Have you ever considered vacationing in this exotic country? Ibiza, Palma de Mallorca, and Lloret de Mar are just some places many would love to visit. This country is known for flamenco, guitar, sangria, football, and having a good time. Spain is at the top of the world in terms of tourist visits, with about 52 million tourists a year. The Balearic Islands (Mallorca, Menorca, Ibiza), the Mediterranean Costa Brava and Costa Dorada, and the Andalusian coast to the Portuguese border are the most popular. Travelling to Spain will give you an unforgettable vacation for your eyes and soul.
The Fine Print of Real Estate: What Your Agent Might Not Tell You
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 remember.
DO I NEED A 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, purchasing real estate and renting is not possible because this document is necessary to conclude an employment contract and 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 it can take up to six weeks in some cities.
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.
THINK ABOUT THE LOCATION
Consider what you need – a secluded property in the suburbs, a luxury apartment in the city centre, or a house on the beach. Only when you know exactly what you want can you start the search?
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 fulfil your wishes and find exactly what you are 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.
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, and do not hesitate to ask the real estate agent questions about the installations, advantages, and disadvantages of the location, whether there are important facilities and institutions nearby, and ask anything you are interested in.
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, you will find cheaper property prices along the east coast, beautiful beaches, and a mild climate. These are regions where many emigrants live, i.e. regions such as Catalonia and Valencia. If you go a little further south in search, such as Costa Blanca Region, prices will jump. Luxury Javea property is one of the most expensive options on the Costa Blanca. The southern region is a popular tourist attraction, so if you consider renting, this could be a smart investment.
FUNCTIONALITY Ie living room, the possibility of partitioning or demolishing the existing walls, and the size of the hallway are 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.
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. Still, 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 property’s condition.
BARGAIN
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 do not underestimate its value and do not offend the owner. For the rest of the money, you can buy furniture, and the house is ready for its new tenants!
FINAL THOUGHTS
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!