Purchasing a home is a difficult undertaking. In addition to the numerous legal procedures and considerations, every nation has its own unique customs, which might be hard for a foreigner to completely understand. For that reason, our finest advice for a simple and profitable Spanish real estate investment may be found in this post. We’ll look at the seven suggestions for investing so you can be completely happy with your choice.
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How to locate and purchase houses that offer the best value for the money
The location may be the most crucial element among all those that determine a successful buy.
In this regard, one of the primary effects of the particular site is a variation in the price per square meter, an important metric to consider when evaluating real estate options.
In Spain, the cost per square meter varies significantly between autonomous communities and regions. Because of this, you may want to utilize this as your initial filter in order to locate the best offer.
The most costly regions per square meter are Catalonia, Madrid, and the Basque Country; the least expensive areas are Murcia, la Rioja, the Canary Islands, or Extremadura.
Finding the greatest houses in any given location can be challenging, but this research may help you eliminate a lot of options and narrow it down to just two or three that truly meet your needs.
Idealista, the largest online real estate marketplace in Spain, is the ideal partner for that aim.
Since Idealista lists the great majority of houses for sale, you can be certain that utilizing our website will not cause you to miss any excellent deals.
You only need to put in your desired city or location and then apply the various filters (like price) based on your preferences while using an extremely user-friendly interface.
Recognize your primary motivation for purchasing
However, your ultimate choice must also take into account the true reason or goal for which you are purchasing the home.
In that regard, you have two choices: either purchase for future rental purposes, or purchase for personal use as a residence, vacation, or lodging.
What distinctions does this suggest?
If you want to buy with the intention of renting the home out later, you can choose properties that are near major cities and the beach since you can charge a higher rent that way and it would be more difficult to get renters otherwise.
In this regard, locations with easy access to public transit and major amenities (such as large supermarkets, shopping centers, etc.) close by are additional requirements for a successful rental in the future.
However, if you purchase the house to occupy yourself, the build quality would be even more crucial.
Look around first, then make the purchase
These days, a lot of real estate brokers and sellers provide really immersive online experiences, complete with top-notch images and videos.
These digital assets give you the impression that you are in front of the home you wish to purchase, giving you the confidence that you are prepared to make the purchase even though you are far away.
However, that is untrue.
The location and surrounds of the property are only a few of the numerous factors that need to be taken into account in addition to the number of rooms in the house and the size of the kitchen.
For this reason, you should always go to the property’s location first, if only to take a stroll, explore the area, get a sense of the neighborhood, and take note of all the little things that will add up over time.
Soon after, you will be able to determine whether buying the property is the best decision for you and what its true value is.
As we shall show in a moment, if you choose the subsequent legal route, you may accomplish the entire process with ease.
Obtain a Golden Visa.
When foreigners buy property in Spain, they apply for the golden visa, which is a residency permission.
That is true in that you will be granted a resident permit that permits you to work and bring your family with you just for buying a home in the nation (so long as the property is worth at more than €500,000).
In actuality, it has a lot of benefits.
First, as a visitor, you can get it by entering the nation. In other words, you may get a tourist visa, visit Spain to look at a few houses you had on your “wishlist,” buy the property you really want, and then get a golden visa to become a resident. without ever stepping foot outside the nation.
As long as you maintain the real estate investment, you will be able to maintain and extend your Spanish residence each year after you receive it. And you will be allowed to do so as long as you only travel to the nation once a year (instead of needing to spend a minimum amount of time as with other licenses).
Perhaps most importantly for a lot of investors, however, is that many properties can contribute to the needed half-million real estate worth.
For instance, if you purchase three houses in total, live in one, and rent the other two, you will be given residence as long as the total value of the three exceeds €500k.
Save money by relying on a real estate agent.
Maybe you want to save a little more money on your purchase, so you’re thinking about eliminating the additional expenses that come with using an intermediary.
But, it could not be a suggested choice for the following two key reasons.
First of all, you may prevent financial loss by consulting a property specialist. She will not only be knowledgeable about the region and all the hidden gems that a visitor from abroad would miss, but she will also assist you in locating the greatest offers and provide you with step-by-step guidance throughout the entire process.
However, keep in mind that in Spain, the seller often covers real estate commissions, so even while you may profit from the service, you might not be required to pay for it as a buyer.
Naturally, you should next look for reputable real estate brokers; a firm with sufficient qualifications and references to be able to give your case their whole attention.
We at Balcells Group are here to assist you with every aspect of your real estate investment and ensure that your purchase is both profitable and pleasant.
Take caution while handling overdue loans
In several instances, the foreign buyer discovered a really fantastic bargain and reached an agreement with the seller on a fair price. However, later on, the buyer discovered that the property had some unpaid debt, which increased the final price and rendered the deal less favorable.
All obligations related to the property that were not paid when it was purchased are inherited by the buyer in the Spanish territory.
We are discussing mortgage payments, property taxes, and other associated expenses.
Thus, before making your investment decision, be sure to review them and calculate the overall cost taking into account all of the expenses we will cover in the next part.