Costa,Blanca,Property,Buyer,Gu finance, share, loan Costa Blanca Property – A Buyer’s Guide

Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track

This guide to buying Costa Blanca property will take you on a step by step journey through the whole process of selecting your ideal area, property type and solicitor and will give advice on completing your purchase and taking possession of your home. 1. Set Your Budget – One of the most important, if not the most important decisions you will have to make when buying a Costa Blanca property is your budget. Set yourself an affordable budget and be sure to include an allowance of at least 10% on top to cover taxes and expenses. Once set stick to your budget. 2. Choosing a Location – Very important when deciding on a Costa Blanca property is the area. As with anywhere there are good areas and bad areas, take your time and have a good look around, read local newspapers and ask people you meet, a chat with a local can give you important information on an area. 3. New or Resale? – Another choice you will have to make is new or resale property. I would suggest that you keep an open mind on this and look at both. New is fine but you will probably be buying off-plan, so be ready for a long wait (up to 2 years) before you get your keys. There is plenty of resale Costa Blanca property available and some excellent bargains to be found. These resale properties are usually furnished and may already have air-conditioning, grills, alarms etc fitted – this can save you a lot of money. Also with resales you get to see what is built around the property, you certainly don’t want a huge apartment block taking away your sunshine. 4. Property Type – Another decision you will have to make is the property type ie. apartment, villa, house or bungalow. Then there are different styles ie. Detached, semi-detached, terraced, quad, townhouse, duplex etc etc, there are many different types of Costa Blanca property. This choice will be determined somewhat by your budget but also by personal preference. You will also have to consider if the property is to be on an urbanization, in the town or in the country, this may be determined by the use you want to get from the property, for instance is it to be a holiday home, for re-location or for investment? These are all points you must consider carefully. 5. Choosing Your Property – As you now have a good idea of exactly what you are looking for, this is probably a good time to go out and begin viewing some potential properties. This is the fun bit, but don’t get carried away, you need to keep your sensible head on and always have in the front of your mind the decisions on budget, location and property type. Try to be disciplined and don’t look at an excessive number of properties in one day, take your time and don’t be rushed. Take a camera with you and get plenty of shots of the best properties and the surrounding area, keep notes and if possible take a video camera as well. These will all be useful at the end of the day to review what you have seen and make a short list of potential properties. When you have finished looking and have a comprehensive short list, go back and look at all these properties again – your perfect Costa Blanca property may be among these, if not start again, there is a huge choice out there. 6. Paying a Deposit - You have made you choice, now is the time to put your money where your mouth is! The usual in Spain is a 3,000 euros deposit to take the property off the market. The next step will vary depending on whether your choice is new or resale. With new property the next step will probably be payment of something in the region of 30% of the final purchasing price, payable within one month. There may also be stage payments during construction though the norm is balance on completion. Different builders have different rules so be aware of these before you decide to put down your 3,000 euros deposit. With resale property the whole process can be completed within 1 month (if this suits both seller and buyer), so normally it is 3,000 euros deposit and the balance on signing at the notary. 7. Choosing a Solicitor – If you are buying your Costa Blanca property through an agents office, they will probably have their own retained solicitor who you can use for the purchase if you wish, if not you will need to find your own. Make sure you find a solicitor who speaks good English and understands the language well. Your solicitor will be your friend and ally during the entire process of buying and will deal with the sellers solicitor to make sure there are no outstanding debts on the property. If you need to know anything at all, ask, he is there to help you. Your solicitor will be there with you at the signing to ensure everything goes smoothly and he will also help you afterwards with such tasks as changing names on bills and contracts (ie electricity and water). You can normally retain your solicitor afterwards to file your tax returns in Spain. 8. Taxes and Costs – Although this is at number 8 you should consider everything here when setting your budget. The total figure for taxes and costs is normally in the region of 10%-12% on top of the asking price of the property. These costs include Plusvalia Tax (on the increased value of the land), Transfer Tax (IVA), 6% on new property, 7% on resales, Notary fees (around 500 euros), Land Registry charges (300 euros), mortgage fees (if you need one) and solicitors fees. After signing you will need to be aware of future costs, these include SUMA tax (local council tax), Wealth Tax ( a tax on non-residents owning property in Spain), building and contents insurance, community fees (most Costa Blanca property is part of a community) for the upkeep of communal areas and solicitors fees for paying your taxes etc. 9. Signing the Deeds - The property deed is known as the Escritura in Spain and the signing of this and the final payment for the property is done at the notary office (the notary is an official government representative). You may be present along with your solicitor for the signing or your solicitor can do this in your absence if you have previously given him power of attorney (a common practice in Spain). Before you can sign the deeds you will need to obtain an N.I.E number (foreigners identification number), this can be obtained at any national police station but make sure you ask your solicitor about this long before the signing and he will advise you how to obtain one. Also make sure that you have your original passport with you before going to the notary, also the passport of anyone who is to appear on the deeds. 10. Taking Possession of Your Property – After you have signed for your Costa Blanca property and paid the full balance you should take possession of a set of keys. A good idea straight away is to change the locks and dump the old ones, get a decent alarm system and have some security grills fitted, get yourself some decent insurance cover for both the house and the contents. If you have purchased a new property it is a good idea to draw up a snagging list of any minor problems (hopefully there won’t be any major ones!) and get this to the builder right away so that he can get them fixed to your satisfaction. Make sure all the bills and contracts are put into your name and make yourself known to the community. 11. Congratulations – You are now the proud owner of a Costa Blanca property, I hope the sun shines on you.