1. What’s a rule of thumb for buying a home?

There are 2 main set of circumstances which should be born in mind when looking for the right home:

• Personal circumstances (family size, purpose of purchase, funding availability, time spent in the property and many more).
• Property circumstances (size of property, price, views, or interruption of these by a future development, easy access, orientation, investment value, facilities in the surrounding area, associated expenses and many more).

Making an assessment of those sets of circumstances blending pros and cons to suit one’s personal convenience is a must.

2. How is the contract made?

You will need to find yourself a good English-speaking lawyer and to have researched your mortgage options, if applicable. Then you need to put down a small holding deposit, refundable if subsequent checks on the property or owner throw up anything unannounced.. Then you can agree on the sales price and hand over your 10% deposit when you draw up a sale and purchase contract. Finally you need to sign the official document which transfers ownership of the title deeds and register the property in the land registry.

3. Are seaside properties still available?

If you choose to buy a house on the coast in Spain, you will probably buy an apartment, unless your budget stretches to something bigger such as a villa or townhouse. Being on the coast means you are likely to be surrounded by everything you need. It’s a far more comforting option, too, if you don’t speak Spanish. Bear in mind the crowds in summer, though, and the lull in activity throughout winter, when many bars and restaurants close.

Costa Blanca South offers the biggest range of properties to suit lower budgets with apartments from £60,000. Murcia is cheaper still, though the infrastructure is less developed than on the Costa Blanca. Costa Blanca North has a more mature property market and prices are higher. There are still relatively cheap houses and fincas to be found a short distance inland, as the overwhelming majority of foreign buyers still stick to the coast.

On the Costa del Sol, the average house price is £200,000 and you are unlikely to find much for less than £150,000. Villas start at around £500,000. Marbella is the most expensive place on the coast. Cheaper places can be found further east and especially once you head East of Malaga around Nerja and this region of Axarquia.

4. Can I get a mortgage even if I’m not a resident?

If you are not a Spanish resident, you may have to provide an aval, which means someone who can guarantee they will pay in the event of you being unable to.

You can get either a Euro or Sterling mortgage, though a Euro mortgage is advisable to avoid losing money as a result of exchange rate fluctuations.
Spanish banks will usually lend up to 70% of the property value to non-residents. Their choice of mortgages is more limited than that in the UK but it’s a relatively simple process to secure a mortgage, provided you have evidence of income and a letter from your bank.