With the arrival of summer and high temperatures, many consider buying a second home in Spain. This can be an excellent investment and opportunity to enjoy your holidays in outstanding surroundings. This is why Tecnotramit wants to give you some tips when buying a second home in Spain.
1. Define your needs: Define your needs and expectations before starting your search. Evaluate the property’s purpose (holidays, investment, retreat), size, needed amenities, and other intangible aspects.
2. Choose the area well: Spain has a wide variety of regions with unique features, both inland and coastal. Research and visit different areas to find the one that best suits your preferences. Take into consideration the weather, tourist attractions, accessibility, local services, and quality of life.
3. Establish a budget: Establish a budget before starting your search and make sure to not only take into account the purchase price, but also associated taxes, as well as maintenance and other additional costs.
4. Seek legal advice: We recommend seeking advice from a property lawyer in Spain. They will help you understand all legal and tax aspects of a property purchase in the country.
5. Evaluate additional costs: In addition to the purchase price, take into account further costs, like taxes, expenses, legal, and notary fees. These costs can vary depending on the region and type of property. If you buy as part of a complex or association, gather information on the homeowners’ association rules and regulations, as well as costs linked to monthly dues or joint services.
6. Do not forget management and maintenance: Think about management and maintenance in your absence if you do not plan on living for the full year in the property. You can hire property management services or consider holiday rental as an option.
7. Analyse potential on the rental market: Last but not least, it is necessary to analyse the transaction in both residential and investment terms. Life has many ups and downs, and it is possible you many want to rent the property out in the future. Buying property in a highly requested rental area, either as a holiday let or a long-term home, can make your purchase even more interesting.