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Buying A House In Valencia
Homes For Sale In Spain
Property ValenciaTips on buying a house in Valencia - At the moment there are many homes for sale in Spain and many bargains to be found in Valencia City Spain. Prices are dropping so now is a very good time for buying a house in Valencia!
Homes For Sale In Spain One of the benefits of buying Spanish property 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 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.
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.- A 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.
- Most important 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 Find A Property in ValenciaWhen you've found that lovely property in Valencia, 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.
Property in ValenciaValencia Real Estate
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