Finding your dream home and moving to Spain might take a while and is not a decision to be taken lightly but when you find the one you know! When you find your dream home, you will always have the perfect place to relax, unwind and make beautiful memories.
While it’s such an exciting time finding and buying a new home definitely brings its own set of challenges to the table but with a bit of planning finding your dream home can actually be a pleasurable and fulfilling experience.
As well as the type of property and the country’s local culture, you will also need to consider the practical aspects. Things to consider like the journey time, the frequency and availability of flights, the running costs of your new overseas home, as well as perhaps its rental potential.
Here we have outlined a few things to bear in mind if you are looking for a your dream place, a home from home!
1. Find your style and make a list
While you might love craftsman homes or the sleek look of a modern kitchen in a penthouse apartment, you will be happiest if you consider what type of home will work best for you.
Make sure you have a solid list of priorities in order of what is most important to you and aim to get the top things on your list in one property. You may be lucky enough to have an unlimited budget to build to your exact specifications which is great, otherwise you may eventually have to give up something lower down on your list. Are you most concerned about location? Square footage? A private garden with swimming pool? You may have to abandon one thing to achieve another, but it is easier to be more focused when you know what the non-negotiables are.
2. Do your homework
You may know you want to live by the beach, in town or out in the countryside but urbanisations can vary greatly, even within the same area. To find your perfect fit, start by doing some research. Browse online real estate listings to get an idea of the styles available in the area.
Also take your research offline and visit areas in person, especially if you’re relocating. Spending a weekend driving or walking around several areas can give you a real feel for the place you might one day call home.
Speak with a local agent as they will be able to assist in showing you around and have access to property you may not of considered or missed online.
Here at Kudos Villas we have a personable sales team who will provide you with all the professional advice and local knowledge you need, carefully explaining the buying process from start to finish.
If you would like to find out more about our viewing trips, latest offers, availability and how to go about booking, please fill in the contact form and we will be in touch.
Our mission is to empower our customers to make smart decisions about purchasing a property.
3. Know your finances
Before you start looking for a home, it helps to get pre-approved for a mortgage if needed. It can be a daunting process for home buyers but it doesn’t have to be. Getting your finances in order first will make things go smoothly and you will be ready to go when the time comes. Speak with the bank and find out what your options are, what is available and how to apply. For non-residential borrowers, Spanish banks have been willing to lend up to 60–70%. Before applying for a Spanish mortgage, you will need a Número de Identificación de Extranjeros (NIE) which translates to ‘identification number for foreigners’ and you cannot purchase property or execute a mortgage in Spain without one.
You will need to also provide any Spanish or an international mortgage lender the following items:
- NIE number
- Proof of employment or income
- Tax Return
- Credit Report
- Bank Statements
- Copies of any existing property deeds (in Spain and elsewhere)
- Records of your current assets
Once you submit your complete file to the bank everything will be processed and the bank will make you a mortgage offer.
4. Stay on budget
Obviously budget is varied and totally individual for every person looking to buy a property and so there is really not a magic number here.
It can be tempting whilst looking at property, to start at the top of your price range, but that doesn’t always make sense. Taking on something bigger than you can comfortably afford can quickly dampen the feeling of true love for your new home. Shop smart! Allow for taxes associated when purchasing a property in Spain, annual community fees (if applicable) and general running costs of owning a property thereafter!
5. Plan for the future
When you’re ready to look for a property, consider what works best for you now AND what will work best for you in the future. Ideally, you should plan on staying in your new home for five to seven years or longer and by doing so, can help you pay down the mortgage and build equity.
6. Decide if you want off plan, key ready or a renovation project
Buying a property that you plan on completely redoing or off plan is quite different from getting something you can simply move into immediately. If you know which path you want to take from the start it helps narrow down your search so that you can focus on viewing each property from that viewpoint. If you decide on doing a renovation or buying off plan, then you don’t want to look at property that is already at the top end of your budget as you will have no money to renovate or furnish with and so this also needs to be taken into consideration.
Kudos Villas have a wide range of quality New Build Properties, Key Ready and Resale properties for sale in Spain. We cover the southern Costa Blanca and the Orihuela Costa, so whatever you are looking for we can find it and our professional team are on the ready to help you do just that.
7. Be open minded as things are not always what they seem!
Being open minded is really important for finding a diamond in the rough and perhaps passing up on a property solely for cosmetic reasons. Just think about the bones of the property and as you walk through pay attention to the layout, do you like the flow of the rooms and their spacing or is it awkward? Focus on the actual set up of the property. Focusing on paint colors, flooring and furniture choices you hugely dislike will not help you decide if you like what really matters. All of the cosmetics of a property can easily be changed, but to move a kitchen to the opposite end of a property is a far bigger deal. If your biggest complaint in a property is the easily-changed accent wall, then it may actually be the perfect space for you!
8. Don’t give up!
If it takes a while you may find there will be days where you feel disheartened and think you cannot afford anything that you like, you’ll never find the right location and that it is a bad idea and just want to quit. Don’t! Even if it takes months, it is worth it when you finally find and get something that you love. The added benefit of a search that takes a while does however mean that you have a really good feel of the price range and location, having explored all of your possibilities in detail. You should know what is good, bad, overpriced, and a complete bargain, all of which will make you more confident about your choice once you make one.