The Dutch have traditionally emigrated en masse to Spain. Especially the Spanish costas, such as the Costa Blanca, Costa del Sol or Costa Calida have always been extremely popular for retired Dutch people. Buying a house in Spain means that you can enjoy the pleasant climate all year round and you can realize your Spanish dream. Nowadays, many young people and families are also leaving for the country. Do you want emigrate to Spain? Then read on quickly.
Do you also want to emigrate to Spain?
Are you one of these Dutch people and do you also want to emigrate and buy a house in Spain? Then it is a good idea to first delve into the Spanish real estate market.
Choose the right area
Spain is very large. This means that not only is the nature or climate very diverse, but also the house prices. Spain has different regions and prosperity plays an important role in this. A house in the rich north of Spain can therefore be a lot more expensive than in the somewhat poorer south of Spain.
What do you need?
Take a good look at what you need. This is very important. For example, are you looking for peace and quiet and do you want to enjoy a sea view on the coast? Or do you prefer the hustle and bustle of a big city like Madrid? Take a good look at your wishes and needs so that you will feel at home in your new environment.
Do you want to buy or rent a house in Spain?
When emigrating, it is of course difficult to choose between renting or buying a house. Buying a house not only takes more time, but also makes it all so final. Renting a house is an easier option, but in this case you have no stability at all. That is why many people ultimately choose to buy in Spain.
A holiday home
Some people choose to have a second home in Spain before they actually emigrate. This way they can enjoy their beautiful villa by the sea all year round during their holidays and see if Spanish life is really something for them.
House hunting in Spain
In Spain you can search for houses online. Many private individuals and Spanish real estate agents in Spain sell houses via various websites. A Dutch real estate agent does this too of course. However, you should take into account that Spanish real estate agents do not pay too much attention to the photos and information on the websites. Therefore, do not immediately rely on the photos, but make an appointment to view, because often these are really beautiful apartments. Furthermore, in Spain it is also the case that various real estate agents can offer a house, because real estate is not exclusive in Spain.
Brokerage fees
In Spain, an estate agent cannot guarantee that they can sell the property themselves. This is why the estate agent costs in Spain are a lot higher than in our own little country. In the Netherlands, we pay between 1-3% of the sales price, while in Spain this is quickly between 3-5%. These costs are paid by the seller in Spain, which is why it often happens that the seller passes these costs on to the buyer in the sales price.
Committees
Sometimes an agent cannot find a suitable home for you and often chooses to work with other agents. Can another good agent find your dream home and does it meet your requirements? Then the agents share the commission. This is just a fun fact and you do not have to worry about this, because for the rest it does not really matter to you.
Please note when making down payments
In Spain, it can happen that an estate agent is not aware of the current situation regarding a property. Perhaps you are interested in a property that has already been sold. That is why it is wise not to make a down payment right away. Before you make your down payment, you can ask for a written order from the seller. This is a document with which the seller gives the estate agent permission to carry out the sales process on behalf of the owner.
NB!
After receiving the written order, you can only complete your down payment, but make sure you always do this on a blocked account of a third party. You must also ask for a guarantee certificate so that you can get your money back if the house appears to have already been sold.
What exactly do Spanish real estate agents do?
Spanish real estate agents don't do a whole lot when you compare them to a Dutch real estate agent. They mediate in real estate and that's it. They don't give legal, mortgage or insurance advice. Real estate agents in Spain often work together with these kinds of agencies so they can always refer you to the right person.
A lawyer
In Spain it is considered perfectly normal to hire a lawyer in a purchase process. This is because a seller in Spain is not obliged to report the defects of a house to you. A lawyer can check whether the owner is really the owner, whether he still has debts and/or whether the house was built with the correct permits.
The financing
Buying a house in Spain is of course just an investment. That is why it is always wise to consult a financial advisor. He/she can give you good advice. Nowadays it is the case that Dutch banks hardly provide a mortgage for a house in Spain. They find this too risky.
Any surplus value?
You could take out a loan on your Dutch home in the Netherlands, but this is only possible if there is a possible surplus value. Not everyone can do this of course, so you are better off looking for a mortgage at a Spanish bank.
Applying for a mortgage in Spain
Make sure you know in advance how this all works. The interest rates in Spain are low and it is not very difficult to get a mortgage. If you get the right guidance you can do this easily. Of course it is difficult if you do not speak Spanish.
Spanish banks
Spanish banks generally finance 60-70% of the purchase or appraisal value. This is when you are a 'non-resident'. The value of the lower of the two is leading. Have you lived in Spain for at least 2 years? Then banks can finance up to 80%. The rest you have to pay yourself.
Hiring a lawyer
Of course, you can't always be sure whether a Spanish bank will finance you and that's why it's wise to arrange this with the lawyer and buyers. Therefore, make sure that you always have this included in a kind of standard reservation contract. That way you can protect yourself. After all, if you can't get a mortgage, you could lose your deposit if you don't have this included.
Arrange help
Of course you could arrange all this yourself, but if you do not fully master the language this can cause problems. That is why foreigners are always advised to hire a real estate agent and lawyer. Then a real estate agent can help you find your dream house and a lawyer can keep an eye on things.
Paperwork
The lawyer can also help you arrange the necessary paperwork and can ensure that you will not just sign things. This is of course very important when signing your purchase contract.
Finally..
As you have read, buying your dream home or holiday home in Spain is not only a long search, but you also have to arrange a few things. In recent years, more and more Dutch people have moved to Spain, which makes it easy for us to find a Dutch real estate agent or lawyer in Spain who can help Dutch people buy a home in Spain.
Do you have any questions?
If you have any questions about emigrating or wintering in Spain, we would like to refer you to the other articles on our website.
