Tips for Buying a Second Home in Spain

Posted October 23, 2020 by in Lifestyle

A second home in Spain can give you the perfect getaway, and also provide you with a source of income if you decide to let it out to holidaymakers when you are not using it.

Many people from across Europe invest in a second home in Spain for these reasons, and the right property can help them to achieve more financial freedom as well as the freedom to escape to sunnier shores during the winter and enjoy a cheaper holiday in the summer. 

Here in this quick guide, we are going to cover some of the top tips for buying a second home in Spain so you can enjoy a fantastic summer for less and create a new revenue stream for you and your family. 

How Do You Find a Spanish Property?

The easiest way to find Spanish properties is online at one of the many Spanish property portals available. When you have a shortlist of properties you are interested in, you will need to pay them a visit yourself, which is a great excuse for a week away in Spain!

You will need to identify what type of property you want, and what type of location you are looking for. You may have specific areas in mind, but this can limit your options, so it is important to be flexible. Have a list of ‘must-have’ features for your holiday property, such as a swimming pool or access to communal leisure facilities. You will also need a local airport that has flights to and from your current location if you are going to make quick and easy visits to your second home in Spain.

Get Some Help to Begin the Purchase Process

Buying a home can be a difficult and long process in any country, and every nation’s house purchase process has its own quirks and regulations that you need to adhere to.

Go online and search for Spanish property lawyers that can help you with the process, to make sure you don’t fall afoul of any local or national laws. This will help you avoid any hidden charges, fees, or fines that you may incur in the purchase process and help you budget more accurately.

How to Fund Your House Purchase

In order to buy a house in Spain, you will need to open a Spanish bank account. This is simple and easy to do, but make sure you shop around to find the best account for you and your house purchase.

Foreign exchange rates will become very important to you, especially when transferring large sums of money from your native bank account to your new Spanish one. There are many foreign exchange services that offer very competitive rates on foreign currency exchanges when a large sum is being transferred, so investigate these to help you save money on deposits and mortgage payments.

Buying a property anywhere can be a difficult and challenging process, and buying one in a foreign country can be even harder. Make sure you get the help you need and take your time to research the process fully to avoid losing money and wasting your time.