Buying a Property in Murcia, Spain.

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Where to buy

Firstly you will have to establish where you want to buy and whom you are buying the property for. Do you prefer being close to the sea or would you enjoy the tranquility of a rural location. Visit the area’s you have chosen and maybe even holiday there for a while to get a feel for the place. Check weather charts to find the perfect climate that suits you, Murcia is a large province and Spain is a big country that has a rather varied climate with many microclimates (palm- and orange trees are generally a indication of a warmer climate). It is of course a great place to soak up the sun but there are also some fantastic places to enjoy winter sports such as ski-ing in Granada, just a two-hour drive from your property in Murcia.

Real Estate Agents

There is no shortage of real estate agents selling properties in Spain, both here and in your own country. If you have chosen an area try and find local agents, as they will know the area best. Make sure you brief the agent properly regarding your requirements and budget. Don’t be afraid to make the agents work for their commission, it is a buyers market at the moment so use that to your advantage. Don’t be pushed into buying and don’t feel rushed by sales talk. In most cases a real estate agent will be able to provide you with information about local solicitors, translators, etc.

Budget

Set a budget and stick with it. Allow for about 10% on top of the asking price for taxes and fees. The buyer will be liable for transfer tax (IVA) and stamp duty. You will pay fees to solicitors, translators, notary and the property registration office. Banks also generally charge an opening fee for mortgages.

Mortgages

Be sure to shop around for your mortgage as interest rates tend to vary from bank to bank, as does the quality of service. Most lenders have English speaking staff so don’t feel obliged to go with one lender simply because you feel comfortable. Keep in mind that fees such as valuation or opening fees may be negotiable. So don’t be afraid to play one lender of the other in order to get the best possible deal. Don't forget (I'm speaking as a former banker here) to play hardball!

The Property

Visit the property in Murcia at various times and try to talk to neighbors and other locals to find out any information about the area. Check if the property has water, electricity and a phone connection. If you are relying on Internet, make sure it is possible to get an Internet connection. Quite a few rural properties still do not have a landline, but might have a radio-phone (with antenna). A dial up connection through a radio-phone is however very slow and extremely frustrating.

Once you have chosen your property in Murcia, take pictures to take home before making a decision. In the excitement during a viewing you might oversee certain important issues. It is also much easier to discuss the property when you are back home when you have a visual.

Registration of the property

It is advisable to have the structure of the property checked by an architect/engineer. Another important item to check is the ownership of the property (tile deeds), and any outstanding debts or fines. The way to find out how may square meters of the property is legally registered is by investigating at the Catastral Department and Town Hall.

Most urbanization properties now being built are of course registered first because there is a compulsory registration system in Spain for new developments but this is land classed as Urban area, not Rural (country side). Still quite a few of the old village properties might not have title deeds. The purchaser might therefore have to pay for the first registration and in case a license was never issued you will also be required to pay a (in most cases a small) fine to the town Hall.

Buying off plan

If buying off plan, such as Polaris Worlds Condado de Alhama development, which is just one of many new golf resorts in Murcia, try and find out about the developers reputation and standards of quality. Ask them to show you around properties they have already built and talk to the residents. Make sure to ask for a copy of all the building licenses and have them checked by your legal representative.

When buying off plan you will generally sign a prior agreement with the developer before completion. In this agreement, things like payment structure, penalty clauses for both parties, the type of property, etc are described. It is advisable to have this document checked by your legal representative before signing it!

If you are planning on buying an investment property in Murcia make sure you check things like accessibility from surrounding airports, parking, rental potential of the area and property, orientation (where is the sun) and cost of community charges like maintenance, swimming pools, gardens, etc., which the owner has to pay.

A word of caution though If you do not need a mortgage it is still advisable to get a small loan locally as the Banks do most of the necessary checks for you which here in Spain is no bad thing.

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