The truth about buying property in Spain coming from a local
At VenturaMeyer Property Management we always do our best to help our clients with everything they need. We take care of various procedures regarding your home, but also, all kinds of administrative procedures. If we aren’t familiar with a subject then, we inform ourselves and we strive equally to give the best service to our clients.
Discover the benefits and drawbacks of buying property in Spain in our blog:
Are you dreaming of a villa outside Barcelona, an apartment in Gracia, or are you looking for a property as an investment but:
- You’re not sure buying property in Spain is a good idea and investment.
- It feels like such an unknown path it’s intimidating.
- You want to learn how to do it.
…you came across the right blog. Here’s the truth and nothing but the truth about buying real estate in Spain coming from the experience of Núria Ventura Meyer, our CEO who’s been living and helping people find their dream second home and managing it for years.
So, if you’re one of the cases above, keep reading.
Buying property in Spain may be challenging sometimes. There’s paperwork involved (oh, the Spanish bureaucracy), requirements are different… Is it really worth it?
Drawbacks of buying property in Spain:
- Associated transaction costs
When you buy real estate in Spain, there’s taxes and expenses associated with the deal about 11-13%. There are also additional expenses for legal representation, assessment of the property market value, maintenance of real estate, mandatory taxes (annual property taxes, quarterly tax on Income of Non-Residents).
- Real estate prices vary across Spain
Buying property in Barcelona is not the same as buying property in Andalucia. You should plan carefully your budget before deciding in which part of Spain you want to invest or live in.
- Current repairs
When you buy a second residence in Spain, you want to make sure you don’t violate any internal rules or regulations when it comes to repairs.
In Spain you can have some problems with squatters. Although it’s not very common, some houses can be occupied by squatters. It’s important you have someone managing your property while you’re not there.
Now that we’ve done the cons, let’s go with the pros!
Benefits of buying property in Spain
- Affordable prices
Most properties are still very affordable when compared with other countries. Also, if you want to rent your property, there’s always people looking for places for holiday rental or long term rental.
- Spain is a good Real Estate investment
Spanish Real Estate is an excellent investment. By investing in it, you will not only save, but also increase them.
- High Seasonal Rental Income
In the most touristic areas of Spain there’s always demand for holiday rentals which means you can raise rental costs in line.
- Many beautiful places
Spain is surrounded by the Mediterranean Sea and the Pacific Oceans, which means there are a lot of beautiful cities with wonderful beaches where you can find a place to live after your retirement or to invest in. Costa Brava, Marbella, Canarias, Barcelona… all these places are very well known for their beauty.
- Warm weather and warm people
There’s something about Spain and its people. Spaniards are welcoming and open so it won’t be a problem with making new friends and acquaintances. The only downside? Not all of them speak English, which is a good chance to learn Spanish.
The weather is also warm as you can spend Winter perfectly with a thin coat and some boots.
- It’s quite easy to buy a property there compared to other countries
The country’s government gives a lot of advantages to foreigners when buying property in Spain.
Reading all the advantages and disadvantages about buying property in Spain, are you ready to get yours? If the answer is yes, do you need property management services? Contact us.