Have you ever considered vacationing in this exotic country? Ibiza, Palma de Mallorca, Lloret de Mar are just some of the places that many would love to visit. This country is known for flamenco, guitar, sangria, football, but also for having a good time. Spain is at the top of the world in terms of tourist visits, about 52 million tourists a year. The most popular are the Balearic Islands (Mallorca, Menorca, Ibiza), the Mediterranean Costa Brava and Costa Dorada, as well as the Andalusian coast to the Portuguese border. Traveling to Spain will give you an unforgettable vacation for your eyes and soul.
There is a growing demand for real estate in this beautiful country. And why not be so popular when it has a Mediterranean climate. Buying property in Spain is more than a smart choice. In addition to having a place to enjoy the hot summer days, this investment will pay for itself very quickly if you decide to rent it out. However, before you decide to buy, here are some things to keep in mind.
1. Do I need NIE for buying a property and how can I get it?
The answer is yes, without this document, you can do nothing. NIE (Numero de Identificacion de Extranjero) is a tax identification number issued by the police of this country. Without this number, the purchase of the real estate, as well as renting is not possible, because this document is necessary in order to conclude an employment contract and to be able to register electricity, water, and internet.
Foreign nationals who are economically, professionally, or socially affiliated with Spain may personally apply for the Aliens Identification Number (NIE) to the General Police Directorate, either directly or through Spanish consular offices abroad. A copy of the passport is submitted with the request, and in just a few hours, the desired document will be in your hands for a small fee (about 30 euros). But, keep in mind that in some cities it can take up to six weeks.
2. Documentation check
Although no special notes are needed for this, the first thing we need to do before buying an apartment or house is to check that all ownership documentation is in order and that the person selling the apartment or house is the sole owner of the property.
3. Think about the location
Think about what you need – whether it’s a secluded property in the suburbs, a luxury apartment in the city center, or a house on the beach. Only when you know exactly what you want can you start the search.
4. Real estate agent
Yes, it is very likely that you will need the help of an expert, that is, hiring a real estate agent who will try to fulfill your wishes and find exactly what you were looking for. Another useful way is an internet search, with the help of which you will have the opportunity to look at photos and details about a certain property, based on which you will decide whether it is worth looking at or not. You can find more about it at valuvillas.com.
5. Listen to your instinct
Never buy a property in a hurry or because you think the price is good and you should not miss it, because very often it turns out that the price with good reason is lower, which many find out the hard way. Take the time, do not hesitate to ask questions to the real estate agent, ask about the installations, advantages and disadvantages of the location, whether there are important facilities and institutions nearby, ask anything you are interested in.
6. Evaluate the different regions in Spain
Spain is a large country with many regions, and real estate prices vary from one to another. For example, along the east coast, you will find cheaper property prices, beautiful beaches, and a mild climate. These are regions where many emigrants live, ie regions such as Catalonia and Valencia. If you go a little further south in search, prices will jump. The southern region is a very popular tourist attraction, so if you are considering renting, this could be a smart investment.
7. Functionality is more important than the size of the apartment
Yes, we all love comfort and space in which we do not collide with family members. Of course, 100m2 sounds better than 75m2 and the price is the same. However, know that in smaller apartments, space is usually better used, so it is more functional.
The shape of the living room, the possibility of partitioning or demolishing the existing walls, the size of the hallway. It’s all important. Especially if you intend to repurpose the apartment or premises later. You can also ask the owner for the original floor plan of the apartment, so you know what the load-bearing walls are in case you want to make some changes to the interior.
8. Check the condition of the property
Don’t fall into the ad trap where an apartment is offered cheaply ‘with little renovation’ or ‘small investment’. Such real estate attracts buyers because of the low price, but sometimes after the renovation of the apartment, it turns out that for the same or less money you could buy an apartment in a new building or one that did not need renovation or additional investment. If in doubt, seek the opinion of an architect and builder, who will give you a reliable assessment of the condition of the property.
No one is comfortable bargaining, but we all like to pay less. Try to lower the price of the property so that it is affordable for you, but also not underestimate its value and not offend the owner. For the rest of the money, you can buy furniture and the house is ready for its new tenants!
Congratulations, you have decided, the apartment is yours! Now all you have to do is sign a sales contract, equip it to your liking, pour yourself sangria, and enjoy the hot summer days on one of the most beautiful beaches in the world!