Costs for Buying a New Property in Costa Blanca, Spain: Everything You Need to Know

Costa Blanca, Spain, has established itself as one of the most sought-after destinations for purchasing a new property, thanks to its privileged climate, beautiful beaches, and excellent quality of life. However, buying a property in this region involves not only the cost of the property itself but also a series of additional expenses that are essential to understand.

In this article, we will detail the main costs associated with buying a new property in Costa Blanca, Spain, so you can plan your investment effectively. Additionally, we will show you how R E C │ Real Estates Costa Blanca can facilitate the process using the latest technologies and professional services.

1. Preliminary Costs for Buying Property in Costa Blanca, Spain: Research and Search

Before buying a property in Spain, it's essential to conduct a thorough research to find the property that best suits your needs. This initial step involves some costs that you should consider.

Benefits of Hiring a Real Estate Agent in Costa Blanca, Spain

Hiring a real estate agent can be a smart investment, especially if you're not familiar with the local real estate market. Real estate agents not only have access to a wide range of properties, but they also know the legal and tax nuances of the buying process in Spain. Through R E C │ Real Estates Costa Blanca, our agents will not only guide you through the process but also provide personalized advice that can save you time and potentially money.

Why Hire an Agent?

Local expertise: They know the best neighborhoods, price trends, and exclusive opportunities that are not always available to the general public.Time savings: An agent will filter properties according to your preferences and coordinate viewings, optimizing your search.Negotiation: An experienced agent can help you get a better price and terms on the purchase, using their market knowledge.

2. Travel and Transportation for Buying a Property in Costa Blanca, Spain: Technological Options

While visiting properties in person is still a common practice, at R E C │ Real Estates Costa Blanca we have adapted our tools to facilitate remote property buying, using new technologies. If you can't travel to Costa Blanca, Spain, don't worry: we offer virtual solutions so you can explore properties without leaving your home.

Technologies We Offer:

3D Virtual Tours: With our 3D virtual tours, you can walk through the property in detail, as if you were there. This allows you to assess every corner of the property from the comfort of your home.Personalized Video Calls: We arrange live video calls with our agents, who can show you the property in real-time, answer your questions, and focus on the aspects that interest you the most.360º Models: We provide interactive tours that give you a complete view of the property’s surroundings, including views, nearby streets, and points of interest.

3. Property Inspections and Appraisals in Costa Blanca, Spain: Ensure a Safe Purchase

Once you have found a property you like, it’s essential to conduct thorough inspections and evaluations to ensure that the property is in optimal condition and represents a safe investment. These services will help you avoid unpleasant surprises after the purchase and ensure that everything is in order.

Property Inspection

At R E C │ Real Estates Costa Blanca, we offer a comprehensive property inspection service, conducted by industry experts with extensive experience in property evaluation in the region. Inspecting a property is a crucial step to identify any structural, electrical, or plumbing issues, among others, that might not be apparent during a simple visit. This service is highly recommended before proceeding with the purchase to ensure there are no hidden issues that could result in additional costs in the future.

What Does the Property Inspection Include?

Structural Assessment: We check the structural integrity of the building, including foundations, roofs, walls, and support systems.Electrical and Plumbing Systems Review: We examine that the installations are in good condition and meet safety standards.Detection of Potential Damage: We look for signs of moisture, pests, or any other factors that could affect the property's habitability or value.

The cost of the inspection varies depending on the size and type of property, but this initial investment can save you a lot of money in the long run by avoiding risky purchases. With our service, you will receive a detailed report that will help you make an informed decision.

Property Appraisal

Appraisal is another crucial step, especially if you plan to finance the purchase through a mortgage loan. At R E C │ Real Estates Costa Blanca, we also offer this service, in collaboration with accredited official appraisers, who will assess the property's real value in the current market. This is not only a requirement for the bank but also provides you with a clear view of whether the sale price is fair compared to the property's real value.

What Does the Property Appraisal Involve?

Market Value Determination: An expert appraiser will evaluate the property considering its location, condition, size, and the current real estate market conditions.Requirement for Mortgages: If you are applying for a mortgage, the bank will require an official appraisal to ensure that the property's value covers the requested loan.

The cost of the appraisal generally ranges from 300 to 600 euros, depending on factors such as the size and complexity of the property. As with the inspection, at R E C │ Real Estates Costa Blanca we make this process easier for you, providing access to accredited appraisers and ensuring that the procedure is fast and efficient.

4. Closing Costs When Buying a Property in Costa Blanca, Spain

Closing costs refer to the legal and administrative costs you will need to pay when formalizing the purchase of the property. These include:

Notary and Property Registration: Notarial and registration costs are mandatory for any real estate transaction in Spain. These fees usually range between 1% and 2% of the property's value.Taxes: When buying a new property, you will need to pay VAT, which is 10%, as well as the Documented Legal Acts Tax (AJD), which represents around 1.5% of the purchase price.

5. Recurring Costs as a Property Owner in Costa Blanca, Spain

After the purchase, there are several costs you will need to regularly cover:

Property Taxes (IBI): This tax varies depending on the location and the cadastral value of the property.Insurance and Maintenance: It is advisable to have a home insurance and maintain a fund for potential repairs and maintenance of the property.

Conclusion: Is Costa Blanca Your Next Investment Destination?

Buying a new property in Costa Blanca, Spain can be a highly attractive investment, but it’s important to understand all the associated costs to make an informed decision. At R E C │ Real Estates Costa Blanca, we offer not only a comprehensive service but also the use of advanced technologies so you can manage the purchase of your home in a smooth, secure, and convenient manner.

With our help, you can optimize your time and resources by using tools such as 3D virtual tours, personalized video calls, and 360º models, in addition to benefiting from our team of expert real estate agents, who will guide you throughout the process. We also provide inspection and appraisal services to ensure that your investment is safe and profitable.

Frequently Asked Questions

1. What are the taxes to pay for buying a new property in Costa Blanca, Spain?

You need to pay VAT, which is 10% of the purchase price, and the Documented Legal Acts Tax (AJD), which is usually 1.5%.

2. Can I buy a property in Costa Blanca, Spain, without physically visiting?

Yes, thanks to our technologies like 3D virtual tours and personalized video calls, you can explore and select properties from anywhere in the world without the need to travel.

3. What does the property inspection service include?

Our inspection service includes a detailed review of the structural, electrical, and plumbing condition, as well as the detection of potential damage, ensuring the property is in optimal condition.

4. Does R E C │ Real Estates Costa Blanca offer appraisal services?

Yes, we offer official appraisal of the property, which is an essential requirement for obtaining bank financing.

5. What are the advantages of hiring a real estate agent in Spain?

Hiring a real estate agent saves you time, gives you access to exclusive properties, and provides professional advice throughout all stages of the buying process, helping you make the best decision.

Are You Ready to Invest in Your Future in Costa Blanca, Spain?

Contact us today at R E C │ Real Estates Costa Blanca and let our team of experts assist you every step of the way toward acquiring your dream property!

Call us or visit our website for more details on how we can help you turn your dream of owning a property in the beautiful Costa Blanca, Spain into a reality.