a Golden Visa, allowing you to live and work in Spain without becoming a tax resident.
Buying in Marbella may seem challenging, but with a good agent by your side, the process becomes much easier. We’ll guide you every step of the way. Trust us to help you find your ideal home!
