Are you about to buy a penthouse in San Pedro or a different type of property in the province of Malaga? Malaga is a region known for its beautiful coastal towns and resort communities. Buying a vacation or rental income home in Spain is a big financial exercise where you need to be fully prepared and alert all the time. Here is the property buyers’ checklist for you to make sure that your home buying endeavour goes off smoothly without any hassle.
Decide on the location beforehand
Malaga is a province where there are many different options in front of you. In addition to San Pedro, you have wonderful Marbella properties to choose from. You need to take a decision whether you want a peaceful life in the mountains or wish to enjoy a cool and relaxed lifestyle on the beaches. The choice of location also depends upon whether you want to live in Malaga permanently or you are interested in buy to let properties.
Get the right legal advice
Rules of buying a property in Spain are different from what you may have in your own country. There are so many legal formalities and information related to taxation that it is imperative to have a high-quality legal advisor on your side. He will safeguard your financial interests when buying a property for sale Costa del Sol.
Take care of paperwork
You need a unique foreigner’s identification number called NIE in Spain to be eligible to buy a property in Malaga. You can get this number during your initial visits to Malaga and prepare for the other related documents. Another important thing to is to open a bank account locally so that you can pay money through checks when buying a property in Malaga.
Have your finances in place
Have at least 10% of the value of the property ready in your bank account when buying a property in Malaga. This is necessary for payment of taxes and registration of the property in your name even if you are obtaining a mortgage form a local lender.
Choose your real estate agent wisely
This profession is not regulated heavily by the government in Spain. Anyone can open a real estate agency and become an agent without undergoing any training. So, it is important to hire services of a reputable Marbella Estate Agent when buying a property in Malaga.
One way to check if your real estate agent is one you can trust is by researching an estate agent that has been around for a while. Don’t hesitate to ask for credentials and reviews. Furthermore, make sure your agent has an actual office in the area. This will mean that they know the area and have enough clientele to afford to keep an office.