If you are looking at investing in property in Spain, find out a bargain. You can own a lovely house and even buy or rent out property in Spain and real estate honchos say, that now is the right time to strike deals. In the recent past, people were not interested in buying property in Spain, because of the decline in the real estate market. This added up to Spain having more assets and options for one and all and hence the buyers were outnumbered on a large scale. This created a huge market in back and now you can virtually buy any home you like for a lovely price that suits your pocket.

Currently, if you take a look around Spain, one would find heavy bargain on properties of all shapes and sizes. No matter what you want, be it an urban getaway with quick links via train to London or anything by the countryside, Spain has it all. What would be an out of access decision for someone, could very well be your future investment.

Costa Blanca is known to be the best haunt for its cheap bargains on property around Spain. From a price range of 40000 pounds all the way to 150000 pounds, there is a bargain price for everyone, plus the area is well known for its nightlife and party people, so that’s an added bonus for the young ones around who are looking at investing into property as an option. The quality around Costa Blanca is not that high say many sources, however the prices are extremely cheap.

If that end of the town is too noisy for your lifestyle, then you may want to move to the other end, Costa Brava. Over here you would find property deals beginning from 300000 pounds, which is for an apartment. This is an expensive uppity area and hence you would find malls, culture, shops, fine hotels et al.

Besides the two sites, there are more places across Spain where you could find the best deals and bargains. Keep a budget which is realistic in nature when seeking to the right property to invest in. talk to a financial guru or even the banks and they would be able to help you ascertain the right property you could invest in. go online and check with mortgage lenders and use the mortgage calculator to find out more if necessary.

With a clear budget set, you can now start studying the areas in Spain which are livable according to your lifestyle and standards. This would include factors such as the living costs, the daily life, the location, the stability of the area, social amenities, weather etc.

There are of course certain legal formalities when buying property in Spain

Solicitors In Spain

When selecting a solicitor to represent you on the purchase of a property be careful about taking on a recommendation from the builder. The builder may offer special incentives to use somebody he knows, like a discount on the charges, or that the deal can go through quicker etc.

Solicitors like a retaining fee of approximately 150 euros per annum and about 500 euros for the handling of a purchase or sale of a property. They also handle other jobs such as getting an NIC number (similar to our National Insurance number). The fee for this is approximately 100 euros. You need this number to buy a car, and property. Your solicitor can also get you a Residencia, but the necessity for this (benefits) are not as great now. In the past you paid a lower tax on the sale of property and got a higher interest rate at Banks. The solicitor will set the level declared as the purchase price of your villa as extras are not vatable. The amount declared is currently vat rated at 7%. On the selling of your villa the taxation is based on the profit made between the buying and selling price, if you are moving back to the UK. If you sell and buy in Spain then there is no taxation.

Council Tax

Local Municipal Authorities set their equivalent of the UK’s council tax.

There is a council tax which comes into effect with new property when the builder hands over the responsibility to the council. Prior to this a minimal charge of roughly 100 euros per year is made and when the council takes full charge then they ask for around 250 euros per year. There is a collecting agency for the council tax and you can go into their office and pay it or pay it through the bank. You are reminded of this, well in advance.

One thing to note with the council is that they are not responsible for anyone hurting themselves (by falling) outside your property. To cover yourself you need to take out an insurance which is normally part of your fees when a community is formed. I will not go into this too much, but a community is a legal requirement and presidents, vice presidents etc are required to be elected to sort out pool maintenance fees, who can and cannot build in that area (extensions etc) this fee is roughly 1000 euros per year.

So then, you should expect the basic legal costs to be a very minimum of 9,000 euros on the purchase of a property valued at 100,000 euros. This covers solicitor`s costs, VAT on purchase, first year’s council tax and first year’s insurance – all based on current rates.

Property and Wills

One important point for expats now living in Spain. Don`t assume that your will which you made in the UK is good for Spain. Laws vary from one country to the next, and it`s vital that your money and property go to whom you intend it to go upon your death.

This is why you should seek legal advice in Spain so that you save any unnecessary expensive legal procedures due to wrangles because your will isn`t accepted under Spanish law, or more likely has loopholes. All expats should ensure they have a will, and update it from time to time to take account of additional assets owned.