Your Guide to Buying Property in Costa Blanca North
1. Financing
The first step in purchasing property in Costa Blanca North is to understand your budget and financing options.
Budget planning is crucial before starting your property search to avoid wasting time on properties outside your budget. If external financing is required, we recommend reaching out to your bank or international financing partners. Spanish banks offer competitive mortgage options with a typical down payment of 30-40%. We can assist you in finding a bank with multilingual staff to make the process easier. When calculating your total budget, be aware that additional costs (taxes, legal fees, notary fees, etc.) amount to approximately 14% of the purchase price.
2. Property Viewings
We arrange personalized property viewing trips to sunny Costa Blanca North. We assist in selecting properties in advance to make your visit as efficient as possible. You can stay in a hotel or an apartment, depending on your preferences. While we ensure your time is used wisely, we also provide space for relaxation and reflection, so you can make your decision with peace of mind. Please note that August is Spain's holiday season, so it is not the ideal month for property viewings. A property viewing trip typically lasts 2-4 days and does not obligate you to purchase.
3. Opening a Bank Account
To purchase property in Costa Blanca North, you need a local bank account. Your bank account will be used for paying ongoing expenses such as community fees, water bills, and property taxes. We help you find a bank with multilingual staff to facilitate communication. Many Spanish banks offer assistance in English, German, or other languages, making the process smoother.
4. Legal Support
We recommend working with an independent lawyer for a safe and transparent transaction. Your lawyer will review contracts to protect your interests, perform due diligence to ensure there are no outstanding debts or missing permits, ensure compliance with Spanish laws and regulations, and represent you via a power of attorney if you cannot be present at certain stages. We connect you with experienced Spanish and international lawyers who can communicate in your language, ensuring peace of mind throughout the process. Lawyers can also guide you through joint ownership matters if there are multiple buyers. By working with trusted legal professionals, you can rest assured that every aspect of your transaction is handled securely and transparently.
5. NIE Number
To buy property in Costa Blanca North, you need an NIE (Número de Identidad de Extranjero) number. NIE is a unique identification number issued by the Spanish authorities, required for all foreign buyers to purchase and sell property in Spain. It is used for tax purposes and legal matters. You can apply for an NIE in Spain at a local police station or abroad at the Spanish embassy or consulate in your home country. We can guide you through this process and ensure everything is in order.
6. Reservation
To secure your dream property, you must reserve it. A reservation contract is a legally binding agreement between buyer and seller. It protects the property while your lawyer reviews all necessary documents. The reservation contract typically requires a deposit, and the terms follow Spanish law. This contract is valid until you or your lawyer have signed the final deed (escritura) at the notary.
7. Annual Costs
Owning a property in Costa Blanca North involves ongoing costs, which you should consider in your budget. These include property taxes, such as IBI (Impuesto sobre Bienes Inmuebles), an annual property tax paid to the local municipality. If you are a non-resident, there are additional taxes. You will also need to pay community fees, which cover shared facilities such as pools, gardens, or security in residential complexes. Utility costs for water, electricity, and waste management services are also part of your annual expenses. We can provide detailed estimates tailored to your specific property.
Nordik Estates is a Danish-owned company, and we make the entire process simple and understandable in English, German, Spanish, and more.
With over 15 years of experience in property transactions in Spain, you can trust us to guide you through the entire process and help you find your perfect property in Costa Blanca North.