Pros and Cons of Buying Property in Spain

Many people dream of owning a property in Spain. It’s an easy process, made easier by the Spanish government encouraging investment in property from foreign owners. People tend to be put off buying property in Spain, due to the cost and the upheaval of moving their belongings to another country. But to move to Spain is easier as we have said and not as expensive as you may think. But with everything there are good points and bad points, so let us help you decide whether life in Spain is for you. So what are the pros and cons of buying a property in Spain? Let us take a look firstly at the pros

Value for Money

A with most countries across Europe Spain was affected by the recent pandemic, which caused house prices to fall as demand curtailed. With countries such as Spain gradually beginning to see housing prices improve now if there was a time to buy it will be now.

It’s Cheaper To Live in Spain

Compared to the UK and many other European countries, Spain is a much cheaper place to live.  Pretty much across the whole of Spain, the cost of living is lower than many of its European counterparts. If you’re buying or inheriting property in Spain, you won’t need to worry about facing expensive living costs. You’ll likely experience quite the opposite if you decide to stay put.

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Rental Income

With high seasonal rental costs, Spain can be an ideal opportunity for buying property. If you see your property as more of an investment, the high season in Spain during the late Spring to the Summer months can see a very profitable return on your initial investment. If you choose to invest in property close to a popular tourist destination, then renting out your property will be easy

It Is Not Just the Coast There Is More To Spain

When people think of Spain, they will automatically think of sun-kissed beaches and the clear blue waters of the Mediterranean. But Spain is so much more than it. If you venture further inland you will come across stunning landscapes, villages that seem untouched by time and a slower pace of life. Probably not to everyone’s taste but many Brits have ventured out of the comfort of the resorts and coast and bought properties further inland.

It Is One Of The Healthiest Places to Live In The World

Spain is considered to be one of the healthiest places to live in the world. The Spanish diet is rich in omega-3, fats, and protein and this has been known to lower the risks of diseases such as dementia, heart disease, and cancer. The Spanish lifestyle is one of calm and relaxing, taking things easy. It centres around things like sociable mealtimes, a well-balanced diet, and exercise.

Healthcare System is Second to None

Spain has one of the best public healthcare systems in the world. Anybody taking up residency in Spain is entitled access to healthcare and private healthcare is also very affordable too.

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The Taxman

One of the drawbacks of moving to Spain is tax. All earnings will be subject to Spanish tax whether you earn in Spain or outside of Spain. This will only have an effect if you are travelling in and out of Spain often. But if you choose to take up residency, this can change. But consider the tax.

Property Prices Can Vary From Region to Region

There are many places to consider living in, in Spain but prices will vary. As an example, it will cost you more to live somewhere like Barcelona or Madrid rather than Cadiz. More popular areas along the coast, like Valencia, will cost more to live in than a smaller coastal town like Denia. So, it is best to always take in account where you want to live. Do some research on prices as towns close to your preferred place to live in can be cheaper, so shop around.

Extra Costs of Buying a Spanish Property

As with the purchase of any property no matter where you are in the world there are always extra costs and Spain is no different. You will have to be aware of the agent’s fees, VAT and stamp duties (IVA & Actos Jurídicos Documentados), and also legal fees. These will quickly add up, be prepared. It is always best to hire an English-speaking lawyer who can guide you through the process.

Working in Spain

Spain, unfortunately, has one of the highest unemployment rates in Europe so if you think you will be able to find work in Spain easily this is far from the case. Learning the language will increase your chances of being employed in Spain but be prepared that it won’t be as easy as you think to find employment. If You Are Looking To Buy a Property in Spain

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The Language Barrier

It is imperative if you move to Spain to try and learn the language. This will enable you to become more accepted. Many Spanish people frown upon those who don’t speak Spanish or at least try to. If you choose to live further out into the country, many of the Spanish speak little or no English.

As with any place abroad, there are always going to be pros and cons. It’s a matter of weighing up what is more important to you. Is it the lifestyle, the climate or whether there is a beach or bustling nightlife? You may prefer somewhere quieter with breath-taking views, or you may just want to immerse yourself in a new culture. Spain has it all and has proven to be both excellent value for the property and a popular destination for those considering retirement or a slower pace of life. So, if you’re just choosing an escape route from the English winters or somewhere to spend the summer months then discover the ideal property for you in Spain.