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Buy Property Spain - Buying Real Estate in Spain - Buying Property in Spain

Locations and Process

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While most people are not in a position where they can buy real estate in Spain or elsewhere in Europe, if there was ever a good time to buy real estate in Spain, this is it. Therefore, if you are one of those lucky few who have the resources to consider buying property in Europe, the Spanish real estate market is definitely worth considering. Also, while the dream of owning a Spanish villa is out of the reach of many, more people than one might expect could consider buying property. Spain is one of the prime vacation spots in Europe, so a Spanish villa could definitely be a profitable rental property.

Buying Property in Spain

When considering buying a vacation home in Spain, you first need to consider where you want to buy property. Spain has many popular vacation spots, but the cities on the Mediterranean coast like Barcelona, Valencia, and Marbella are among the most popular. While other inland areas such as Madrid are popular among tourists, the coastal cities will probably be easier to rent out around the year. As part of your decision about which area to consider, you can search several different websites to get an idea of what prices are for properties in different places. After doing a little online research, you should be able to determine what areas fit your price range. In general, properties in Marbella will be more than Barcelona, and property in Barcelona will be more than property in Valencia. For example, a large 6 bedroom villa in Valencia and a 3 bedroom house in Barcelona are about the same price. So for rental property, Valencia could be a good choice.

Once you have determined what area of Spain you are interested in buying property, you will need to find an agent who can help you. In order to find a trustworthy agent, you will probably need to find an agent in the U.S. who knows the Spanish language and the Spanish market. To find such an agent, you should begin by contacting a local real estate agent, who can then connect you with other agents, especially if they work for a larger company like Century 21 or ReMax. Although some people will have enough cash on hand to buy property in Spain, most people will need to get a mortgage. While it is possible to find a U.S. lender that will loan you the money necessary to buy the property, it is more likely that you will have to borrow from a Spanish bank. As is the case in the United States, most Spanish lenders will require at least 20% of the purchase price of the property. This may be higher for international buyers. Although your real estate agents will more than likely arrange most of the details of your loan, be sure that you understand all of the stipulations before signing. And make sure that you have English copies of any document that is written in Spanish. Most Spanish banks have English language websites, so you should be able to shop around a bit to find the best possible loan.

Finally, if you plan to rent out your property for all or part of the year, you will need to find a reliable rental agency. While your real estate agents should be able to help you with this, be sure to look around. If you do not speak Spanish, then you will probably be better off working with a company that is based out of the United States or the United Kingdom. With the right management and advertising, you should be able to keep your property rented out enough to make a Spanish real estate purchase a worthwhile investment.

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