Are you thinking of buying property in Spain? As a foreigner, the best way to successfully invest in real estate is by getting proper advice from experts in the sector to help you find the perfect property in Spain.
Important elements to consider:
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Finding the right location
The first and the most important step. You must consider the difference in price per square meter to find the perfect property in Spain. The price per square meter changes drastically from one region to another. Catalonia, Madrid and the Basque Country are the most expensive, while Murcia, La Rioja, the Canary Islands and Extremadura are the cheapest. You can check out websites like Idealista to see a large list of available properties for sale or rent.
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For what goals are you buying the property
Are you buying property for your vacation purposes, accommodation or residence, or are you going to rent it out? If you are considering properties solely for rent and income, then maybe the best choices are near the beach and big cities. Services like public transportation, supermarkets, shopping centers, banks, etc., need to be present in the area. They are a plus to find tenants.
The quality of construction is also important and will spell the difference between primary and secondary properties.
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Visit the area in person
While an immersive online experience may give you an idea of the area and environment, it is important to see a bigger picture. It is still better to visit the area in person to understand the neighborhood and check the whole house.
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Hire a qualified real estate agent and save money
A professional real estate agent who is familiar with the area will know the best deals available.
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Beware of outstanding debts
Some properties may have outstanding debts to be paid. A professional real estate agent will help you with the necessary documents that you need to fill up and sign, and due diligence on the property.
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Consider all taxes and expenses associated with the purchase
Again, a professional real estate agent will help you to calculate the amount of taxes you need to pay, and other expenses associated with the sale.
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Golden Visa Spain or Investor Visa
This is the fastest and the easiest way for foreigners who want to buy property in Spain. It requires a minimum investment of €500,000 in real estate through the Golden Visa Spain program.