Spain vs Sweden
top 3 things that differs the property market
Buying property in Spain might be a little different from buying something in your own country. This week's Q&A will be from a Swedish point of view and we will talk about the top 3 biggest differences between buying property in Spain vs Sweden.
First one is that finding property works a little differently. While in Sweden you would go online and look up property yourself, in Spain you usually find a real estate agent that you like and feel understands your requirements and ask them to hunt down a property for you. This way you don't have to deal with multiple agencies and when you're ready to view a few properties the agent can line up the relevant options in the same day for easy viewings. At Lion Trust we always have a conversation with our clients about budget, the area of interest and what specific property features are important to them. We might even recommend a different area nearby that gives you more for your money since we have 18+ years of experience on the coast. We want you to make best use of your time when you are here only looking at relevant properties. Our intention is to help you find your ideal home, for the best price possible. Oh and of course we speak Swedish!
Secondly let's look at the additional costs when buying a property. In Sweden if you buy a house you pay an extra cost called “lagfart”, which basically is a form of tax you pay to the government. This does not apply when purchasing an apartment. In Spain you are required to pay taxes and fees similar to the Swedish “lagfart” both for houses and apartments. You need to budget 10% of the purchase price as buying costs, which include transfer tax, land registry, notary and legal fees. If you are buying a new property from a developer you need to budget an extra 2%.
Lastly, let's talk about lawyers. In Sweden real estate agents handle all of the legal business when buying an apartment or house, In Spain, for international buyers, it doesn't really work that way. You are strongly recommended to hire a lawyer to assist you buy and sell your property. Most real estate agents have a panel of lawyers they trust and recommend to clients, but you can choose any lawyer you want. At Lion Trust we can make an introduction to a Swedish speaking lawyer so that you can feel completely at ease speaking in your own language.
If you have more questions about buying in Spain don't hesitate to reach out to us and we will gladly try to answer all your questions. Leave a comment down below or send us a message if you want us to do a post about the difference between Spain and your country.