Did you know that are over 5.8 million foreigners living in Spain? Would you like to join their ranks?
We don’t blame you. Spain has some of the best weather, food, and overall fabulous lifestyle anywhere in the world. The question is: Where should you buy a vacation home in Spain?
If you want endless sunshine and views of the sea, the Costa del Sol is your best bet. Here are four expert tips to help you find your dream home on the Mediterranean coast.
1. Decide on Your Vision
There’s more to choosing the perfect vacation property than deciding between a condo or a villa. You should also consider factors like:
- A shared swimming pool vs a private pool
- A view of the mountains vs a view of the beach (or both)
- Proximity to the beach, restaurants, shops, airport, etc.
- Whether you need/want a garden, patio, or terrace
- Whether you’ll live there full-time, part-time, and/or rent it out for part of the year
Want to start gathering ideas about what’s available? Browse https://choosemarbella.com/marbella-apartments-for-sale/ for inspiration.
2. Hire a Local Lawyer
When you buy property in Spain, you’ll quickly realize that the laws and processes are very different than in your home country. It’s vital to have a knowledgeable lawyer who understands local real estate law as well as rules in your country of residence.
For example, the process is different for buying a primary residence vs a secondary vacation home. There might also be local and foreign taxes, residency visas, and inheritance laws to consider.
Trust us: You don’t want to try to navigate the Spanish legal system on your own! You’ll also want to adopt a patient attitude, as things take longer in Spain than you’re probably used to at home.
3. Get Pre-Approved for a Mortgage
If you’re able to pay cash for your vacation home in Spain, that’s ideal. Most of us, though, need to take out a mortgage to finance our purchase.
Depending on the type of home you’re buying, you’ll need to come up with a downpayment between 20%-40% of the purchase price. It’s helpful to get pre-approved for a mortgage so you can move quickly when you find a property you like (plus, it will help you stay within your budget).
4. Beware of Real Estate Scams
Like any purchase in a foreign country, there’s always the risk of running into a scammer. Before you agree to work with any property broker or real estate agent, double-check that they’re a member of the API (Agente de la Propiedad Inmobiliaria).
Use your common sense too when dealing with sellers. Make sure they have the legal right to sell the property, and never send money unless you’ve met the seller and seen the property in person. You’ll also want to get a professional home inspection to make sure there are no hidden issues with the property.
Buy a Vacation Home in Costa del Sol
If you want to buy property in Spain, the Costa del Sol is one of your best options. The weather is glorious year-round, the people are friendly, and property costs are surprisingly reasonable.
Use the tips above to buy a vacation home in Spain and say “Hola!” to your fabulous new lifestyle.
Now that you’re ready for your next vacation in Costa del Sol, what’s next? Keep browsing our blog to learn about other exciting destinations along the Mediterranean Sea!