Property purchase - 3 tips to start with

The purchase of property is an investment which is equal with a considerable expense. In order not to regret the decision of buying a house or a flat, it is worth considering a few issues before signing a purchase/sale contract. Listed below is a handful of information that will help people who are at the beginning of their journey to their dream property.

These topics are not all the issues that should be taken into account when buying property in Spain. However, you should start with something and ask yourself some important questions to begin with.

If you are looking for a property to live in either for a short or long term, it is worth getting to know the country and regions which you are planning the purchase in.

Where to live in Spain?

First of all, you should think about where you want to live in Spain. One of the most developed regions of Spain in economic terms is Madrid, followed by Catalonia. This makes property prices a little higher in these places. However, this is the right place for people looking for work in larger companies.

Very often people working in the IT industry or companies looking for best places for programmers choose these cities as their destination due to clusters of large and significant corporations and the certainty of good communication and ease of establishing contacts in the same area.

When it comes to the more relaxing points right by the sea, the Costa Blanca is the most popular destination in terms of the number of properties purchased. There are large airports in Alicante and Valencia. Moderate prices, air temperatures among the highest in Spain and the prevailing climate make this area very popular among investors.

When choosing a particular region, it is worth going a little further because, as with the Costa Blanca, its north and south are very different from each other. It is good to get an idea of the prices, customs, architecture, environment and communities prevalent in each part of the region you choose.

2. What will the purpose of the apartment be?

Then you should specify the purpose of the apartment. Will you live in the apartment permanently or will you rent it to other people? If the latter option is the case, we should determine whether it will be long-term or short-term rent. Each group of tenants has completely different needs. While some will be disturbed by the hustle and bustle and the proximity of the entertainment part of the city, some tourists renting an apartment will consider it a big advantage.

It is worth finding out what offers in a given region or town are the so-called "surefire", i.e. the property that is most popular. For example, on the Costa Blanca, an apartment with a minimum of two bedrooms, a beautiful view of the sea, in close proximity to a sandy beach and with access to a swimming pool and at the same time a short distance from the centre and shops will certainly be a very attractive offer.  

3. Costs associated with owning a property in Spain

Thirdly, it is necessary to establish a maximum budget and to know the real costs that will be associated with owning the property. For example, in Spain, unlike the UK, there is an IBI tax. This is a tax that you have to pay, whether you are resident or not. Whether the tax will be levied in one installment or, for example, two per year depends on the specific territorial affiliation and the specific authority. Its amount also depends on the location and size of the property. This is just one of the charges worth knowing about. 

Summary

In conclusion, if the thought of buying property in Spain has been in your mind, start by choosing the part of the country that will meet your expectations. Take into account the surroundings and the purpose of the apartment. You must not forget about the fees that will have to be paid regularly.