Where better to buy an apartment in Spain

There are many questions that need to be addressed before buying an apartment in Spain. Where is it better to buy real estate, how to choose a suitable object, what points to pay special attention to - the specialists of our agency Rusol Prime are always ready to answer these and many other questions. Experienced experts have prepared an article for you on how to prepare for a home purchase and what pitfalls you may encounter.

The most important thing to focus on is the balance of your decision. There is no rush in an issue like buying a home abroad. No matter how you are persuaded to a quick deal and frightened by the increase in prices in the market, give yourself time to think it over carefully. The choice of properties on the Spanish real estate market will always provide you with many opportunities to find the option that is right for you.

It is equally important to learn as much as possible about the area in which you are offered real estate in Spain. Pitfalls can be found in any location. It is important that their presence does not in any way affect the comfort of your stay in the selected facility. For example, in Torrevieja there are places where it is convenient to buy apartments for seasonal vacations, but in which it is not very pleasant to live permanently, and vice versa. That is, the purpose of your purchase should determine the choice of the location of the property that suits you.

Living in Spain: pitfalls

Anyone who decides to buy an apartment in Spain, pitfalls can block the path to success. But this can be said absolutely about any transaction in any country. To buy real estate to be safe and reliable, you need to know the intricacies of the law. Therefore, it is much easier to buy an apartment in Spain with the help of an experienced local agency like Rusol Prime. The pitfalls will be detected by our specialists, and the risks are minimized.

So, let's talk in more detail about what kind of difficulties a foreign buyer who wants to buy a home in Spain may face:

Pitfalls can relate to encumbrance issues. Before buying, be sure to check if there are any restrictions or encumbrances on the property. To do this, it is enough to request an extract from the Property Register.
You also need to be more careful when buying social housing. The price of such objects is usually very attractive, but there are also restrictions, according to which the object may be prohibited from leasing, resale, etc.
Another modern danger is the occupiers. They are worth considering for those who draw up a transaction through a third party by proxy. Here it is important to find a reliable partner who will make sure that the object being sold is really completely free, and nothing prevents the new owner from living in it.

Cons of real estate in Spain

Anyone who wants to buy a house in Spain should also be aware of the possible disadvantages. Pitfalls can be found after the purchase, so it is better to foresee such situations in advance. For example, to estimate the possible costs of maintaining the purchased housing. In the case of a purchase for cash, without attracting borrowed funds, you will have the following expenses for maintaining the property:

Payment for condominium services - gastosdecomunidad;
Utility bills - electricity, water, gas;
Annual property tax;
Non-resident income tax;
Annual home insurance;
Payment for the Internet, signaling, telephony and other minor expenses.
It would seem that if you rent out a house or apartment on the coast, you can recoup all the costs of their maintenance. However, not everything is so simple here. Today, in order to rent out an apartment, you need to have a tourist license, pay income tax, and take out insurance against unscrupulous tenants.

In addition to costs, the pitfalls for those who bought a house or apartment in Spain may lie in binding to a specific vacation spot. With real estate on the Spanish coast, you don't have to go to any other resort again.

Also, one should not forget about the possibility of additional tax assessment if the transaction price when purchasing real estate was below market value. The Spanish tax office can charge you additional tax at any time within five years after the transaction.

All the cons, in fact, accompany any real estate purchase. Each house or apartment needs to be maintained, the provision of housing for rent is not only income, but also certain concerns. But at the same time, buying real estate in Spain has many more advantages, which we also invite you to consider.

Advantages of real estate in Spain

If you decide to buy a house in Spain, the pitfalls did not scare you, you can count on the following advantages from the purchase:

The possibility of obtaining a residence permit when buying from € 500 thousand;
The possibility of using real estate as an investment object and receiving income from its resale;
Possibility to rent housing on the coast to tourists almost all year round;
The opportunity to spend your own vacation with great comfort on a gentle 

coast of a sunny country.
Advantages and disadvantages of buying real estate on the Spanish coast, choosing a place where it is better to buy an apartment in Spain - all these are questions of individual preferences and specific purposes of the purchase. In any case, if you want to become homeowners in Spain, we are ready to help you with this. For the selection of an object and professional support of the transaction, please contact the Rusol Prime agency. Contact us!