Why Spain Is The Retirement Haven
Topics: Spanish property
New Year’s resolutions are often difficult to follow and keep. Take for example my very own resolution to save my money as opposed to spending unnecessarily – this is a difficult routine to follow for someone who is accustomed to buying whatever she sees on a regular basis.
Nevertheless, what is motivating me to save is the ambition to buy and invest on a Spanish property. It would appear that my desire to retire abroad is ever growing strong within me and the property market in Spain looks to be more promising than the market in the UK.
Many British people are retiring in Spain and there are now over 300,000 British expatriates living and various different parts of this country. First time buyers are also considering the advantages of buying in Spain, as the prospect of investment seem more affordable. So why are people so attracted to this country?
Aside from the wonderful sunny weather, beautiful white sandy beaches and exotic cuisines, the Spanish property market is set to be promising for those looking to invest in the future. The standard of living would not be compromised for people looking to settle. However, first-time buyers will need to be careful about the choice they make when buying a property, such as the location, market trends and quality of the property.
However, not all is rosy in the world of Spanish property investment. For those Brits looking to rent out their private house to tourists and tenants, will need to be careful as the Spanish authorities and tourism agencies are beginning to clamp down on houses that are unregistered to let. Those that do not declare their rental earnings could face five figure fines or even fines amounting to more than what they earn from renting – as most houses rent out to cover the mortgage payments.
Buying a property in Spain can cost as little as 20,000 Euros, if you are keen on purchasing a typical two-bedroom apartment that is in need of building work. Whereas, a villa can cost between 250,000 Euros to 1 million Euros, which is always kept in high quality condition and situated by beautiful sceneries. The northern region of Spain tend to be more expensive as there is not a lot of land space of new developments, however the southern regions do offer a lot more land space and there is more opportunity for new housing developments.
With all of the above in mind it is no wonder why people are flocking to the feet of Spain. One thing most buyers will need to keep in mind, is the need to choose your own solicitor to deal with all of the legal fees and paperwork, this will make life easier. Not only that, the location of the property will determine whether the property will remain an asset to you in the future.
It would then be advisable to research the various areas that are likely to become more popular, near local amenities, accessible to transportation and have other facilities available such as restaurants, entertainment etc. This will enable a safe and sound decision in your choice of property.
Anna Stenning is an expert on the Spanish property market, and hopes one day to own a property abroad. For more on properties in Spain visit www.cloverestates.co.uk
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