STEP-BY-STEP GUIDE: EVERYTHING YOU NEED TO KNOW BEFORE BUYING YOUR FIRST HOME IN SPAIN

Purchasing your first home is one of the most exciting and significant milestones in life. To support your journey and eliminate surprises, our experts have compiled this step-by-step roadmap from initial financial planning to key handover.

PHASE 1: ASSESS YOUR REAL FINANCIAL CAPACITY

• Required Savings: Spanish banks generally finance up to 80% for tax residents (60-70% for non-residents). You need roughly 30% saved (20% down payment + 10-12% closing costs and taxes).
• Debt-to-Income Ratio: Monthly mortgage payments should not exceed 30% to 35% of net monthly earnings.

PHASE 2: DEFINE YOUR CORE REQUIREMENTS

Prioritise location, essential amenities (transport, schools, services), and mandatory home features (bedrooms, terrace, orientation).

PHASE 3: ON-SITE INSPECTION & DUE DILIGENCE

Inspect the home at multiple times of day to evaluate natural light, noise, building maintenance, and community fee obligations.

PHASE 4: LEGAL VERIFICATIONS & NOTA SIMPLE

Examine the Land Registry extract (Nota Simple) to confirm verified ownership, boundaries, and freedom from encumbrances.

PHASE 5: THE ARRAS DEPOSIT CONTRACT

Formalise a private arras agreement with a standard 10% deposit, binding both parties to complete within a specified window.

PHASE 6: MORTGAGE APPROVAL & FEIN

Finalise financing terms. By law, banks must provide the mandatory pre-contractual binding offer (FEIN) at least 10 days before notary signing.

PHASE 7: NOTARIAL COMPLETION & KEY HANDOVER

Execute the public deed before a Spanish Notary Public, transfer remaining funds, and receive the keys to your new home.

PHASE 8: POST-CLOSING SETTLEMENT

Settle property transfer tax (ITP) or VAT, register title at the Land Registry, and transfer utility contracts.