Where to buy the best property in Spain

Before buying an apartment in Spain, there are many important questions that need to be addressed. In which region is it best to buy real estate, how to find the ideal property, what to pay special attention to - these and other points will always be clarified by the specialists of our agency GG Real Estate Barcelona. Our experienced experts have prepared an article that will help you prepare for the process of buying a home and will tell you about the possible difficulties that you may encounter.

The most important thing to focus on is the balanced nature of your decision. In such a matter as buying a house abroad, there is no place for haste. No matter how much they persuade you to a quick deal and scare you with rising prices on the market, give yourself time to think everything over carefully. The choice of properties on the Spanish real estate market will always provide you with plenty of opportunities to find an option that suits you.

It is also important to collect as much information as possible about the area where you are offered real estate in Spain. Each place may have its own nuances that are worth considering. The main thing is that they do not affect your comfort when living in the chosen apartment or house. For example, in Barcelona there are areas that are convenient for buying a property for a short-term holiday, but not so suitable for permanent residence, and vice versa. Therefore, the choice of location should depend on your goals when buying a property.

Real estate in Spain: what to pay attention to

Anyone who decides to buy an apartment in Spain may encounter certain difficulties. However, such nuances may arise in any transaction, regardless of the country. In order for the process of purchasing real estate to be as safe and reliable as possible, it is important to understand the legislative features. Therefore, by contacting professionals from a local agency, for example, GG Real Estate Barcelona, ​​you can significantly simplify the purchase of housing in Spain. Our specialists will identify possible difficulties and help minimize all risks.

Let's take a closer look at what specific problems a foreign buyer planning to purchase real estate in Spain may encounter:

• Pitfalls may concern the presence of encumbrances on the property. Before buying, it is necessary to check whether there are any restrictions on the property. To do this, it is recommended to request an extract from the Property Register.
• Caution should be exercised when purchasing social housing. Although such properties are often sold at attractive prices, they may be subject to restrictions, such as a ban on renting or resale.
• Another pressing issue is illegal tenants. This is worth considering if the transaction is concluded through a third party under a power of attorney. It is important to choose a reliable partner who will check that the property is completely vacant and that nothing prevents the new owner from moving in.

Disadvantages of Real Estate in Potential disadvantages are also important to consider for anyone planning to buy a home in Spain. Unforeseen problems may arise after the transaction, so it is better to foresee such moments in advance. For example, estimate the future costs of maintaining the purchased property. If you buy a property with your own funds, without a loan, you will have to expect the following costs for its maintenance:

• Payment for common property maintenance services – gastos de comunidad;
• Utilities – electricity, water, gas;
• Annual property tax;
• Income tax for non-residents;
• Home insurance for the year;
• Internet, security system, telephone and other minor expenses.

At first glance, you might think that renting a house or apartment on the coast will fully cover the costs of their maintenance. However, things are not so simple. Nowadays, renting out housing requires a tourist license, it is necessary to pay income tax and take out an insurance policy in case of unscrupulous tenants.

In addition to costs, owners of houses or apartments in Spain may face other difficulties, such as a limitation in the choice of places to relax. Having real estate on the Spanish coast, it will be more difficult for you to spontaneously go to other resorts.

It is also worth considering the likelihood of additional taxes if the cost of the property at the time of purchase is lower than the market price. The Spanish tax service has the right to increase the tax amount within five years after the conclusion of the transaction.

All of the listed disadvantages are, in fact, characteristic of any real estate purchase. Any housing requires maintenance, and renting it out brings not only profit, but also additional hassle. However, purchasing real estate in Spain has many more advantages, which we also suggest you consider.

Advantages of Spanish real estate

If you have decided to buy a house in Spain and are not afraid of possible difficulties, you will have access to the following benefits from such a purchase:

• The opportunity to obtain a residence permit with an investment of 500 thousand euros;
• The opportunity to use real estate as an investment asset and make a profit from its subsequent sale;
• The opportunity to rent out housing on the coast to tourists almost throughout the year;
• The opportunity to enjoy a comfortable holiday on the sunny shores of Spain.

The pros and cons of buying property on the coast of Spain, choosing the best place to buy an apartment - these are questions that depend on your personal preferences and purchase goals. If you want to become a home owner in Spain, we are ready to help you. Contact the GG Real Estate Barcelona agency for property selection and professional transaction support. Contact us!