How to Evaluate Investment Property in Spain..Property:Real-Estate
The thought of buying investment property in Spain is very attractive to many people. It’s exciting to think that you can own a piece of real estate in such a beautiful land. But how do you evaluate the property you want to buy so you know it’s a good deal?
Know Your Purpose
The first question to ask yourself is what is your purpose for buying the property? Your answer will form the foundation for your property search. Some of the most common purposes for buying real estate in Spain are:
• Vacation home
• Rental property
• Living abroad after retirement
• Combination vacation home/rental property
Once you know what you plan to do with the property you can decide what criteria to use for evaluating it.
What Areas Are Of Interest?
Your purpose for the property will also dictate the area or areas in which you search for something suitable. For example, if you’re planning to retire and live permanently in Spain, you’ll want to buy something that’s close to the services you’ll need on a regular basis. Think about where you’ll buy food and clothing, and where you’ll go for healthcare services.
On the other hand, if you’re planning to rent the property to vacationers and tourists you’ll want to buy something that’s close to attractions of interest. Beaches, historical sites, art and cultural activities are a few examples that come to mind right away.
How Much Can You Afford?
When buying investment property in Spain you need to take into account all of the costs associated with it to determine what you can afford. Remember that your costs will go beyond the purchase price and associated fees; think about the cost of upkeep, property taxes, maintenance, travel to and from Spain, and remodeling (if necessary). Plus, if you plan to rent the property you’ll want to retain a local agency to handle management, reservations, and other on-site needs.
And don’t forget – if you plan to continue owning your primary property in your home country, you’ll need to have financial resources to cover all of the costs associated with that property, too.
Does The Property Need Work?
As with any real estate purchase, you’ll want to spend time checking it out in person and probably hire an experienced property inspector, too. This is the best way to get an accurate accounting of the property’s condition so you’ll know if you’ll need to do any repair or remodeling work.
If work is needed you may be able to negotiate with the seller for a lower price or to have the repairs completed prior to purchase. Be careful, though, if you choose the second option because it’s difficult to guarantee the quality of work if you’re not overseeing it yourself.
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