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Buying property in Spain

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Before you decide to buy a house you should of course examine all the criteria that must be considered.Buying a property abroad should not be an overnight decision. You are entering an un-known territory, particularly regarding to legislation and administration.

If you are reading this guide you probably already made the choice to buy a property in Spain.

Spain has recently regained the rst place in the list of best holiday destinations in Europe. The country is easily accessible, the political environment is stable, it offers something for everyone, and sunny weather is guaranteed during the summer months.

Solmardirect operates mainly on the southern Costa Blanca and the Costa Calida. Our area of activity extends over the provinces of Alicante and Murcia, between the cities of Alicante and Cartagena.This part of Spain is seen by many as the ideal location for holidays or to settle permanently.

The climate is less humid than the northern Costa Brava, and slightly less warm than on the southern Costa del Sol. The accessibility is excellent by 2 airports (Alicante and Murcia), the AP-7 motorway, and soon, via the high speed railway. The region has modern shopping malls, countless bars and restaurants, modern and highly rated restaurants, modern and highly rated hospitals, good schools, endless beaches and idyllic coves, medium mountains, suitable for walkers and cyclists, and a beautiful nature. In this region, house prices are generally slightly lower than in other tourist areas of Spain.

Determine your budget

Mortgage

You may not have sufcient own funds to buy your dream house, or during the inspection trip you might have seen a house that surpasses your budget.In that case, you will need a mortgage. The interest rates on Spanish mortgages at present are lower than on British mortgages, and are expected to remain lower for the foreseeable future. This means that monthly mortgage payments are likely to be lower with a Spanish mortgage.On the other hand, Spanish mortgages have higher set-up costs than mortgages in the On the other hand, Spanish mortgages have higher set-up costs than mortgages in the UK, what with all the notary fees, registry fees, taxes, and other administrative costs de-scribed in the previous section on Spanish mortgage costs. So if you only need a mortgage for a few years, it might make nancial sense to use a mortgage taken out in the UK.On balance, and especially under the present economic circumstances, most people will On balance, and especially under the present economic circumstances, most people will be better off taking out a mortgage in Spain, rather than using a mortgage on a property elsewhere to nance the purchase of a property in Spain. This might not be the case for ev-eryone who wants to buy a property in Spain.The conditions for mortgages in Spain differ depending on whether you are a resident or not. In the majority of cases you will be non-resident. In that case the Spanish banks will nance 60 to 70% of the taxation value of the property, depending on your nancial situation.

Don’t be fooled by slogans such as "110% mortgage possible." That’s history. Due to the Don’t be fooled by slogans such as "110% mortgage possible." That’s history. Due to the nancial crisis, Spanish banks have come back to reality, and currently mortgages are treated realistically according to the amount you can borrow.

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Solmardirect works together with reputable mortgage advisers and banks. Through our experience we can already give you a directive on the possibilitiesat our rst ex-plorative contact. Overall we can say that you have to be able to fund 30 to 40% of the property price plus the 15 % buyer cost from your own resources.

New, resale or bank repossession?

During your search for your dream property in Spain you will be overwhelmed by the wide range of available properties. There are hundreds of new houses, thousands of resale houses, and even more bank repossession properties offered on the websites of different property agents and banks.

Bank repossessions

Bank repossession homes are often presented as "bargains". You don’t even need to Bank repossession homes are often presented as "bargains". You don’t even need to bother about the price. You can make a realistic offer and then wait to see if the bank accepts it, and the banks generally offer better mortgage conditions if you buy a bank repossession property.

However, all that glitters is not gold. In most cases, bank repossession properties are in However, all that glitters is not gold. In most cases, bank repossession properties are in miserable condition, and you will have to invest a substantial amount of money in order to make the property habitable again. People who have to leave their house after it was seized by the bank grab as much as they can carry, and in many cases they cause considerable damage to the house. The banks often don’t know in what condition the property is, and have neither time nor resources to repair and maintain the houses.

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Solmardirect collaborates with a number of banks offering repossession properties. We don’t offer these properties on our website, because we cannot guarantee the quality of the houses. If you are interested in a bank repossession property, we will send you some links of websites where you can view these houses.

Resale properties

There is a large offer of resale properties on the market, and there are a few things you should consider before you decide to buy.People can sell their homes for various reasons. Nostalgia for the home country; the house has become too large; they want to move to another location or another country; sale by the children after their parents passed away; the house became too expensive to maintain; changes in the family situation; etc. ....

Usually, resale properties will be in good condition, and in many cases you can purchase Usually, resale properties will be in good condition, and in many cases you can purchase them fully furnished. But you should consider that these houses were built in a period where other prescriptions applied. Energy saving measures previously were not important. Older houses are usually too hot in summer and too cold in winter. Hot water you usually get from an electric (expensive) boiler, heating in winter usually comes from convection gas heaters or from the expensive air conditioning. Walls, windows and doors are poorly insulated.

Often resale properties are too expensive. People who bought during the golden era of Often resale properties are too expensive. People who bought during the golden era of the Spanish property market, often payed too much for their houses and now try to extract the maximum from the sale.

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The resale properties offered by Solmardirect are all handpicked and approved by our own staff, and we negotiated the prices with the sellers according to realistic benchmarks. We make sure that afterwards, you will not get the feeling that you paid too much for your house. Our company lawyer has checked all the houses on legal documents and nancial condition.

Newly constructed properties

After a few years of nancial crisis, new houses are being constructed again, and a large amount of new houses are available on locations both along the coast and inland. Newly constructed buildings have the advantage that they are built according to the latest energy saving prescriptions. Double, insulated walls, insulated windows and doors, home automation, hot water and heating by solar energy, solar proof glass, use of quality materials, etc. ...

Usually you have the possibility to make your own choices of nishing materials.New houses are realistically priced.New houses are realistically priced.Most new houses are built in a modern, minimalistic style, taking account of optimal light entrance through oor to ceiling windows.Houses are completed with contemporary nishing materials

We also offer the possibility to build off- plan. We have a large number of plots in differ-We also offer the possibility to build off- plan. We have a large number of plots in differ-ent locations, and you can choose between different models of houses. You can, if you wish, also use your own architect for the realization of your dream house or choose one of our collaborating architects to design your property.

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Solmardirect specializes in the sale of newly constructed properties. We offer the largest amount of new houses, and we only work with solid builders with a proven reputation, who guarantee the nalization of their projects, and who certify long-term quality of their buildings. If you build off-plan, we will provide all necessary documents and permits.

Choosing your location

When you buy a property in Spain, it is important that you know in advance what the purpose of the house will be.

Are you buying as an investment with the intention to rent out? Are you buying a holiday home for yourself? Or are you buying to move permanently to Spain?

If you buy as an investment project for holiday rental or as your own holiday home, you may prefer to choose a location close to the beach and close to all amenities. Locations near the beach usually have a higher rental value.

If you want to rent out your house for long-term or you want to move permanently to If you want to rent out your house for long-term or you want to move permanently to Spain, you might prefer a slightly quieter location, yet close to all amenities. Inland locations are slightly cheaper than houses near the beach.

Or maybe you prefer a more withdrawn life in the Spanish countryside where you can enjoy the peace and the nature.

If you are moving to Spain for medical reasons you might choose a location that is not too far from the local medical facilities.

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If you provide us with your requirements, Solmardirect helps you to nd a home that meets your needs and requirements. We have a wide range of housing on all possible locations, so that we can always meet your needs.

Viewing properties

Obviously it is not recommended to remotely purchase a property abroad. You should plan a trip to Spain to view some houses before making a decision. Of course it is not obvious that you nd your way in the tangle of agents, advisors, available properties, prices offered, legal assistance, etc. ....

If you are using the Solmardirect viewing trips, we will take all this hassle off your hands. We discuss your needs, your wishes and your budget in advance, so you can optimally use your time when you come to Spain.

We pick you up at the airport and take you to your hotel or rented house, we visit a We pick you up at the airport and take you to your hotel or rented house, we visit a number of locations that meet your needs, and we bring you back to the airport at the end of your journey. If you book your journey with one of our hotel partners, you will enjoy a signicant discount, and if you buy a property with Solmardirect, we will refund your viewing trip (up to max. 500 Euro).

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Use the form on our website solmardirect.com to give us a detailed description of what you are looking for. We will plan your viewing trip in a way that you can view a maximum of houses during the days of your choice, and yet still enjoy a bit of holiday in the evening.

Choosing an agent

The number of agents in a touristic attractive region grows and shrinks in direct proportion to the increase or decrease of the market. Unfortunately, that also brings with it that there are some less trustworthy people pretending to be property agents or advisors.The economic crisis has separated the good from the bad, but with the recent rise of the property market, again there are a number of individuals on the market who don’t bother about laws and rules. In Spain, everybody can practice the profession of estate agent.Because of this, while searching for your dream house on the Internet, you will nd different Because of this, while searching for your dream house on the Internet, you will nd different prices for the same properties on the different agent’s websites.. This may have to do with outdated websites, but also with dishonest individuals who copy their information from other sites and then no longer worry about the prices.For resale houses, you might encounter different prices because some agents handle different commission systems

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Make sure you are working with a professional company.

Solmardirect is a young, professional company founded by members with a long Solmardirect is a young, professional company founded by members with a long track record in the real estate market. We have our own business lawyer, registered at the Alicante bar association. We are registered in the trade register as an estate agent and we can provide, if you ask us to, our entire company information. Our ofce is located in a reputable ofce complex in Alicante and we have agents in every region who can always help within a short time span.

You will probably need your agent after your purchase or when you nally decide You will probably need your agent after your purchase or when you nally decide to move to Spain. An agent who doesn’t mention his address or landline number on his website will not easily be accessible after the closing of the sale transaction.

The Solmardirect after sales team is at your disposal day and night, even after you have purchased your property.

When to buy ?

Decide quickly = save money

When you have found the home of your dreams, you best don’t hesitate too long to actually proceed to purchase. The prices of new properties follow the rising market. De-ciding a day earlier can quickly save a few thousand Euros.

Resale houses are often offered by different agents, and the communication between the sellers and the agents is not always optimal. A property that you have seen today, might be sold tomorrow.

After the economic crisis of a few years ago, house prices in Spain were in a downward spiral, but meanwhile the limits are reached, and the prices are quickly rising.

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IWhen you have made the decision to purchase with Solmardirect, we will make sure you can sign the reservation contract the same day. After payment of a deposit of 3,000 euros, the property will be reserved for you, and will be withdrawn from the market.

Tel : +34 966 716 774Mobile : +34 689 762 009 - +34 635 514 970

www.solmardirect.cominfo@solmardirect.com

Tel : +34 966 716 774Mobile : +34 689 762 009 - +34 635 514 970

www.solmardirect.cominfo@solmardirect.com