The Key Pros And Cons Of Buying A Property In Spain

The Key Pros And Cons Of Buying A Property In Spain

The prospect of buying a second home in Spain is certainly more exciting than planning to buy a retirement home down the road. Property in Spain will almost always look dazzling. And, when compared to property prices across the UK, they are certainly much more affordable. This is because, for the most part, the property market in the UK is saturated. A saturated property market means that sellers are able to raise their asking prices for homes, making them far less affordable than buying a stunning Spanish property.

Adding to this is the fact that developers will go to almost any distance to sell their properties, making them sound like irresistible to those looking to acquire that special second home. Whether you are looking at buying a second home as a holiday home, to rent it out or to relocate altogether, there are key pros and cons which every prospective homeowner needs to take careful note of.

Pros of buying Spanish property

There is a growing trend among home buyers where their second property is no longer just a retirement investment. Today more and more people are turning to buy a second home in Spain as a solid financial investment. Mark Andrews, a Spanish property specialist at Javea Properties says in many of the cases homeowners are getting as much as 7% return on their investment annually.

“This trend is likely to see a further increase as those settling into retirement get used to their new found freedom and a little extra cash. Many areas in Spain which have seen stagnant property sales over the last 10 years are suddenly springing back to life and attracting new and younger investors. Many of these new buyers are grabbing every opportunity to join the buy to let property business,” he says. 

Cons of buying Spanish property

Those wanting to invest in stunning Spanish properties need to heed the warnings. Unscrupulous scam artists have swindled many unwary UK citizens out of their hard earned money. The key to knowing if the deal you are getting into is a solid one is to make sure that you are not innocent when you arrive abroad. Make sure that you plan out every aspect of your property journey abroad. Know what you want and know where you want to buy your property.

While many areas in Spain offer luxurious living at an affordable price, sometimes these deals are too good to be true. Be careful of developers promising high yields at a low price. While the deal might seem good, you could also be buying a property in an area which is not suitable all-year round. Knowing which area you are buying into is key. Make sure that you visit the area of your choice in both peak and off-peak times to make sure that you are going to get the right return on your investment. Also, be careful of investing your hard-earned money into developments which are not widely known. Many of the smaller schemes collapse quickly after they are launched and the developers quickly disappear with the money they brought in from their investors.