Are you ready to embark on a journey into the dynamic world of Costa del Sol real estate? Look no further! In this blog post, we’ll delve into the intricacies of the property buying process on the Costa Del Sol and shine a spotlight on the often-overlooked hidden fees. Our mission is to equip you with essential knowledge, ensuring your property purchase is not just smooth but also devoid of unexpected surprises.
Understanding the Property Buying Process on the Costa Del Sol
Resale Purchase Structure
- Reservation: The journey begins with a property selection, leading to a reservation contract. A payment of €6,000 to €10,000 is made, initiating the due diligence process lasting 30 to 45 days.
- Private Purchase Contract: Following due diligence, a private purchase contract is drafted. Upon signing, the buyer pays 10% of the property price, binding both parties. The completion phase involves signing the Title Deed at a notary public, officially transferring ownership.
Unveiling Hidden Costs: What You Need to Know
Every property price you see is the net amount to the vendor, excluding additional fees. Whether it’s a resale or new construction, you must factor in purchase costs on top of the listed price.
- New Construction: Anticipate an additional 13% on top of the purchase price.
- Resale Property: Budget around 10% for purchase costs.
Overlooked Fees in Resale Properties
Beyond the standard costs, there are potential additional fees for resale properties:
- Independent Surveyor: Some clients prefer an independent surveyor to assess the property thoroughly. This service, ranging from €400 to €1,000, involves an engineer inspecting every aspect of the house.
At Hi Homes, transparency is our cornerstone. Whether you’re a first-time buyer or an experienced investor, navigating the Costa Del Sol real estate market shouldn’t be daunting. Armed with this knowledge, you can embark on your property journey with confidence.
For the latest property news, market updates, and more valuable insights, stay connected with us here on our website, YouTube channel and across our various other social pages. If you have any questions or seek further information about real estate on the Costa Del Sol, get in touch and our friendly team of local experts will be delighted to assist you.
Thank you for reading, we look forward to being a part of your Cost Del Sol real estate adventure!