So you signed for your new house about 2 years ago, all you saw was an artists impression but now we are coming to that time when you about to hand over the final payment and take ownership of your new home.

Spain has this illegal way of declaring the true value of the home, that all builders and solicitors still action as part of Spanish life. For example you will need to pay a 7% purchase tax on your new home, but if you state the value is 20% less and pay the last payment in cash to the builder you can save a substantial amount of money. Even though it is illegal it is almost an expected practice in Spain. However there is a draw back, for when you decide to sell there is also a tax on the profit you have made during your ownership, as you have under declared your homes value, your profit margin then becomes artificially high, of which you pay tax on also. Of course the Spanish, will then under declare the buying price again to counter act that. You need to get a calculator out and decide what is the best option for you. If you intend to be there a long time, it could be you under declare, or if you know you will be selling in the near future, you declare the full value to reduce your tax bill later on.

Many agents that sell the properties have solicitors to help you with your purchase, but you need to be careful about this as they tend to serve the agents needs first rather than yours. Also there is a tendency to send ad-hoc bills for certain parts of the transaction that when added up the end, costs more than having a separate solicitor.

Choosing when to take ownership is also a factor. This is because you are taking ownership of your home and not what surrounds it, so it very possible that you walk across a building site to get to your property. You then are living or holidaying on a building site until what surrounds your home, including walkways, parking and swimming pool is also finished. Make sure you either visit or get photos sent of what the surrounding area looks like and not just your property, it may be that you want to delay the day you receive your home until most things are finished. I say most things as it is unlikely that everything will be finished within the window they will give you to hand over your final payment.

When the day comes and you receive the keys to your home, you need to be aware that the responsibility for the property is now totally yours and that means ensuring basics are in place straight away. Examples of this are, insurance for buildings and contents, security bars, new properties in Spain are defiantly more likely to be hit by theives than existing ones.

New homes very rarely come with light fittings also. Your new home will have several bare wires hanging from the ceiling or even outside your doors where it is expected you will put welcome lights. Make sure you know how many lights you need to purchase for this day and dont underestimate the time to fix them.

You can now have your furniture delivered and start doing some more DIY projects like fitting your curtain poles and curtains, fitting your washing machine and looking at your TV system.

Hopefully now you are ready to forget about the world and enjoy your new home in the sun.