Costs of real estate in some countries people find very desirable for holidays have dropped quite low in the past decade. They came to a point when a long-term investment in buying a property of your own, really pays off. One such country is Spain.
And the association connected to this beautiful country are certainly the beaches, which is not surprising given the close to 6000 km of coastline that this country can be proud of. Bathed in the Atlantic Ocean and the Mediterranean Sea, Spain offers opportunities that can satisfy different tastes: sandy or rocky beaches, tourist or untouched, surrounded by mountains or palm trees… You name it. There are tons of reasons besides the beautiful coast one should choose Spain as a destination, for owning a property.
A culture so rich and diverse has so much to offer and guarantees you’ll be enjoying yourself sipping wine and listening to the sounds of Spanish guitar in the summer evening. Whether it is a condo you’re hunting for, a simple townhouse, or a commercial plot, Spain has it all. To get an idea about the prices and variety of properties currently available visit https://www.javea.properties/. Further on, this article will give you some of the things you can expect when buying a property in Spain.
1. You’ll be needing a national identification number
So, as you could see in the link we shared above, the prices of the properties are quite tempting, but there are things you’ll need to obtain prior to buying. One such thing is the national identification number (NIE). It will be the first thing they will ask from you if you choose to buy a house, for instance.
2. Regulating your transport
Now that you have a place to stay, and if you choose to stay longer, i.e. spend more time in Spain than just during summer, especially if you have purchased a commercial property outside of cities, you’ll need to consider transportation. The rule that applies to the residents, is that they need to have a car registered in the country, as well as a driving license issued in the country.
Bringing your car with you is an option, but depending on where you come from, your car might not be suitable for their roads. For example, importing a right-hand car with you is not the best idea, since they drive on the opposite side. Consider either owning a second car in Spain or selling your current one and buying another, suitable for their roads, to solve the transport issue in the start.
3. A Spanish will
Owning any type of property comes with the responsibility of thinking about who will it go to if something happens to you. Although you may not think about leaving the earth just yet, countries like this require you to draft this document, to make it easier for your relatives and family members to distribute what you have owned, just in case something happens. You’ll save them all the bureaucracy and complications later on.
4. Less Taxes
Surely you have expected to be obliged to pay taxes, now that you have a property in the country. This goes to all, regardless of the property type (holiday or permanent). However, what you can expect is that taxes are much lower than in most countries of the world.
5. Frauds
Since Spain is such a desirable destination, there are many frauds involving property selling. Thus, it is of great importance to purchase a property via a verified agency or a verified agent.
It is also important to know that at this moment, police are investigating more than 2000 cases of fraud, selling illegal properties.
Having a verified seller will ensure you are not spending your holidays in the illegal estate. Another thing a verified agent will provide you with is a checklist of all the questions you should ask when browsing for properties. Better to be safe than sorry.
6. Costs of living differ depending on the location
Your friends may have told you the cost of living is quite affordable, but keep in mind that not every location is that cheap. One of the criteria of buying a property should be its location, standard of living, and expenses you can expect related to living. You definitely can find a location that will minimize your cost of living.
7. In some places you will feel culturally unfit
Some places you may find closer to your lifestyle than others. There are even those who are considered entirely unfit to anyone other than locals. At times it is not the culture, but the climate. For example, Balearic Islands are a challenge to live in during winter, so foreigners tend to disappear when this season n=knocks on the door. What is the story behind so many available and affordable properties? There are more and more abandoned villages in Spain, and the reasons for that are the same as in most of the countries in the world- a bad economic outlook, a perennial recession, and an aging population.
At very low prices, houses and land are now bought by foreigners. Negative demographic data and constant migrations from one of the poorest parts of the country have emptied hundreds of small rural areas. During the country’s ten-year economic prosperity, wealthy Spaniards used to buy entire villages. However, things have worsened due to the stagnation of the national economy and the huge unemployment rate.
The Spanish National Bureau of Statistics estimates that there are more than three thousand uninhabited villages in the country, of which about a thousand and a half are in Galicia. Of that, however, a very small percentage is for sale, and foreigners currently make up as much as 90 percent of potential buyers.
When you decide to own a piece of land, a house, or a flat in a country like this, more than anything else, you can expect to be surrounded by warm, smiling, friendly people. So, Spain was on your investment list, you choose well.
