The Spanish property market has many quirks, and it pays to do your own property market research before buying a house in Spain. Knowing what to expect when buying a property in Spain can help reduce any pitfalls of setting up your life abroad.
When buying a property in Spain you should be ready for additional costs and taxes over and above the property price. As a rule, the additional expenses amount to 12-15% of the property price declared in the title deed.
Insurance services in Spain are quite popular. There exists a developed network of insurance agencies, the signs with the word ‘Seguros’ on them are frequent even in little villages, and every local resident, a tourist or an immigrant has some kind of insurance policy.
Getting a Spanish mortgage has great advantages, such as low interest rates and bank commissions as well as favourable write-off conditions. The interest rates are calculated as X% + Euribor, where X is the bank base rate.