! Murcia Today – Everything you need to know before buying a beach second home in Spain
Almeria and Huelva identified as the main coastal areas for real estate investment by Pisos.com
Most second and holiday homes in Spain are on or near the coast. Studies conducted before the pandemic show that 70% of summer residences are on the coast of the mainland and those of the Balearic and Canary Islands, the favorite destinations of Spanish and foreign holidaymakers.
Inflation has now reached levels not seen since 1985, and with rising fuel, food and energy prices, the price of frontline rentals is also rising. But this is not a universal trend and owning a home inland is very different from being on the coast.
Buy one second home at the beach is not a decision to be taken lightly, and for this reason, it is essential that before embarking, people study the pros and cons. Only then can they be sure to find the second home that suits them while offering them an additional source of income.
Here we look at everything you need to consider before signing on the dotted line – read now before it’s too late!
Don’t rush into anything
When you find your dream home, there is an obvious risk of making an impulse purchase.
But beware ! This is one of the most important transactions undertaken in your life, due to both lifestyle choices made and of course financial outlays. So sleep on your decision, let it mature, and seek advice if you need it.
Examine the profitability of the region
With soaring inflation, rising interest rates and ever-increasing real estate prices, buying a first and second home is becoming increasingly complicated. One of our strongest recommendations is that buyers study the profitability of the chosen areawhether they are buying their own home or buying it to rent out.
Even if you’re not going to spend the whole year in your second home, it could still be a worthwhile investment, and a report compiled recently by leading Spanish property portal pisos.com shows that the provinces of Huelva and Almería are currently optimal for investing in coastal real estate.
Identify exactly what you need
Define what you and your family really need, especially if you plan to spend a large part of the year in your second home. Do you want a house with a garden? Or is an apartment close to the beach better? Perhaps a gated residential development that offers security and privacy? Check services and shops nearby so that there are no surprises once you live in your new home.
Check the price, unpaid charges and monthly costs
Make sure you know the final price of the property and check if it has any outstanding charges or debts. This information is readily available from the Registro de la Propiedad (Property Registry) on a “not easy”.
We also invite you to gather information regarding approximately monthly utility bills (gas, electricity, water, etc.) and, of course, community fees and any pending expenses or breakdown of community costs.
Anticipate purchase costs
Speaking of costs, don’t forget that the purchase of a second home involves a series of expenses apart from the purchase priceincluding notary fees, taxes (IVA or VAT if the property is new, ITP if second-hand), property registration fees and administration costs.
Always ask if you are unsure!
Leave no doubt unanswered before signing on the dotted line. Whether you’re buying directly from the previous owner or through an estate agent, try to ask all your questions and receive satisfactory answers from qualified experts.
This will allow you to close the deal with confidence and start enjoying your second home on the Spanish coast!