If you have already been to Spain for a holiday, chances are that you immediately fell in love with the sunshine and colorful culture the place has to offer. There are plenty of reasons why people buy a holiday home in the country, and the property market is vibrant. The first one is the weather. You can get all day sunshine in May and October in some parts of Spain with temperatures over 20 degrees Celsius. However, other people are simply looking to save on accommodation when they go on holiday and need more flexibility than a package vacation can give them. No matter what your main reason for considering buying a property is, you have to take some precautions and do your research.
Get To Know the Culture
Spain itself is large enough to have a diversity of culture and different scenes to enjoy. You might want to book a few weeks in there to get to know locals and the customs and understand the culture better. Spain is a religious country, which means smaller shops are not open on holidays and Sundays. Not to mention that public transport during the weekend can be sparse. You need to make sure that you can get used to the new lifestyle and environment whenever you visit your holiday home in Spain.
Research Property Prices
The next thing to consider is whether or not the types of properties offer the best value for money in your chosen region. You should not deal with international websites and agencies for foreigners; simply get in touch with smaller, individual agents to find out what is out there that can make your life better for a couple of months a year. You can get official government statistics about housing costs and associated expenses, such as foreign citizen tax.
Find Out about the Legal Processes
It is also crucial that you familiarize yourself with the legal system of Spain and understand what type of services you need. Thankfully, there are plenty of English-speaking solicitors and estate agents there to help you understand how the property market works, but you also have to do your own research. Whether you are looking for an investment opportunity or a retirement home, maybe a timeshare, there are different legislations you need to know about.
Check Property Trends
It is not enough to know the current prices of homes and apartments; you need to think about the future value of your investment. While nobody can predict the future, you will need to make sure that you are able to afford moving and will not lose money if you have to sell your holiday home. You can find out more about how the Spanish economy is doing from international reports, but don’t forget to check the property market predictions, either.
Think Long Term
If you are looking to buy a holiday home in Spain to relocate later, you have to conduct a reality check, to find out if you could live in the country permanently. Research the infrastructure of the area, the banking system, communication, technology, and the road networks. As Spain has been a long term member of the European Union, its roads are well developed, and the banking system is well supported and connected. However, simple things such as missing your favorite channels or food might change your mind about relocating there.
If you are thinking about investing in a property in Spain, one of the things you have to take care of is the security of the real estate when you are not there. If you are semi-retired and would like to make the most out of your money, you might sign up to let your apartment out to cover the mortgage. It is best to employ a professional agency that takes care of the security and the legal framework, cleaning, and maintenance than trying to trust a stranger.
Pick Up Some Basic Language Skills
If you would like to engage with the people and the culture of Spain, it might be necessary to learn some phrases in Spanish. There are online guides and apps that will help you master your conversational skills. You can find some guides and common phrases on this website and learn at your own pace. Locals will appreciate your effort to start a conversation in their native language, and will be more likely to help you when you visit.
Relocation and Tourist Visas
If your long term plan is to relocate to Spain, you will need to find out what permits you will need and whether or not you can get a legal status. Expat legislation in Spain is really complicated, so you might need to employ an international lawyer to make sure you are on the right side of the law and are not getting into trouble or are taxed too much while you are living in the country.
If climate and sunshine is what you are after in Spain, you will need to research the area. If you would like all year sunshine, you might be better off finding a holiday home in the Canary Islands, but the cost of housing is more expensive there. However, if you would like to be closer to cities and real locals, you can pick up some great deals on luxury apartments and villas close to the seaside and away from the tourist traps.
Finances and Currency Fluctuation
Whenever you are investing abroad, you have to consider the future currency prices. While nobody can tell the future, you can take some precautions. For example, you might want to get a mortgage that is not tied to the local currency, so you can have the peace of mind that your payments will not go up during the term of the contract.
There are many pitfalls of buying a holiday home abroad. Do your research, get legal advice, and think about the future value of your investment. After all, it is not all about sunshine, but also your financial future.