Buying a Home in Spain: Everything You Need to Know
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Originally Posted On: http://www.moneyoutline.com/buying-a-home-in-spain-everything-you-need-to-know/
Spain is famous for its warm weather, breathtaking landscapes, and thriving culture. Barcelona, its largest city, received more than 12 million visitors in 2019. Madrid, Granada, Seville, and other major cities are just as popular, offering a mix of history, contemporary art, and sightseeing.
But Spain isn’t just one of the world’s top travel destinations. It’s also a great place to settle down, invest in real estate, or buy a vacation home. The average house price is around $263,169, reports The Local.
Buying a home in Spain comes with its challenges, though. First, you need to research the legal aspects. Second, it’s important to choose a location that fits your lifestyle.
With that being said, let’s see what it takes to purchase a house in Spain as a foreigner.
Research the Legal Requirements
Spain is one of the few European countries that don’t have special requirements for foreigners looking to buy property. However, you still need to obtain an NIE (Número de identidad de extranjero), which can take several weeks. Non-residents who purchase a house in Spain must appoint a tax representative.
Foreigners also have the option to apply for a Golden Visa. This would allow you and your family to obtain residency.
Spain’s Golden Visa program is available to investors and individuals who purchase real estate worth at least €500,000 — that’s around $579,682.
Applicants must be at least 18 years old and have no criminal record. Another requirement is to have health insurance in Spain.
Choose a Location
Next, decide on a location. Would you prefer to live in a bustling city like Barcelona or a traditional Spanish village, such as Mijas or Sitges? And why is everyone looking to buy a property in Sóller?
A charming town like Sóller has lower prices than a big city. This kind of place is ideal for real estate investments, too. Plus, you would get more value for your money than in Madrid or Barcelona.
Plan Things Out
Once you have decided on a location for your new home, go online and research your options. Decide whether you want to search for a property by yourself, work with a real estate agent, or both.
Another aspect to consider is the type of property you want. Depending on your budget, you could buy a house, villa, apartment, or character home. Think about the number of bedrooms, too.
There is also the option to purchase an old home. The property would cost less than a brand new house, but you need to set money aside for renovations.
If you plan to rent out your property rather than live there, then it makes sense to buy a studio or apartment. Generally, apartments are easier to maintain and involve lower costs than most houses.
Buying a Home in Spain Can Be the Beginning of a New Journey
Buying a home in Spain would give you the chance to travel more often or get a fresh start in life. The key is to plan things out. Consider living in a Spanish city or town for a couple of months before making a decision.
Meanwhile, visit the rest of our blog for other travel and lifestyle tips! We’ll show you how to pack for a long-distance move, how to travel alone, and more!