Buying a home is an important decision because it represents a great investment of money and even more so if you are a foreigner with plans to settle and start a new life in a different nation than yours.
There are several factors to analyze in order not to get carried away by appearances and acquire a beautiful property that unfortunately does not meet our needs and desires.
Think that perhaps your dream has always been to live on the coast, but a residence there may take you too far away from your work, friends and your children would have to change schools, in this case the solution would be to buy a property for rent. You could spend a season there and it would generate a very good income.
Surely, there are many questions spinning in your head, but do not worry, in the next lines we will explain step by step for a successful purchase. Your ideal home is somewhere in Spain, you just have to get to it.
Step 1: Define what you really want
You probably know that you want to buy a luxurious apartment in a residential complex that has a pool and ample parking, however, you need to think more deeply.
Ask yourself if with your current job, family and social life a house or apartment would be more comfortable for you and what would be the appropriate size, and if you will live there all year or only for a few months.
It is recommended that you write these questions and answers on a piece of paper and reflect on them for a couple of days. Let your yearnings guide you, but also be realistic and compare it to your lifestyle at the moment.
Step 2: Think in which area you would like to live.
The area where your house will be located is as important as deciding if it will be large or small or if it will be a two-story building or an apartment. The region where you are located defines many things such as access to services, transportation and even the people who are going to surround you, so take enough time to think about it.
Living in the different regions of Spain has its advantages and disadvantages, below, we will mention some of them.
Southern regions and southern islands
Tourism predominates here, in fact, it is one of the most visited parts of Spain so it would be interesting to buy a property for rent on this site.
Prices in the Balearic Islands are higher than in other regions, such as Costa del Sol and as it moves to the southeast, they become lower.
The east coast is made up of Almería, Murcia, Alicante, Catalonia and Valencia. The climate in this region is temperate and there are many splendid beaches. Tourism is also high, however there are many expat communities.
In this region, housing prices are affordable because the cost of living is quite low. The climate is a bit extreme with very hot summers and freezing winters.
Step 3: Research
The more information you have, the easier it will be for you to decide and the closer you will be to the right decision. The internet, the press, magazines and forums are the most efficient sources of data you will find, so make the most of them.
Talk to other people to get different points of view and ask directly about a community and its people, about transport, educational institutions, shops and services, so you will definitely know if, for example, buying a home in Alicante is what you really want and you need.
Also think about the cost of living in the area you select and the tax rates prevailing there at the moment and try to guess what they will be like in a couple of years. The price of a property increases over time, but this depends on many factors.
If shopping centers, airports, health centers or schools are built in the vicinity of a property, in a few years its sale price will be much higher than its initial purchase price, the same happens with the rent.
Step 4: Establish how you are going to buy the property
A property can be acquired in different ways, for example, by installments or by paying a large set sum. Here are some examples:
This is the most common method. It is about transferring ownership of a home already built and ready to be inhabited. The owner asks for a set amount of money and defines a deadline for the amount to be paid.
In some banking institutions you can get properties that they have recovered and offer at a good price in order to recover a certain amount of money. It is also possible to obtain a form of financing in this way.
In this case, the property is under construction or is totally new. Payment usually begins with a small deposit and continues with installment payments for a period of 12 to 18 months.
If you decide on this type of purchase, it is very important that you inform yourself about the building licenses and permits, bank guarantees, clauses and insurance.
Building and plot properties
Perhaps none of the properties available for sale convince you, then you could choose to buy a piece of land and build according to your vision of the perfect house. The process is undoubtedly longer and involves a lot of planning, but it will certainly be worth it.
The advice of a lawyer and a real estate agent will be very useful in the process of choosing your property. These entities are in charge of evaluating your needs, tastes, preferences and they get the purchase opportunities that perhaps would take you a long time to get.