Full buyers guide for buying a property in Ibiza
Full buyers guide for buying a property in Ibiza – everything you need to know!
If there is only one thing you take away from this article, let it be this: make sure you have your finances in order before you start looking at houses in Ibiza. It is not possible to start looking for a house first and apply for a mortgage after. Applying for a mortgage takes too much time. Ibiza’s housing market is too fast for this.
Keep in mind that the process of buying a property in Ibiza may differ from other countries. It is therefore important to make sure you have good guidance and advice throughout the process. In this article, you will find the steps to follow when buying a house in Ibiza.
Step 1 Determine your budget
Before you start looking for a property, it is important to determine your budget. In Ibiza, property prices can vary greatly depending on the location and size of the property. Our tip is to check out the current house prices in Ibiza, make a list of the properties that interest you, and write down the asking price so that you can compare properties in the same region. This will help you get an idea of the average price of properties in Ibiza.
By setting your budget in advance, you can conduct a targeted search and avoid falling in love with a house that is outside your budget.
Step 2 View properties
How many real estate agents will you consult with? A good real estate agent will listen to your needs and will be honest with you. This will save you from spending years searching for the impossible, while meanwhile houses are getting more expensive every year.
Another important aspect is to make sure to schedule viewings well in advance. Homeowners can thus take your arrival into account, and ensure that the property is unrented and clean. You might expect everything to be “tranquilo tranquilo” in Ibiza, but from our experience, homeowners usually don’t appreciate it when estate agents with potential buyers show up late for their appointments. After all, they have a schedule too. So be on time!
Step 3 Found a suitable property? Make an offer
Our experience shows that no one actually ever finds a property that matches all their wishes. One always makes a concession somewhere, regardless of the budget. Take this into account. It is good to clearly identify your wishes, but some flexibility and clear priorities can help you in the process of finding a suitable house.
If you are happy with the property, you can decide on a realistic offer. Studying the market and comparing prices can help you with this. Your estate agent can advise you on the amount of the offer and help you negotiate the price as well. After making the offer, negotiations on the terms of the sale may follow. It is important to remain realistic and work with your estate agent to reach an acceptable agreement.
Step 4 Hire a lawyer
We recommend always hiring a lawyer. And not just any one, a lawyer based in Ibiza. He or she can help you with the application for the NIE number and the architectural survey. In some cases, the lawyer will visit the property himself. In addition, a local lawyer is aware of all the conditions on the island. This is very helpful, as there are more issues to consider in Ibiza than you might initially expect. A local lawyer can empathize better, and is able to reach out to the municipality in person and any other authorities if necessary.
Step 5 Due diligence
Congratulations!!! You have found a suitable home! Before you purchase the home, it is important to have your attorney conduct a due diligence review. This investigation is designed to ensure that the home is debt-free, that the structural condition is sound, and that all required permits are in order. The attorney will also examine the property titles of the home to make sure that the seller is the legal owner and that there are no other claims on the property. After all this is done, you can sign the purchase agreement with peace of mind.
Step 6 Sign purchase agreement
Once the due diligence is complete and everything is in order, it is time to sign the purchase agreement. Do this as soon as possible! The property will only be taken off the market once a contract is signed and the deposit is paid. The deposit amount can vary, but is usually around 10% of the purchase price. Once the deposit is received, the sale can be completed and the home officially becomes your property.
The contract of sale includes the terms of the sale, payment terms and other important details.
Step 7 The completion
The end is in sight! After a walk-through of the property, it is time for the transfer at the notary, also called ”escritura de compraventa”. Once the transfer of ownership is registered, you are officially the new owner of the property. After this, you can take possession of the key to your very own Ibiza property.
Step 8 Champagne!
One of the most important steps: champagne! Raise your glass and toast together to many wonderful moments you will experience in your new home on the white island. While enjoying a cold glass of bubbly, you can start looking for items for your new home or the renovation.
Step 9 Take a gestoria
A gestoria can be invaluable for foreigners who do not speak the local language or are unfamiliar with the administrative and legal procedures in Ibiza. We therefore highly recommend working with a gestoria.
A gestoria is a professional who specializes in administrative and legal procedures and provides advice to individuals and companies. Gestorias can offer a wide range of services, such as drawing up contracts, arranging tax returns, applying for permits and processing official documents.
When buying or selling property in Ibiza, a gestoria can help you handle the administrative procedures necessary to transfer the property. This includes requesting the necessary documents, arranging taxes and verifying the accuracy of the information provided. You can ask us for recommendations for a gestoria that suits your needs, we will be happy to help.
As you can see, there is quite a lot involved in buying a house in Ibiza. A good real estate agent can help you find properties that fit your budget, preferences and needs, and can advise you on the local real estate market and regulations in Ibiza.
We have more than 10 years of experience in selling houses in Ibiza. We are happy to put our experience and network at your disposal to help you find your dream home in Ibiza. Feel free to contact us to discuss what we can do for you!