Spain is an easy going yet culturally dynamic place to live and to go on a holiday. However, there’s so much to the country that you should undertake some serious research before you buy a property there. Here are three essentials before you commit to that Spanish property of your dreams.
Tourism Levels Should Be a Driving Factor When You Buy
Despite the economic crisis, there are still plenty of people booking holidays to Spain and other Mediterranean countries, like Portugal and Italy. The consistently warm weather makes them not just popular holiday destinations but also optimal countries to purchase property. In the long term it will be much easier to advertise and rent out the property for short-term or long-term rental from an influx of travellers.
This contrasts with other burgeoning holiday destinations like Bulgaria and Romania. While these are vividly beautiful countries in their own right; they’re not as westernized or developed, so you can expect a vast amount of red tape to purchase property. Plus these nations aren’t as tourism-centric and may alienate potential visitors.
Do the Legwork First
It’s vital to find out if a country suits to your lifestyle, budget and personal requirements. In terms of property, what may be heaven for one person could be a living hell for another. You should also consider the wider cultural and social environment where you live before you part with your hard-earned money. That means you should thoroughly investigate the way of life in different regions of Spain. This is the fun part, so kick your heels up and visit some local fiestas, get to know locals and ask all of the right questions.
If you’re purchasing a property for retirement, the desirability or location of a property in Spain may matter a touch less but still you want to retire somewhere comfortable. If, however, you’re buying for the purpose of holiday rental, you need to take a whole raft of aspects into consideration, including the location and compliance with various safety and accessibility regulations for tenants.
Transport Links and Amenities
The influx of potential tenants to the property will depend on the locality of air, rail, ferry and car links to the region. Consider the regular flights of budget airlines to the nearby area. It’s also important to consider the distance to the nearest hospital, supermarket, bank and cash point. People want the reassurance that it’s easy for them to get back to civilization. It’s a catch-22 situation in so far as that everybody wants to live in a secluded paradise but still have instant access to all of the mod-cons.
Make sure that a property is 100% right up your alley before committing to purchase. To be on the safe side, have a contingency fund in case of any additional financial costs.