Why A New Build Property is Better Than a Resale  Guarantees... All new Build Properties are purchased with a comprehensive 10 year builders guarantee, so any problems are dealt with, at no cost to the new owner. Energy Efficiency... All new build properties are now built to achieve a positive rating with an energy efficiency certificate.  This was not a consideration in past house building projects.  Furthermore, all new properties include solar energy minimising running costs. Design...  Most new properties are built to a new Ibizan design maximising living space, natural light and style. Quality Fixtures and Fittings...  New build properties are being completed with the highest regard for quality and style driven Bathrooms, Kitchens and Bedrooms, Windows, Floors and Lighting. How Long Until Properties are Completed Virtually all of our properties are what we call; Key Ready, meaning that they are available for you to take ownership immediately. Where the key ready properties have been sold, the following phase is generally due to be finished in just a couple of months.  How do we know properties are legal Every developer we deal with has been established for many years and has many previous successful development projects.  Additionally, there is now European Legislation which adds additional layers of security for all buyers.  Furthermore, everything is thoroughly checked by the lawyer at the time of purchase.  Unfortunately, in the past many people did not use lawyers and therefore laid themselves vulnerable to unscrupulous builders.  Times have change and the recession of recent years has meant that only the most professional and robust developers remain. Can buyers choose fixtures and fittings Yes.  This is possible with most developments, although obviously this does not normally apply to properties which have already been fitted out. Furniture Buyers who are moving to Spain for permanent living may wish to bring their own furniture with them.  However, there are excellent quality and amazingly designed furniture packs available which can save the buyer a lot of time and often a lot of cost.  Equally some buyers prefer to search the market and make their own choices on every item.  There are also furniture shops which will provide great discounts for a complete order to furnish an entire dwelling. Costs of Purchase There are a number of elements to the purchase cost aside from the purchase price of the property. These costs include VAT, known as IVA in Spain, Notary Costs, Land Registry, Stamp Duty and Lawyer’s fees. Buyers should allow around 13% of the purchase price for costs. Where a Mortgage is required, the banks will make additional charges for setting up the mortgage.  Utilities... With new build properties there is sometimes an initial installation charge for Water and Electricity, generally between 600 - 800€ Deposits When signing the preliminary agreement, an advance is paid in the amount of 3000 to 6000 Euros. The preliminary agreement includes Property details and descriptions, specific terms and conditions, i.e. agreed date of the notarial deed and the account to which the balance of deposit will be paid to the amount of which is normally 10% of the property value.  All of this will be explained in greater detail, and in English by your solicitor.
Running Costs Council Tax: It costs far less to run a property in Spain than an equivalent property in the UK. For example their equivalent to Council Tax is generally between around 200 - 500 Euros per year, depending on area and property type. Community Fee: Most properties will also have a community fee.  This charge ensures that a high quality environment is enjoyed by all property owners within the immediate community.  This funds the maintenance of Lifts in Apartments, Communal Swimming pools, Communal Gardens and in some cases Gymnasiums, Saunas and more. This fee can vary depending on the provisions within a given community, but an apartment with communal swimming pool can be from around 30-60 Euros per month, payable yearly or half yearly, while the more exclusive properties with multiple pools, exquisite gardens and other facilities, can be around 100€ - 150€ per month. NIE Numbers Spanish tax identification number N.I.E. When a client makes a positive decision on the purchase or reservation of a specific property we proceed to submit documents to receive the N.I.E. number. This number is mandatory, it is a personal identifier given to foreigners (including residents) who conduct financial transactions in Spain. The procedure of receiving the N.I.E number takes up to 4 weeks, however, in practice, it is granted sooner, and the cost is about 20 Euros. This number is needed to obtain the property ownership, for the payment of taxes, conclusion of contracts for the supply of electricity and water etc. In order to obtain this document you should specify the aim, e.g. purchase of an apartment, start of a business, etc. In order to receive the N.I.E number you need to provide the following: Documents Required A valid passport or the identity card (new) + 2 photocopies of the selected document 2 recent ID photos as per passport photos Spanish Bank Account It is necessary to have a Spanish Bank Account in order to purchase a property in Spain.  If the client does not already have a Spanish bank account, we will assist in the opening of such. Mortgages in Spain Mortgages are available in Spain although with a max of up to 60%, in some cases 70% of valuation or price, whichever is the lower. As with the UK, any mortgage is strictly dependent on the financial status of the applicant. We can assist in arranging mortgages with Spanish Banks but it is necessary to ascertain if the client may need a mortgage at the initial meeting as we would need to set this up in advance of their trip  to Spain. Generally it is only Repayment mortgages which are available, up to 25 years subject to age. Our participating agents in the UK may also wish to assist the client in arranging a UK mortgage for a property in Spain. There are a number of Banks who can do this, or of course the client can re mortgage their existing UK property. Whichever way a client wishes to finance their property in Spain, it is important that they at least investigate the possibilities in advance of their trip to Spain so that they are clear as to what their budget is, and that they know it is possible.

Power of Attorney

As in the UK, you can authorise a lawyer or a friend to act on your behalf when buying a property in Spain. A Power of Attorney can be either general or limited to a specific function (for example, the signing on your behalf of the escritura (Deeds) to your intended property.
Property for sale, Alicante Coastline, Costa Blanca Property for sale, Alicante Coastline, Costa Blanca
Costa Blanca Property Sales.  Frequently Asked Questions
Frequently asked questions page header

Why A New Build Property is

Better Than a Resale

Guarantees...     All     new     Build     Properties     are purchased   with   a   comprehensive   10   year   builders guarantee,   so   any   problems   are   dealt   with,   at   no cost to the new owner. Energy   Efficiency...   All   new   build   properties   are now   built   to   achieve   a   positive   rating   with   an energy    efficiency    certificate.        This    was    not    a consideration    in    past    house    building    projects.      Furthermore,    all    new    properties    include    solar energy minimising running costs. Design...      Most   new   properties   are   built   to   a   new Ibizan    design    maximising    living    space,    natural light and style. Quality   Fixtures   and   Fittings...       New build    properties    are    being    completed    with    the highest    regard    for    quality    and    style    driven Bathrooms,    Kitchens    and    Bedrooms,    Windows, Floors and Lighting. How Long Until Properties are Completed Virtually   all   of   our   properties   are   what   we   call; Key   Ready,   meaning   that   they   are   available   for you   to   take   ownership   immediately.   Where   the key     ready     properties     have     been     sold,     the following   phase   is   generally   due   to   be   finished   in just a couple of months.  How    do    we    know    properties    are    legal Every     developer     we     deal     with     has     been established     for     many     years     and     has     many previous      successful      development      projects.        Additionally,    there    is    now    European    Legislation which   adds   additional   layers   of   security   for   all buyers.      Furthermore,   everything   is   thoroughly checked by the lawyer at the time of purchase.  Unfortunately,   in   the   past   many   people   did   not use     lawyers     and     therefore     laid     themselves vulnerable   to   unscrupulous   builders.      Times   have change   and   the   recession   of   recent   years   has meant   that   only   the   most   professional   and   robust developers remain. Can   buyers   choose   fixtures   and   fittings Yes.      This   is   possible   with   most   developments, although   obviously   this   does   not   normally   apply to properties which have already been fitted out. Furniture Buyers   who   are   moving   to   Spain   for   permanent living   may   wish   to   bring   their   own   furniture   with them.      However,   there   are   excellent   quality   and amazingly    designed    furniture    packs    available which   can   save   the   buyer   a   lot   of   time   and   often a   lot   of   cost.      Equally   some   buyers   prefer   to search   the   market   and   make   their   own   choices   on every   item.      There   are   also   furniture   shops   which will   provide   great   discounts   for   a   complete   order to furnish an entire dwelling. Costs of Purchase There   are   a   number   of   elements   to   the   purchase cost    aside    from    the    purchase    price    of    the property. These   costs   include   VAT,   known   as   IVA   in   Spain, Notary    Costs,    Land    Registry,    Stamp    Duty    and Lawyer’s fees. Buyers   should   allow   around   13% of the purchase price for costs. Where    a    Mortgage    is    required,    the    banks    will make    additional    charges    for    setting    up    the mortgage.   Utilities...    With   new   build   properties   there   is sometimes   an   initial   installation   charge   for   Water and    Electricity,    generally    between    600    -    800€ Deposits When    signing    the    preliminary    agreement,    an advance   is   paid   in   the   amount   of   3000   to   6000 Euros. The    preliminary    agreement    includes    Property details     and     descriptions,     specific     terms     and conditions,   i.e.   agreed   date   of   the   notarial   deed and   the   account   to   which   the   balance   of   deposit will   be   paid   to   the   amount   of   which   is   normally 10% of the property value.  All   of   this   will   be   explained   in   greater   detail,   and in English by your solicitor.

Running Costs

Council Tax: It   costs   far   less   to   run   a   property   in   Spain   than an equivalent property in the UK. For   example   their   equivalent   to   Council   Tax   is generally   between   around   200   -   500   Euros   per year, depending on area and property type. Community Fee: Most   properties   will   also   have   a   community   fee.     This     charge     ensures     that     a     high     quality environment   is   enjoyed   by   all   property   owners within   the   immediate   community.      This   funds   the maintenance   of   Lifts   in   Apartments,   Communal Swimming    pools,    Communal    Gardens    and    in some cases Gymnasiums, Saunas and more. This   fee   can   vary   depending   on   the   provisions within   a   given   community,   but   an   apartment   with communal   swimming   pool   can   be   from   around 30-60   Euros   per   month,   payable   yearly   or   half yearly,   while   the   more   exclusive   properties   with multiple    pools,    exquisite    gardens    and    other facilities, can be around 100€ - 150€ per month. NIE Numbers Spanish tax identification number N.I.E. When   a   client   makes   a   positive   decision   on   the purchase   or   reservation   of   a   specific   property   we proceed    to    submit    documents    to    receive    the N.I.E.   number.   This   number   is   mandatory,   it   is   a personal   identifier   given   to   foreigners   (including residents)   who   conduct   financial   transactions   in Spain.    The    procedure    of    receiving    the    N.I.E number    takes    up    to    4    weeks,    however,    in practice,   it   is   granted   sooner,   and   the   cost   is about 20 Euros. This   number   is   needed   to   obtain   the   property ownership,   for   the   payment   of   taxes,   conclusion of    contracts    for    the    supply    of    electricity    and water   etc.   In   order   to   obtain   this   document   you should    specify    the    aim,    e.g.    purchase    of    an apartment,   start   of   a   business,   etc.   In   order   to receive   the   N.I.E   number   you   need   to   provide the following: Documents Required A   valid   passport   or   the   identity   card   (new)   +   2 photocopies of the selected document 2 recent ID photos as per passport photos Spanish Bank Account It   is   necessary   to   have   a   Spanish   Bank   Account in   order   to   purchase   a   property   in   Spain.      If   the client    does    not    already    have    a    Spanish    bank account, we will assist in the opening of such. Mortgages in Spain Mortgages   are   available   in   Spain   although   with   a max    of    up    to    60%,    in    some    cases    70%    of valuation or price, whichever is the lower. As    with    the    UK,    any    mortgage    is    strictly dependent     on     the     financial     status     of     the applicant. We    can    assist    in    arranging    mortgages    with Spanish   Banks   but   it   is   necessary   to   ascertain   if the   client   may   need   a   mortgage   at   the   initial meeting    as    we    would    need    to    set    this    up    in advance of their trip  to Spain. Generally   it   is   only   Repayment   mortgages   which are available, up to 25 years subject to age. Our   participating   agents   in   the   UK   may   also   wish to   assist   the   client   in   arranging   a   UK   mortgage for a property in Spain. There   are   a   number   of   Banks   who   can   do   this,   or of    course    the    client    can    re    mortgage    their existing UK property. Whichever   way   a   client   wishes   to   finance   their property   in   Spain,   it   is   important   that   they   at least   investigate   the   possibilities   in   advance   of their   trip   to   Spain   so   that   they   are   clear   as   to what   their   budget   is,   and   that   they   know   it   is possible.

Power of Attorney

As   in   the   UK,   you   can   authorise   a   lawyer   or   a friend    to    act    on    your    behalf    when    buying    a property in Spain. A   Power   of   Attorney   can   be   either   general   or limited   to   a   specific   function   (for   example,   the signing   on   your   behalf   of   the   escritura   (Deeds) to your intended property.
Property for sale, Alicante Coastline, Costa Blanca
Costa Blanca Property Sales.  Frequently Asked Questions
Frequently asked questions page header Property for sale, Alicante Coastline, Costa Blanca