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Buy A Marbella Property, Where To Start

There will be many things you will want to know before you buy a Marbella property. A structured questioning approach to the owner is definitely one way to find out. Unfortunately there may be a language barrier between you and the seller. It is a good idea to bring along a Spanish translator, and also to employ a Spanish property/real estate solicitor who speaks English. By speaking to the owner through a translator, writing down the answers to your questions and having your solicitor verify the answers when necessary, you should be able to function within the Spanish property system.

Property laws in Spain are very complex and completely different than most other countries. When its time to actually  buy a Marbella property, you will need to hire a specialist solicitor/lawyer experienced and who has a track record of the Marbella property market. Once you find a property you like,You should work in the 6% tax on property for sale by the previous owner, or the 7% tax and 0.5% stamp duty for new construction. There is also a capital gains tax which must be paid by the seller at the time of the sale. This is important to remember when you decide to sell your property.

Questions to Ask:
What is the history of the property? For a new or recently built property, this would mean what company built it, and how much the property cost when first constructed. For a historic Marbella property, the answer should be more complex and much more interesting. Be sure to take notes on any relevant stories that might help you rent the property. Anything of curiosity or something that will generate a sense of mystique will help. If so this information should be recorded, and kept. Check with local historians for even more interesting tales.

When was this property built?
How many people have owned or rented the property previously? For new properties you want this number to be low, but for historic properties, the more the better.

Are their any mortgages or loans against the property?
The attorney will verify any facts, but hopefully the owner will be forthcoming with information as well. When you finally decide to buy Marbella property, don’t however leave anything to chance.

Do you know of any repairs the property requires?
Don’t expect a completely frank answer on this. No seller is going to kick the tyres on their own property, but instead look for obvious problems, and ask about them as you find them as well.

What Property Taxes do you have to pay each year?
It’s good to be forewarned about taxes so that you will have enough money saved to pay them.

How much are utilities each month?
It is good to have a point of comparison when there are several properties on your shortlist. Ask to see a few utility bills if they don’t mind, so that you can see the details for yourself.

So these are just a few things to be thinking about when you are looking to buy a Marbella property. Whether looking for something with a bit of character in the town of Fuengirola, or trendy waterfront apartments in Marbella, the Costa del Sol has a lot to offer.

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