The Spanish economy has seen better times, and with a currently strong exchange rate, you might be tempted to purchase a property in Spain.
My advice would be to:
- Get clear about the purpose of the property (holiday, rental income, retirement abroad …)
- As well as thinking about what sort of accommodation you’re looking for, really think about what amenities you want / need outside the property, and within the local area. Remember – because of the weather you’re likely to be spending much more time outside, perhaps you want to be able to stroll to local bars and restaurants
- Understand the full costs of travelling to and from your ideal location. Think about how many times per year you’re likely to make the trip, and crunch the numbers to see if it makes sense to buy a property (with the costs of ownership) rather than rent.
- If you’re planning to rent, find a rental agent and understand their fees, and any charges that they levy if you want to use the property yourself or for family
- Speak to a couple of different property agents, ideally go off season when they have a bit more time. They should also be able to give you an idea of additional costs involved with the purchase of a property. I think it’s normal to budget an additional 10% on the asking price for various fees.
- Take time to explore different areas. There are some REALLY cheap properties on what are known as urbanisations. The downside is that they can lack local amenities.
- Find a local solicitor
- You will need an NIE – a solicitor can do this for you for a fee – but you might want to do this for yourself if you’re in Spain, and have a grasp of the language.
- Check out different ways of transferring money to Spain. Doing it through your UK bank account is not normally the cheapest way. There are a number of currency brokers. Phone round for quotes. Ask for information on FIXING the rate.