Current Properties For Sale in Almerimar

If you are looking for a property in Almerimar, or want to get an indication of what you get for your € then here are a some properties for you to look at:

• 1 bed / 1 bath apartment in luxury Almerimar Golf complex. Price: 168,775 euros. Incl garage space and use of gym & spa.
• 2 bed / 2 bath fully furnished & recently refurbished marina apartment. Price: 240,000 euros. Incl garage space.
• Brand new lakeside villa. 3 bed, 3 bath, private garage & garden with space for pool. 500m2 plot. Price 495,000 euros

David Scantlebury is selling his House for 370,000€

Affordable desirable House in Almerimar for Sale, only €370,000 overlooking almerimar golf course. One of the best golf courses in Andalucia, (Green Fee Only €20 ) and within 5 minutes of one of Spains most beautiful marinas. Two Car Garage, Five bedrooms, landscaped gardens,Large communal pool.Private Sale call David 0034 696220853 or email for more photos.

General Advice

The purchase process

Before you begin the purchase process, you will need to obtain a fiscal number (numero de identificacion de extranjeros). You should also retain the services of a lawyer who speaks Spanish and English.

In the case of an off-plan purchase, you will be asked to sign a reservation contract and pay a small fee, at which point the property will be taken off the market for a limited period (usually 30 days). This allows time for legal checks to be carried out and a contract of sale (escritura de compraventa) to be drawn up, and for you to make the first of a series of payments (known as stage payments, because they are made at agreed stages of construction). This first payment is normally 10 per cent or more of the purchase price and is non-refundable.

In the case of a resale, once your offer has been accepted, you pay a small deposit. Your lawyer then carries out the necessary legal investigations. When these are complete, you sign a contract of sale, which states the price and what it covers, the deposit (generally 10 per cent) and when you will pay it, and the date of completion. Should you breach the contract, you forfeit your deposit. Should the seller breach it, they must pay you twice the amount of the deposit.

Once completion has taken place, various fees and taxes are payable, and the property is then registered at the Land Registry.

Costs

As a yardstick, anyone buying property in Spain should allow between 10 and 12 per cent on top of the agreed purchase price for the various fees that must be paid.

The buyer pays:

• Legal fees (usually between 1 and 2 per cent)
• IVA (Spain’s equivalent of VAT) at around 7 per cent, plus stamp duty of 0.5–1 per cent, on a new property,
• Stamp duty at 6–7 per cent (depending on the property’s location) on a resale
• Notary and property registration fees of about 1 per cent

If the property is located within a complex, there will be maintenance charges. These will usually cover such costs as swimming pool and garden upkeep.

Mortgages

There are two main options for using a mortgage to fund your purchase. These are remortgaging your UK home or arranging a mortgage on your Spanish property through a UK or Spanish lender.

Bear in mind that an overseas mortgage may incur higher set-up costs (sometimes 3 to 4 per cent of the amount borrowed) and that Spanish lenders will not be interested in doing business if existing loans exceed 35 per cent of the borrower’s income.

Remortgaging offers the easiest solution. Releasing equity in a UK property means that the second home can be purchased for cash, without the need for another mortgage. However, this may only be feasible for those who own their first home outright.

Several UK mortgage providers will lend funds of up to 80 per cent of the purchase price for second home purchase over, typically, a 15-year term.

Euro mortgages

Euro mortgages, which are tied to the rate set by the European Central Bank (ECB), currently lower than the Bank of England base rate, may seem an attractive option, and several UK lenders offer them. However, because of the volatility of the currency markets, a euro mortgage may not be the best option for many people, who cannot afford to lose heavily should the currency move against them.

The self-employed are seldom eligible for a euro mortgage, as comparatively few European lenders will consider self-certification of income.

The fact that the ECB’s base rate is at present lower than the Bank of England’s does not guarantee savings on repayments for those taking out a euro mortgage. As the UK mortgage market is competitive, there are many good deals available on sterling loans, so it is wise to shop around.

As exchange control is a complex subject, it is advisable to obtain appropriate professional advice before deciding to take out a mortgage in a foreign currency.

Taxation

In Spain, taxes are levied by three tiers of government: central government, autonomous regional governments and local municipalities. The Spanish tax system is particularly complex, and you are strongly advised to seek professional advice tailored to your individual circumstances.

Personal taxation: non-residents

Non-residents are taxed at a flat rate of 25 per cent on their Spanish-sourced income – for example, rental income from property in Spain, income from a business in Spain and interest on funds deposited with a Spanish bank.

Those who own a Spanish property exclusively for their own personal use and have no other source of taxable income in Spain pay a version of income tax called imputed income tax, which is calculated on the property’s valor catastral, or rateable value. Although they do not earn an income from the property, the Spanish authorities take the view that they nevertheless derive a benefit from owning it, and should be taxed accordingly.

In addition, non-residents are liable for patrimonio (wealth tax) on their Spanish assets, including property, and for capital gains tax should they dispose of an asset at a profit.

Personal taxation: residents

Those who spend more than 182 days per tax year in Spain are classed as residents for tax purposes, whether or not they have a residence card (see Passports, visas and residency section).

Residents of Spain pay income tax at banded rates, currently between 15 and 45 per cent. They get a break on capital gains tax, with a ceiling if 15 per cent, as opposed to 35 per cent for non-residents.

Residents must pay imputed income tax on property other than their principal residence in the absence of declared income. They also pay patrimonio, but with a number of helpful deductions.

Inheritance and gift tax are payable on worldwide assets.

Local taxes

The impuesto sobre bienes inmuebles (IBI) is an annual property tax levied by the local municipality and used to fund local services. Like imputed income tax, it is calculated on the valor catastral, so it varies widely from one property to another. Owners might pay as little as 100 euros (£68) per year for a small country property, but a luxury home in an expensive development on the waterfront in Marbella might cost as much as 3,000 euros (around £2,000) or more per year.

Money matters

In 2002, Spain exchanged the peseta for the euro. The current rate of exchange is one euro = £0.68 sterling.

The import and export of local currency is unlimited, but the export of amounts exceeding 6,010 euros (£4,087.40) per person per journey, in any currency, requires a declaration to the authorities.

Travellers’ cheques are normally acceptable in Spanish cities and tourist areas. To avoid additional exchange rate charges, it is best to take euro travellers’ cheques.

There are banks and ATMs in every city and town, and in many villages. Bureaux de change can be found in larger towns, cities and tourist areas. Virtually all credit and debit cards are widely accepted throughout Spain.
Passports, visas and residency

Passports and visas

EU passport holders visiting Spain for business or pleasure for up to 90 days do not need a visa.

Residency

With the incorporation of Spain into the European Union, the residence card became the only formality required for EU citizens to take up residence in Spain.

Spain has recently relaxed the rules on residence cards for EU nationals. They are now compulsory only in the case of pensioners retiring to Spain, people of independent means (that is, who are not working) and non-EU dependants of an EU national, all of whom must be able to demonstrate sufficient means to support themselves and, if applicable, their families in order to obtain resident status.

There are two categories of residence card, the temporary residence card (valid for stays of between 90 days and a year) and the residence card (valid for stays of between one and five years, and renewable thereafter).

Even those who come under a category where a residence card is not compulsory may find it useful to have one, as it can help to simplify various administrative procedures for new residents. To help with the paperwork, it may be worth employing a gestor, a consultant who specialises in guiding clients through the minefield of Spanish bureaucracy and takes care of all the relevant paperwork. Ask to see the total cost, in writing, before authorising a gestor to act on your behalf.
The Spanish economy

With the passing of Franco in 1975, Spain changed almost overnight from a nation whose economy was rooted in agriculture to one with a strong manufacturing and service base. Probably the biggest problem that hangs over the country from the days of El Caudillo (Franco) is a bureaucracy that thinks it is still in the 1960s.

Spain’s economy today ranks around fifth in the EU and accounts for slightly less than 10 per cent of the EU’s output. Catalonia and the Basque country are the driving forces of the economy, and it is worth noting that just five of the provinces produce over half the country’s industrial output. These are Oviedo, Navarre, Madrid, Vizcaya and, of course, Barcelona. In fact, around 85 per cent of the Catalonian-based companies are located in Barcelona, making it the driving force for the country.
Communications

Telephone

Getting a phone line installed in a property that does not already have one will cost in the region of 75 euros (approximately £50).

Having a line installed or reconnected will require a visit to the local Telefonica office. You will be asked to produce a passport or residence permit, proof of address (such as a utilities bill) and a copy of the deeds of the property (escritura) or rental contract.

Spain has caught up fast in the mobile phone (telefóno móvil) stakes, after a slow start. Now, digital networks cover 90 per cent of the country, and tariffs have been coming down following a price war. Pay-as-you-go services are available.

Internet

Internet access is available throughout most of Spain through both broadband and dial-up. Work is currently underway to bring broadband to even the most remote areas. There are Internet cafés in cities and many towns.
And finally…

Buying a home in Spain is a major, and life-changing, experience. Here are some tips:

• Think carefully before making any decision and ensure that your family is behind you.
• Research is vital. Choose the area you’re most interested in, and then take several holidays there.
• Once you know which area and property you’re interested in buying, be certain you have enough funds for the purchase. Don’t forget to consider such aspects as the cost of moving your possessions from the UK to Spain.
• Don’t be rushed into making a decision, and don’t let yourself be pressured. Certainly don’t sign anything until you’re ready.
• Pensioners should make certain that they can have their pensions paid into a Spanish bank. It’s most important that your have health insurance in place and that you make a Will.
• Sometimes circumstances change, and you might find you want to return to the UK. Before committing yourself to purchasing a home in Spain, make sure you have sufficient funds to make the move back to Britain.

A Check List When Buying a Property In Spain

1. Never sign a contract or any other documen that you do not understand in Spain when buying a property.

2. Always give yourself a cooling off period if you see a must have property and are tempted to put down a deposit there and then

3. If you are arranging finance on the property ensure that this is stated in the contract and that you have an opt-out clause if the loan is not agreed (which should ensure that any deposit paid is refunded).

4. Try to arrange your mortgage finance in principle before agreeing to purchase the property or before signing any contracts and paying over a deposit. Its often best to arrange your mortgage in the same currency as your mair sources of income. This will limit your exposure to fluctuating exchange rates.

5. Always ensure that you seek specialist advice from independent solicitors, accountants, architects and surveyors before considering a purchase overseas. They should be proficient in your chosen countrys laws and processes and also know the specifics involved in buying a property there.

6. Acquaint yourself with local tax laws. If you intend to rent out the property, be sure you are clear on all the local taxes payable. Inheritance tax for example buying a property in Spain.

7. Ensure that you are not inheriting a debt on the property before you purchase, which your solicitor should be able to check.

8. Open a bank account in your chosen country and ensure you get a Certificate of Importation for the money you bring in from your home country. Set up standing orders in a local bank account to meet bills and taxes. Non payment of taxes in some countries such as Spain can lead to court action and possible seizure of your property.

9. Check with the Estate Agent or vendor that you are aware of all the costs levied by the legal and government authorities for purchasing and owning a property in Spain.

10. Remember that bills do not end at the asking price. Lawyers and notaries fees, taxes, insurance etc must all be met in your host country and can often be more expensive than you expected.

Please note that information changes. This is just a guide that we provide. For specific details check out somewhere like the BuyAssociation

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