Your Guide to Buying Property in Marbella

Explore our Spain Buying Guide for expert insight

Here is your comprehensive guide to buying property in Marbella. While the process may seem straightforward at first, it often involves more complexities than anticipated. That's why we at Sidney George have developed this detailed guide to assist you in navigating the intricacies of the Marbella property market.

THE 8 FIRST STEPS

1 - Initial Research: The First Step in Buying Property

Embarking on your property buying journey begins with diligent research. Use online resources to explore what the Marbella market has to offer. This is especially useful if you’re considering moving from abroad. Marbella’s real estate market is unique; many agents share a comprehensive database, providing a wide range of options. Initially, you might want to consult multiple agents to cast a wide net. Eventually, narrowing down to the one who best understands your aspirations and whom you trust implicitly is key.

2 - Plan a Visit: Schedule Your Viewings in Marbella

After you’ve identified potential properties online, the next step is to see them in person. Consider these guidelines for an effective visit:

Select properties beforehand to maximize your visit.
Let your real estate agent arrange a series of viewings over a day—keeping it to about five properties to maintain clarity in your choices.
Investigate the local areas—proximity to amenities and community atmosphere are crucial.
Experience the property at different times to get a full picture.
Maintain open communication with your real estate agent about each viewing to refine your search based on your preferences.

3 - Strategic Planning in Property Purchase

Before diving into viewings, make sure you’re prepared with all necessary documentation, especially if you’re an international buyer. This includes obtaining an N.I.E number, which is mandatory for any significant transactions in Spain, and opening a local bank account.

4 - Engaging in Negotiations with Sellers

Finding the perfect home leads to the negotiation stage. Crafting a well-thought-out offer with your agent’s help is crucial. This should specify what’s included in the purchase and any special conditions. A property inspection might also be wise to check for potential issues that could impact your offer

5 - Legalities and Contractual Agreements

Once your offer is accepted, it’s time to handle the legal aspects. This typically starts with a reservation agreement to secure the property, followed by the signing of a deposit contract. These documents lead up to the final agreement, which is formalized with a notary.

6 - What to Do After Buying Your Property

Post-purchase activities include registering the property and transferring utilities to your name. Your real estate agent and lawyer can guide you through these steps to ensure everything is completed properly.

7 - Useful Tools for Property Buyers

Make use of various tools such as mortgage calculators, local area guides, and property comparison tools. These can help you make a well-informed decision at each step of your property buying process.

8 - Wrapping Up

Buying property in Marbella is an exciting endeavor with many steps involved. With careful preparation and the support of Sidney George Real Estate, you can navigate this process with confidence and ease. This guide is designed to prepare you for each phase of the property buying process in Marbella, ensuring a smooth transition into your new home. Reach out to Sidney George Real Estate to start your journey towards property ownership in Marbella!

AFTER SALES

At Sidney George Real Estate, our commitment to you extends far beyond the completion of your property purchase. We pride ourselves on providing an extensive range of after-sales services designed to ensure your property ownership experience in Spain is as seamless and enjoyable as possible. Here’s what you can expect from our dedicated after-sales team:

Property Management

We offer comprehensive property management services to maintain your home in pristine condition. Whether it’s routine upkeep, repairs, or more extensive renovations, our team is on hand to manage all aspects of property care.

Airport Pick-Up

Arrive in style and stress-free. We can arrange for your airport pickup, ensuring that you or your guests are transported comfortably to your property without any hassle.

Cleaning Services

Keep your Spanish home spotless with our professional cleaning services. Whether you need regular scheduled cleanings or one-off deep cleans, we can coordinate everything to suit your schedule.

Building Services

From minor fixes to major refurbishments, our building services cover all your construction and maintenance needs. We work with skilled tradespeople to ensure the highest standards of workmanship.

Client Services

Our client services are designed to assist with various administrative and personal tasks. From setting up utilities and handling local bureaucracy to arranging for mail collection and more, we’re here to help you settle in.

Furniture Packs

If you need to furnish your new home or upgrade your current setup, we can provide stylish and functional furniture packs tailored to your tastes and needs. From contemporary to classic styles, we’ll help you find the perfect fit for your property.

Local Insights

Get to know your new neighborhood with our insider knowledge. We provide information about local events, updates on the coast, and anything else happening in the area, so you feel truly at home.

Restaurant Recommendations

Discover the best dining experiences Marbella has to offer with our personalized restaurant recommendations. Whether you’re looking for a casual eatery or a luxurious dining venue, we’ll guide you to the best spots.

At Sidney George Real Estate, we are dedicated to ensuring that every aspect of your life in your new home is as fulfilling and worry-free as possible. Our after-sales support is just one way we continue to serve and support you as a valued client.

Property Taxes in Marbella

Wondering about taxes and additional costs involved in buying, selling, or owning property in Marbella? You’re not alone! At Sidney George Real Estate, we often field these questions from clients. To make things easier, we’ve put together this simple guide to property taxes in Marbella

1 - Buying Property: Costs and Taxes

When you see property prices listed, remember these are net to the seller. Additional purchase taxes and costs are added to the sale price.

New vs. Secondhand Properties:

New properties (from developers): Subject to VAT (10%) and stamp duty (1.2%).
Secondhand properties: Only transfer tax (7%).

It’s significant to note that buying a brand-new property or a substantially renovated one might attract VAT, making it crucial to verify if the seller is registered as a developer.

Purchasing a company-owned property: Often overlooked, buying company stocks thinking it avoids transfer taxes is a myth. Tax obligations still apply, depending on the company’s operational status.

Other Buying Costs

Legal fees: Generally 1% (+VAT) of the purchase price; adjustments may apply for higher transactions or repeat clients.
Notary and registry fees: Around 0.25% of the asking price, adjusted based on property value.
Bank and mortgage fees: Include bank transfer fees and property valuation costs (€500 to €2000+).

2 - Owning Property: Annual Taxes

Non-resident tax: Mandatory for non-residents owning property, whether rented out or not.
Wealth tax: Temporarily replaced by the Solidarity Tax, affecting net wealth over €3 million.
IBI: Municipal tax based on the property’s cadastral value.
Garbage collection tax: A small annual fee.
Community fees: Vary widely but are obligatory within community properties.

3 - Buying a Plot: Special Considerations

Taxes can be significantly different when buying a plot:

Private individual-owned plots: Attract a 7% transfer tax.
Company-owned plots: Subject to a 21% VAT plus 1.2% stamp duty.

4 - Resident vs. Non-Resident Taxes

Non-residents: Pay a standard non-resident income tax and, if applicable, wealth tax.
Residents: Enjoy different tax benefits and obligations, highlighting the importance of establishing fiscal residency accurately to avoid surprises.

5 - Selling Property: What to Expect

Capital gains tax (Plusvalía): Depends on the property ownership duration and its cadastral value.
Income tax: Varies if you’re a resident, non-resident, or a company.
Real estate agent fees: Generally covered by the seller and subject to VAT.
Legal and mortgage cancellation fees: Essential to consider for a smooth transaction.

6 - Renting Out Your Property: Taxes and Costs

Income tax: Based on residency status, with potential deductions for property-related expenses.
Agency fees: Typically on a no-win, no-fee basis but necessary for managing rentals.

7 - Renting as a Tenant: Minimal Costs

Transfer tax: Rarely enforced but legally required on rent payments.