Home Tips 5 Facts to Know When Buying Property in Spain

5 Facts to Know When Buying Property in Spain

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Buying a new house or property in your own country can be a quite stressful and long process. For those who are interested in buying one of these in a foreign country, this can be even harder to pull off. However, that doesn’t mean that you should give up on this process. It doesn’t mean that it is impossible to do something like that. 

Sure, you will need to invest extra efforts into it, but you will be successful in the end, we are sure of it. Let us take the example of Spain, a beautiful Mediterranean country, visited by millions of tourists every year. Its case is pretty interesting, around 80% of the population are homeowners. Plus, some of them don’t even have a mortgage. 

If you would like to take a look at some of the villas on the Spanish cost, be sure to take a look at valuvillas.com. Do you want to own a piece of property in Spain? Surely, there are a couple of factors that you will need to be aware of. Now, let us provide you with some of the most important things you need to consider before you opt for a particular property. Without further ado, let’s get started.

1. Know the Area

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Foreigners usually don’t know the importance of knowing the area before you buy a particular property in Spain. Naturally, you have heard about the “location” phrase. However, there is much more than that. Not only that it will determine the price and the quality of the property. Plus, you will need to see what is around that property. We are talking about a process that can be quite long in some situations.

Be sure to learn all these is about the facilities around it. For example, see how many shops, malls, public transportation, bars, restaurants, parks, etc. If you have children, be sure to learn all about nearby schools, kindergarten, etc. Plus, if you have some pets with you, be sure to see if there are places where you can take them for a walk and if there are veterinarians around.

2. Understand the Market

Because the global pandemic of coronavirus has impacted the market significantly, we can see that the prices are a little bit uncertain at the moment. However, that doesn’t mean that it is not possible to take a look at some of the indicators. For example, the most lucrative locations in the country can be found in Barcelona, Madrid, and San Sebastian. Of course, Madrid as capital is the most lucrative. 

After these three locations, you can see that they are followed by Catalunya, Valencia, Andalucía, and the Canary Islands. The cheapest location can be found in the Northwestern part of the country, in the region called Castilla y Leon. However, we can see that the situation will be slightly different in the future since the global pandemic is not going away any time soon.

3. Are There Additional Costs?

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Before you have decided on buying a certain property, you need to make sure that it doesn’t have any kind of debt on it. We are talking about things like repossessions, mortgages, and unpaid taxes. Not only these, but you will certainly need to take a look at personal and inheritance taxes. Plus, be sure to inform yourself about any additional fees that are present in the region you will buy a property in. 

Plus, many people don’t understand that if there are some of these in the household, they could fall on them to pay. Certainly, this is not something that you can avoid in most cases. Therefore, making sure that there are no additional costs on it, you will save quite a lot of headaches down the road. Not only that, you can avoid spending too much money on something that you could prevent.

4. Seasonal Influence

Since we are talking about the country whose coastal cities are widely different during the season and winter, it wouldn’t hurt you to learn all there is about these changes. Surely, if we are talking about Mallorca or Valencia, you can be sure that these two are quite busy during the season, because of all the people who are interested in visiting them. We are talking about millions of people every year. 

So, if you don’t like to witness all this crowd every year, maybe you should opt for parts of the country who are equally beautiful, but not as popular as others. Plus, there are some problems with coastal towns that are almost entirely closed during the winter. All activities are put on hold until the arrival of the new season. If you are not a fan of that approach, you should look for alternatives.

5. Money Transferring

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Depending on the country you are from, you will need to take a look at different factors when it comes to transferring money to Spain. Sure, if you are from a country that is a member of the European Union, the process will go much smoother. If not, you should prepare yourself for all the requirements the Spanish and regional governments would like you to meet. 

The first and most important thing you need to do is to exchange your local currency into Euro. After that, choose a foreign exchange company that will remove all the headaches from this process. While this is a process that may seem too complex for some, you can be sure that it doesn’t have to be like that. All you need to do is to be prepared for all of these requirements and you can fulfill them.

In Conclusion

Certainly, Spain is one of the most popular destinations in the whole world. It represents a great mix of culture and entertainment. Every region has its vibe, and you will find them different from every other you have already seen. However, there are some things you need to be fully aware of before you are ready to buy a property in this country. Here, we’ve provided you with some of the most important ones. You will certainly find them useful.