{"id":2119,"date":"2024-06-14T13:48:58","date_gmt":"2024-06-14T13:48:58","guid":{"rendered":"https:\/\/hypotheekenbuitenland.nl\/spain\/new-and-remodeling-spain\/"},"modified":"2024-06-14T14:20:12","modified_gmt":"2024-06-14T14:20:12","slug":"new-and-remodeling-spain","status":"publish","type":"page","link":"https:\/\/hypotheekenbuitenland.nl\/en\/spain\/new-and-remodeling-spain\/","title":{"rendered":"New and remodeling Spain"},"content":{"rendered":"

New and remodeling Spain<\/h1><\/div><\/div><\/div><\/div><\/div>
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New and remodeling Spain<\/h2><\/div>
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It is possible as a non-resident of Spain to get a mortgage for new construction or renovations. However, this is subject to strict conditions by the banks. One wants to finance only construction projects done by official Spanish contractors, and self-builds will not be financed.<\/p>\n

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<\/i><\/i><\/span>Funding rate<\/span><\/a><\/h4><\/div>
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The maximum financing rate for new construction is applied to the sum of the land purchase and total construction cost.
\nFor renovations, the maximum financing rate is applied to the sum of all renovations for which quotes are available from official Spanish contractors. Some banks are willing to apply the financing rate to the expected value of the property after renovations. If the property is not already “fully” financed, the renovations can then potentially be fully financed.<\/p>\n<\/div><\/div><\/div>

<\/i><\/i><\/span>Funding track<\/span><\/a><\/h4><\/div>
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The process of getting financing for new construction done requires intensive guidance and is time-consuming. Hypotheek & Buitenland also accompanies these routes, but at a higher rate for the service compared to financing existing construction.<\/p>\n<\/div><\/div><\/div>

<\/i><\/i><\/span>Official Spanish contractors\/builders<\/span><\/a><\/h4><\/div>
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To apply for a mortgage when working with a Dutch contractor, “a male” or self-build, Spanish banks do not finance. Only when working with official Spanish contractors can new construction or renovations be financed with a mortgage.<\/p>\n<\/div><\/div><\/div>

<\/i><\/i><\/span>Building permit<\/span><\/a><\/h4><\/div>
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A fully documented building permit application should be made to local authorities. Also, the purchase of building land often includes a condition precedent in case the building permit is unexpectedly not granted.<\/p>\n<\/div><\/div><\/div>

<\/i><\/i><\/span>Documentation new construction<\/span><\/a><\/h4><\/div>
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A bank will ask for a number of documents for approval of a mortgage application for new construction:<\/p>\n