TOP 10 FREQUENTLY ASKED QUESTIONS (FAQ’s)
Estate Agents Fees
The commission for the services of Estate Agent are paid by the seller. New Developments are mostly using this fee as marketing budget.
What are the costs involved in buying Spanish property?
For a re-sales property you will need to budget for around 8% and for a new build - off plan 10-12% of the sales price to cover the cost of the property, roughly divided as 7% tax, 1 % legal fees, 1% mortgage fees and 2% notary and stamp duty fees (variable).
Can I get finance / a mortgage from the bank?
Spanish banks are offering mortgages to the expats (non-residents) of up to 70%, providing that the applicant qualifies for the loan and the bank valuation is equal to the purchase price or higher. For the residents up to 80% and some even 100% (very limited).
Are there any yearly/monthly expenses such as taxes applicable on properties in Spain?
There are several fees to be paid monthly and yearly, community fee is paid monthly and used for the garden and pool maintenance (if an apartment), and maintenance of the area, lighting, security etc, the taxes which are called IBI (lmpuesto sobre Bienes lnmuebles) are paid yearly, together with rubbish tax (Basura).
Are there any hidden costs in buying property in Spain?
As long as you use a good estate agent you should not face any hidden charges. A good property consultant will advise you of all costs in advance and will guide you through the process easily. This is their job and they know what they’re doing it’s in their best interest to keep you happy with the service they provide to you as many rely on recommendations given to friends and family for future business, it doesn’t have to be a big company, sometimes a boutique service is more precious that offers you a good level of service and communication.
Do lawyers speak English and other languages?
We use International Spanish lawyers that can accommodate numerous nationalities, including English, French, German, Dutch, Russian, Arabic, all of whom speak several languages, all documents will be completed with a translation of your choice.
Do you have children of school age and need advice on schooling?
Schools here are excellent and provide either private schooling or state schooling, private schools are taught in English and state schools are taught in Spanish.
State schools are quite strict and often if the school does not feel that the child is of the year’s standard they will be told that they have to sit the whole year again but every effort is made to help the child before this is actioned this is called the Baccalaureate system and is used in many European countries.
The schools in Spain are taking children from 3 years old, optional you can keep your child until 4 years old in the nursery.
International Private schools are taught in English mainly following the British curriculum of GCSE’s and A level standards. There are also some german schools and some spanish that have bilingual curriculum.
Some Good Private schools
- Aloha, Nueva Andalucia http://www.aloha-college.com/about-us/
- Swans http://www.swansschoolinternational.es/en/
- Calpe http://calpeschool.com/
- English International College http://eicmarbella.org/
- Laude http://www.laudesanpedro.com/
- San José School http://www.laudesanpedro.com/
- Patronage of the German School Malaga (Patronato Del Colegio Alemán En La Provincia De Málaga) http://www.dsmalaga.com/
Some Good Public Schools: