Questions and Answers
1. What documents are needed to buy real estates?
If you have decided to buy a property in Spain, you will need a so-called NIE. It is a foreigner's identification number that everyone who spends more than 6 months continuously in Spain must have. It is handled by the foreign police in Malaga. Processing takes a few weeks, depending on the nearest appointment available. You will identify yourself with this number at all authorities. It is also needed for concluding contracts for electricity, water, telephone, internet, insurance, taxes and others.
2. How much will we pay you for your services?
You do not pay us any commission. We receive a commission from the
developer. It is therefore a significant difference compared to buying
real estate in most of the other countries. Our services do not end with
the sale of the property. Subsequently, we will ensure the contracting
of the supply of electricity, water, telephone, internet and all
payments connected with the possession of the property.
Property prices are not final. They do not include real estate purchase tax, legal services, notary fees, real estate registration fees and taxes. For new buildings, fees of 13.5% must be included in the price (10% VAT, 1% legal services, 1% notary and registration fees, 1.5% tax on new buildings).
3. Is it better to buy a property that has already been completed, or that is under construction?
Purchase of real estate through the so-called "off plan". This method is very common and popular in Spain. If you want to choose the best apartments or houses, this is the easiest way. The properties are still under construction and in the final phase you will save money compared to buying an already built apartment or house. So you are buying an apartment or a house according to the plans, and construction has usually not started yet. Everything is protected by law and the developer must comply with the building code. Most developers subsequently raise real estate prices during construction. This method is also very popular, because it gives you room for installments and to obtain the target amount of the property until the project arrives.
4. When is the best time to visit the property?
If you have chosen your dream property, your interest is confirmed by a reservation fee of approximately €3-10,000, depending on the price and type of property. With this reservation fee, it is ensured that the property is withdrawn from sale and you reserve it for yourself. No one else can buy your apartment or house.
This is followed by the signing of a private contract for the purchase of real estate. This contract is concluded between the buyer and the developer and obligates you to purchase the given property.
For off-plan properties, payment terms are different, it depends on the developer who determines the payment method. For some projects, a 30% deposit is required in the case of a private purchase contract. This contract is signed upon receipt of the building permit. Sometimes even the amount of 30% can be divided into monthly installments for the duration of the construction, which is usually 18 - 24 months.
The money you paid when signing the private purchase contract goes into a specially covered and insured account, guaranteeing a 100% refund if the developer gets into trouble. This account is protected by the bank and the law just like in other countries.
As soon as the building is completed and the developer receives the approval license, a notary date is arranged for the official signing of the purchase. At this stage, at the notary, we hand the developer a check issued by a Spanish bank. The check is usually for the remaining 70% of the real estate price + the applicable VAT of 10%.
5. When is the best time to visit the property?
Most developers offer their projects throughout the year, i.e. until the
end of sales. We personally recommend that you make an appointment with
us no later than 14 days after we send you as much information about
the selected project by email as possible. If the deposit of
approximately €5,000 has not yet been paid, the developer will continue
to offer your apartment and there is a risk that if you schedule the
viewings late, the apartment will be sold. Of course, we will try to
hold the apartment for you for viewings as long as possible.
We will take complete care of you, accommodate you in our Varadero Apartments and then we will visit the properties with you on the day of your choice. If other tours appear during your visit to Andalusia and we have them in our portfolio, we will be very happy to book you on a tour. Of course, we provide a transfer from Malaga airport to our apartments and back.
6. We're here for you
Approximately 80% of our clients purchase real estate in Andalusia as an investment and subsequently use it for recreation. We will discuss the management of your property with you and advise you on how to use the months in which you do not use the apartment or house, so that you can rent it short-term or for several months.
Rincon property&Apartamentos Varadero has been engaged in short-term rentals for over eight years. Our portfolio includes 13 apartments, 3 studios and one family house. Your property will be taken care of by us directly, or by cooperating companies that the developers themselves establish and thus provide their new tenants and residents with complete services in this area.