Every potential buyer of real estate in Spain needs to know what advantages and disadvantages such a purchase may have. In this article, we invite you to consider the main advantages of real estate in Spain, the pros and cons of living in this sunny country, and the pitfalls that you may encounter in the process of choosing and purchasing a home.
Buy property in Spain: pros and cons
First, let’s look at the reasons why you should buy an apartment in Spain. The pros and cons for each buyer may be different, but several facts undeniably testify in favor of purchasing Spanish real estate:
- Firstly, this is, of course, the opportunity to live in your own home on one of the most attractive coastlines in the world;
- Secondly, buying a home allows you to simplify the procedure for obtaining a residence permit;
- Thirdly, Spanish real estate is an excellent investment. By investing in it, you will not only save, but also increase it;
- Fourthly, housing by the sea can be rented out with great success to numerous tourists and receive a stable high income from this.
- Fifthly, in Spain it is quite easy to purchase housing. There are many more advantages for foreigners in this procedure than disadvantages.
These are not all the advantages that buying an apartment on the Spanish coast opens up for you. The pros and cons of such a purchase, of course, are determined individually.
For example, someone will think about the costs that new housing will require. Annual maintenance costs can be attributed to the disadvantages of buying property in Spain. This includes payment for utilities, condominium services, non-resident income tax and annual real estate tax, expenses for current repairs, home insurance, etc.
Having your own housing at a certain resort may become a limitation in mobility for someone, since traveling to other countries will seem impractical.
If you plan to rent out an apartment, you may encounter difficulties such as obtaining a tourist license, paying taxes, insurance against unscrupulous tenants, and the cost of renovating the apartment.
All these shortcomings of real estate in Spain can be considered related problems that can be easily and successfully solved with the help of Real Rise agency specialists. But for some, these factors can really become decisive.
Buying property in Spain for permanent residence: what to look for
Before you decide to buy a house or apartment, carefully consider all the advantages and disadvantages of such an acquisition for you personally. It is also worth considering a number of important factors:
- Regional differences. Spain is made up of 50 provinces and 17 autonomous communities. From region to region, climate, infrastructure, traditions and even local cuisine can have significant differences. Therefore, in order for your purchase to be successful, you need to accurately determine the region that suits you. The specialists of our agency Rusol Prime are always ready to help you with this.
- Golden visa. This residence permit program is in high demand among wealthy non-residents in Spain. Its essence is that when purchasing an object from €500 thousand, the buyer receives the right to work in the country, and the opportunities for obtaining a residence permit for members of his family, including financially dependent parents and adult children, are expanded. The condition of compulsory residence in the country for a year is also canceled. Therefore, if you are planning a large purchase, it is worth considering the possibility of passing the €500 thousand threshold.
- Climate diversity. The Spanish coast has differences in weather conditions. The difference in air and water temperatures can be quite significant, and in some regions the hot summer season is not so long. Therefore, before purchasing, it is recommended to live in the selected region for some time to understand how suitable it is for you in terms of climate.
- Cost of objects. The situation with prices in Spain has not yet reached pre-crisis norms everywhere. In some regions it is still possible to purchase quality properties at prices that are 40% cheaper than in 2007. Such a deal will be beneficial for the buyer. But at the same time, there is a risk, tempted by a low price, to purchase an illiquid object. Therefore, all transactions on the Spanish market are best carried out in cooperation with an experienced local agency; professionals will be able to ensure the maximum benefit for your purchase.
- Elite real estate. If you have an impressive budget, then pay attention to the elite segment. In this country, purchasing premium class properties is very profitable.
- Mortgage. In Spain, foreign citizens can purchase real estate with a mortgage. This option is not available in all countries, so it can be safely called another advantage of buying a home in this country.
We can talk for a long time about the pros and cons of purchasing real estate in Spain, since the same fact can be assessed in different ways. But one thing is beyond doubt: you need to prepare for such a purchase so that its advantages definitely outweigh the possible disadvantages. Our agency Real Rise will help you with this.