Make Spain Your Second Home - Consider Buying Property

Are you thinking of buying vacation or investment property in Spain? You should consider buying property in Benidorm which is located on the beautiful Costa Blanca. This area is known for its breathtaking coastline, amazing beaches and five star golf courses. It?s not only an ideal place to vacation but also to invest in a rental property. Here are some tips on buying property in Benidorm, Spain.

Setting a Budget

First off you need to set a realistic budget for your Benidorm property investment. Remember to include the cost of taxes, agent fees and the cost of repairs which can add up to 10 percent of the sale price. If you?re planning on renting out the property to absorb the mortgage payments then make sure you don?t count on this for the first few months of ownership. It will take time to furnish the property and set up a rental agent to care for your property. Once you have a budget then only look at properties that are in your budget since you don?t want to get in over your head.

Researching Property

To start your search and to get a grasp on the market use the internet. Agencies and independent sellers have websites with detailed information on properties. You can view vital information such as size, location and amenities as well as view pictures of properties. By doing this you will know what to expect and have a better idea of what you can afford. Agencies also have general information about foreign investment on their sites so read through this information to get a basic understanding of the process.

Once you have an idea of where you want to buy your property, make some visits to the area at different times of year if possible. You?ll be able to see if the area suits your needs and is convenient for a vacation rental. Talk to some of the neighbors for an insight to the area and its pros and cons. If you?ll be using your property primarily as a rental property then you?ll want to look in areas that are close to the beach, shopping and restaurants.

Once you have an idea of the area you want to buy property and an idea of what you can afford then it?s time to find a real estate agent. Find an agent that is experienced and reputable. He or she also needs to speak fluent Spanish and English so the agent can communicate to you the different aspects of the sale. The agent will be able to show you properties that fit your needs and price range.

Hire an Attorney

It?s important to hire an attorney once you are ready to buy property. You?ll need an attorney that is not only familiar with the property laws of Spain but also with foreign investors. Make sure you find one that is bilingual so he or she can translate all of the important contractual information.

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