Hoping to buy in Costa Del Sol. Any advice?

redtom99 · 2021-07-25T15:50:47+02:00

Seeking property advice for buying a 2-3 bed apartment in Costa Del Sol? Get insights on fees, taxes, and inheritance considerations for expats.

redtom99 New member

Member since 10 August 2020

redtom99New member25 July 2021 13:50:47

Hello
I intend visiting the Costa Del Sol to view a few apartments next week now that travel restrictions have been eased somewhat.
I have been looking for a 2 or 3 bed apartment on either the ground floor or first floor(Max).
I like to go there 'off season' as our winters are cold here and also, I have grandchildren at school so they & the parents could use the apartment in Summer during school hols.
I have visited there many times over the last few years and I was really impressed with the super efficient 'Suburban' train service between Malaga and Fuengirola and everywhere in between.
great to get off your flight at Malaga walk across the car park, hop on the train and get to Torreblanca, Los Boliches or any of the other resorts on route.
Regarding purchase of property there.聽 Excuse my ignorance about property abroad, there are a few things which I am not familiar with.
It appears as if in Spain that the purchaser has to pay the auctioneer's fees. Not sure if this is correct but saw it on one of the agents website (Idealista). Here in Ireland the seller pays the electioneering fees. Just wondering about this?
I believe that the tax on secondhand apartments is about 7%,聽 Capital Transfer Tax (I.T.P)?
Also, it appears that most transfers are completed by a 'Notary'. Is this the same as what we would call a solicitor?
Another thing is, I have just become a pensioner and I am a bit concerned that my (Adult) children will have some inheritance (and Tax) difficulty in the event of my demise. Is it wiser to purchase in the ownership of one of my offspring in the first instance?

Any advice or assistance regarding purchase of apartment in Spain would be greatly appreciated.
Best regards

Johncar Spain Expert

Member since 25 November 2013

JohncarSpain Expert25 July 2021 15:48:11

1412

I have lived in Spain 34 years.聽

Can you explain what you mean by 鈥� auctioneer's fees and electioneering fees.鈥�

The vast majority of property sales involve an estate agent or are private sales.

Many documents, including property sales, making a Will, etc can only be signed before a notary.

Using a lawyer is a choice not an obligation.

redtom99 New member

Member since 10 August 2020

redtom99New member25 July 2021 17:46:27

Apologies for not explaining.
Here, an auctioneer is a selling agent. I guess same as Estate Agent over there.
So here, Auctioneers fees are same as Estate agent fees.
Electioneering was a 'correction' by the computer when I wrote the word auctioneering.
sorry about that.

Johncar Spain Expert

Member since 25 November 2013

JohncarSpain Expert26 July 2021 05:51:25

1412

Hi Sean, thanks for explanation.

(Brits please note this applies to EU nationals).

The costs involved in buying a property is聽 usually said to be between 10 and 15%.

As an EU national you can spend up to 90 days permanently in a calendar years without the requirement to register on the EU Citizens Register, which is straightforward and can be done without legal assistance.聽

Many EU visitors stay longer without registering.聽 If one stays a total of more than 183 days they become tax resident.

A non resident who owned property in Spain pays a small percentage in imputed tax. Often incorrectly called second home tax.聽 It is also referred to as 210 tax as that is the tax form which is used.

Hope that helps
John

Dihotomizare New member

Member since 07 April 2022

DihotomizareNew member07 April 2022 05:44:07

The biggest challenge when it comes to invest, it's obtaining accurate information regarding the place and fair evaluation of the return of investment (if your plan it to rent out your property) . Currently, I am visiting properties and creating an elaborate investment report on properties located in Costa Blanca. Adrian Bulgaru Business investment advisor (LinkedIn)聽