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Recent media coverage of this exciting city has made would be buyers flock to Valencia to get a 'good deal'.
Current mortgage rates are considerably lower than in the UK and prices are dropping so, now is a good time for buying a house in Valencia!
A benefit of buying an apartment in Spain is there's no such thing as leasehold (only for business and commercial), everything else is FREEHOLD. So if you buy an apartment in Valencia, you have it for life!
There are many books on buying a property in Spain such as 'Buying a Home in Spain 2006' by David Hampshire and 'Need to Know? Buying Property in Spain' by Mark Stucklin.
Costs involved in buying a property in Spain
A rough guide to the costs involved are: tax, stamp duty, legal fees, notary fees and property registration. These are as follows:
- Tax: 7% for resale & new build.
- Stamp duty: 0.3 - 1% of the value of the property.
- Notary fees: Approximately 500 euros.
(A notary's job is to confirm that the mortgage and the sale of the house are within the law) - Property registration fees: Approximately 150 euros.
- Valuation of property by bank.
Estate Agents in Valencia Spain... Commission
Unlike in the UK and many other countries such as Cyprus, the majority of estate agents in Valencia charge 3% and sometimes 5% commission to the person buying the property. Many estate agents in Spain charge both the vendor (person selling the property) and the buyer. Consequently, if you don't speak Spanish it's essential to have an English speaking lawyer when buying a house in Valencia.
Another point worth noting is that most Spanish people don't have a property surveyed before they buy it. To obtain a mortgage a bank (or lender) does a legal survey which focuses mainly on the property as a security for the loan.
Another important point to remember is that the previous owners personal debts fall not on them but on the property, so be sure to check otherwise you may inherit the previous owners bills!
Valencia has been a seller's market with property prices rising by 20% or more. However, the recent downturn in housing in the US is affecting many countries such as Spain and the UK.
When you've found that lovely property you've dreamed of, don't forget you'll need to pay the deposit in cash or by bank transfer. This is necessary as it secures the property for you and the amount required is normally 3,OOO euros.
The next step is to get independent legal advise otherwise you may regret ever buying a house in Valencia. You need a lawyer who is fluent in English and, more importantly, a lawyer who can also provide a reliable service.
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