How to buy a place in Spain?(3 Posts)
We're in Malaga atm and love it here. We both speak Spanish and have come here 3 times in 3 years. We've seen a new build apartment block just outside the centre in a fantastic location with a pool and solarium on the roof terrace. And we're seriously tempted. It would be a rental property as we'd need to rent it out to pay the mortgage on it but we'd stay in it too. We can fly here from our local airport and flights are really reasonable.
I've had a quick look on Gov.uk about buying a place in Spain and it looks more complicated than buying somewhere in the UK. We do have Spanish friends that could help guide us through the process and help avoid any pitfalls etc. But I'm not sure with Brexit and/or about having a mortgage in another country. We are fairly cautious money-wise and I am not sure if this would be too much of a risk?
Any helpful thoughts please? Thanks.
We have one and the problem chess was quite easy - the developer suggested we got a solicitor and she sorted it all out
Since then there have been a few issues and we are in negative equity but as we have no intention of selling it it's not an issue.
We rent ours out too which brings additional issues but on balance I'm glad we did it.
Do it to enjoy it yourself and perhaps rent it out a bit to offset some costs but don't expect it to self fund or make any money.
Our dc are getting a bit bored of it too now ( spoiled brats) and although they do like going DD has asked if we can go somewhere else this summer
Have bought and sold in Spain several times. Lived here 8 years before moving back to UK for various reasons.
Remember to add about 10% on top of the purchase price for buying costs probably more with a mortgage involved. Don't expect to make any money if you want to sell, remember that the property will need to increase at least 10% in value before you are breaking even. You might get bored with staying in the same place year after year but can't move on unless you sell up.
Renting can be treacherous, I have just been told another nightmare tale of a property left filthy, vandalised and money owed. Obviously , many people rent without problems but it is something to consider. Find a good management company through recommendation.
I currently rent an apartment on a long term basis and stay in it whenever I like. I am constantly tempted to buy again, partly because I want to make somewhere my own again, then I remind myself that I never gave to worry about maintaining the apartment, I can walk away and move on anytime. That said I love Spain and I will never say never to living here again full time and probably buying somewhere even though it might not be the sensible thing to do. Brexit is a worry as nothing is clear on rights of UK citizens in EU in the future and may stop many people buying until an announcement is made, that said the housing market is really starting to pick up here, though that is partly bouyed by Belgian and Scandinavian buyers.
Good luck whatever you decide.
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