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Prestige Report
11-02-2008 Our second
Prestige report, is finished. Click on the image below to download your free copy with latest properties for sale in East-Marbella
15-08-2007 Prestige Estates joins the LPA network, an association op top real estate agents with time-tested reputations...
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01-01-2007 Capital gains tax reduction to 18% for non-residents in effect....
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Financing your property
Once you have established your maximum budget - taking into account mortgage repayments and any possible rent for the property you can off set against them - you need to consider the administrative and legal costs of buying a property in Spain. These amount to 10-11% of the property price to cover all taxes, legal and notary fees.
When it comes to getting a mortgage, you don't necessarily have to deal in Euros just because you are in Spain. Many banks offer mortgages in euros or sterling. If you intend to rent out the property, you will normally receive Euros, so it makes sense to take out the mortgage in Euros so you can offset the rent against repayments.
Repayment periods are lower: 10-15 years in Spain is traditional, although some banks will allow up to 30 years. Maximum loan-to-values are also lower, usually around 60-80%.
