Planning to buy a property in Costa Blanca, Costa del Sol, or even Barcelona, Spain? While doing so may be one of the best decisions you will ever make, you should proceed with care. As with any investment, you need to pay attention to a number of factors to ensure that you are getting the value that you paid for.
Here are three basic tips to take note of when you buy Spanish property:
1. What function will the property perform?
Do you intend to live in the property or do you plan to rent it out? Spain has no restrictions on buying property, whether it’s commercial or residential. Nonetheless, your purpose for buying these assets will determine whether you will be purchasing a commercial or residential property.
If you intend to rent out the property, will it be short term or long term rentals? You need to find a property that will be attractive to your target population, you will have to research the location and the amenities available to your future tenants. Properties not close to the coast could be located in areas where rentals are in short demand.
Whether you are looking in Los Montesinos, Malaga or Madrid, you should note that Spain has 17 autonomous regions with different laws regulating rentals so you need to check with their regional tourist authority about the legal process and requirements.
2. What is your budget?
Sensibly, the financial aspects should be a top priority when you consider investing in Spanish property. On top of the property’s purchase price, you also need to allow a budget for other expenses including, but not limited to, land registry costs, notary and legal costs, and property taxes.
3. Consult a lawyer.
There are many legal processes involved in the purchase of properties, from making an offer on the chosen property to signing contracts and making payments. Your lawyer will confirm to you, in writing, the total costs of the property purchased, the required taxes, and other costs that are due. They will also inform you of their legal fees, which is typically 1% of the purchase price.
It is recommended that you do not share the same lawyer as the seller. It is best to contact an independent lawyer to act for you. Find one who specializes in conveyancing and knows the real estate laws in the region you intend to buy. Also, make sure the lawyer speaks both your language and the local language of the region. The lawyer should be registered with their local college of lawyers and have professional indemnity insurance.
Buying a property in Spain is a relatively straightforward process and if you practice due diligence in learning about the property and its accompanying documents before you make the purchase, you’ll mitigate any possibility of regretting this significant investment.
About Habitat Real Estate and Los Montesinos
If you are one who enjoys the city life but would also prefer to live close to nature, then you may find yourself appreciating Los Montesinos. A vibrant village located in the Alicante province of Spain, Los Montesinos offers a pleasant climate, gorgeous beaches, and a nature-rich environment.
You can achieve healthy living even amidst a bustling area for the small town is close to large salt lakes and beaches, and is surrounded by lemon and orange groves, making it an ideal stress-relieving environment. The town even provides a good opportunity for investment and a great place to conduct your business, as it is easily accessible from the busier cities of Elche, Alicante, and Murcia.
A place where history meets modernity, Los Montesinos offers a wide range of sights to see and places to visit. If you would like a glimpse of the olden days, a marked walking route called the Ruta Salada, leads you through the shores of a pink lagoon and on to the old railway line which you can explore and follow all the way to the beaches of Torrevieja.
The town also offers a variety of bars, cafes, and restaurants to choose from. There is a small market which opens every Friday evening, a municipal swimming pool, and even a botanical garden. It is no wonder that Los Montesinos provides a great environment for living, work, and leisure.
Find your ideal home or investment property in Costa Blanca, Spain, with CB Sage, and experience the Costa first-hand by using the top real estate agents. Whether you are looking for an apartment, finca, a villa to call home, or an investment property, we can help locate the ideal real estate that suits your lifestyle demands. Partnering with a top SEO and digital marketing consultant in Spain can also ensure your property reaches a wider audience online, maximizing its visibility and potential returns.
