FAQ
1. What are the pros and cons of rural and coastal properties?
In inland Spain, however, you can find some beautiful properties with far more space and for far lower prices than they would be on the coast. Buying inland also opens up the range of property options, such as fincas, country houses and rural townhouses, often with your own garden or land.
While it seems very romantic to buy a Spanish village or set alone on a hillside, surrounded by beautiful countryside, you have to put a lot of thought into what kind of lifestyle you want to lead. If you don’t have plans of renting it out, or you’re not the type of person who wants a lot of visitors or enjoys nights on the town, this may be great. But if you typically enjoy going out then what may seem fun for the first two weeks may be very dull once you spend your whole year there.
If you choose to buy a house on the coast in Spain, you will probably buy an apartment, unless your budget stretches to something bigger such as a villa or townhouse. Being on the coast means you are likely to be surrounded by everything you need. It’s a far more comforting option, too, if you don’t speak Spanish. Bear in mind the crowds in summer, though, and the lull in activity throughout winter, when many bars and restaurants close.
2. Will it be a good investment?
The real estate market is not an exact science. It’s impossible to completely say whether something will turn out as a good investment, but you can look at signs or indicators to help you make an intelligent decision. In the case of Spain’s property, low interest rates and increased opportunities to get money from rentals, are all good indicators that the investment will pay off.
3. Can I get a mortgage?
Spanish banks will usually lend up to 70% of the property value to non-residents. Their choice of mortgages is more limited but their requirements are not as strict as those in other countries. You can get either a Euro or Sterling mortgage, though a Euro mortgage is can help you avoid any losses from exchange rate fluctuations.
4. Can I live and work in Spain?
- EU citizens can live and work in Spain without needing any visas or work permits. As soon as you arrive in Spain you will need to apply for a tax ID number (NIE) from your local police station.