Before buying a property in Spain, it is important to plan and understand what is needed from the buyer’s side. This ensures that you are financially, legally, and logistically prepared, which helps avoid hidden costs, legal issues, and delays. It gives you the time needed to make informed decisions, secure favourable deals, and ultimately enjoy a more seamless and less stressful experience.
Below is a summary of steps you can take beforehand:
Research the Market
Research on the Internet what Marbella and its surroundings have to offer, and have a feel of areas and properties that are on the market to see what draws your attention. Also, it is very important to establish the purpose of the property you are looking for - would it be a permanent residence, a holiday home, or an investment property?
Choose your Agency or Agent
Select who you would like to trust with your property purchase. Marbella has a large number of agencies and freelance agents. The good thing is that we all share the same database, the not-so-good thing is that there are variations in effectiveness and honesty toward the clients.
Travel to Marbella
Plan when would be a good time for you to travel to Marbella and organise property tours. Allow enough time to visit the properties and explore the neighborhood: its proximity to the beach or mountain, amenities, schools, sports facilities, etc. It is important that you spend some time in the area you are interested in to understand the lifestyle and environment.
Apply for an N.I.E. Number
The N.I.E. (Número de Identificación de Extranjero) is a personal, unique and exclusive identification number that is assigned to foreigners who, for economic, professional, or social reasons, are engaged in activities related to Spain and require identification in this country. This number will be requested for the purchase of a property or opening a bank account in Spain.
Open a Spanish Bank Account
Once you have obtained your N.I.E, you can apply to open a Spanish bank account. Best to search for banks that accommodate foreigners’ requirements and pay particular attention to the fees that banks charge for receiving transfers from abroad, making transfers to foreign countries and issuing banker's drafts.
Find a Lawyer and Tax Advisor
When purchasing a property in Spain, having a qualified, trustworthy lawyer and tax advisor is one of the key factors to a successful purchase operation. Various taxes apply to property purchases in Spain (learn more about those in the section Cost of Buying a Property). Knowing these in advance allows you to budget effectively and avoid unexpected tax bills. Also, Spain’s property laws are different from those in other countries, and so it is important to work with a lawyer early in the process to ensure enough time to protect your interests throughout the transaction.
Buying a property in Marbella can be a great investment and an opportunity to enjoy the country’s culture, climate, and lifestyle. With careful planning and the right support, you can navigate the process smoothly.
Would you like to know more? Please contact me if you would like further guidance on this subject or want to know anything else about acquiring your ideal property in Marbella and living its lifestyle.
