This is the second in a series of articles looking at the reasons why people buy property in Spain, and specific things to look out for depending on which type of buyer you are. Today I am looking at buying a property to let or rent out.

Obviously there are lots of reasons why people buy property in Spain, but to me the most obvious ones are as somewhere to live, or as an investment. In addition there are the people who buy an apartment or villa in Spain specifically as a holiday home, and those investors who plan from the start to let out their property. I therefore thought it might be useful to pass on a few buying tips, looking at these 4 scenarios in turn.

From a legal point of view buying a property in Spain can have many complications and peculiarities. As I discussed in my previous post, there are many different taxes and duties the buyer has to arrange. (If you missed this article please click below). Apart from these financial considerations, there are a number of other difficulties that a buyer can experience, which can end up costing a lot of money if they are not solved in time.

For anyone who has decided to buy a property in Spain, as with anywhere else, there are a number of financial considerations over and above the sale price. I have already discussed annual costs and sales taxes in my previous articles; in addition interest rates, if you are taking out a loan are an important factor, and for expats buying anywhere abroad, exchange rates come into play.

This article gives a rough guide to the buying process for re-sale properties:

Once you have found a second hand property that you want to buy, and your offer has been accepted (unlike making a non-bindng offer in the UK), in Spain you will be asked to sign a reservation contract, or in some cases a more detailed private sales contract. This also requires you to pay a small deposit usually in the region of 3000€.

This is my final article in the series looking at the relative advantages and disadvantages of buying off-plan and resale property. Today I am looking at the disadvantages of going for resale:

Finding the Right Property
As every second hand property is different it normally takes a long time and many visits to different agents and properties to find the right one.

This follows my previous articles regarding the advantages and disadvantages of buying off-plan property. Of course the alternative is to but resale property of which there is plenty of choice here in Almerimar. Resale, like off-plan property, has pro and cons; today I am looking at the advantages!

Further to my posts describing the principles of, and the buying process for off-plan properties, here is a summary of what I see as the disadvantages:

Seeing the Property
If you purchase early in the construction phase, you will obviously not be able to see the finished product (the property), and depending on how early, there may not even be a show flat to view. There is always a slight risk here as to whether you will like the finished result.

Further to my posts describing the principles of, and the buying process for off-plan properties, here is a summary of what I see as the advantages:

Investment Factor
If you purchase early in the construction phase or even before construction has started, the investment value of off-plan properties is likely to be very good, as initial prices tend to be set below perceived market value to attract the investment needed to help the developer finance construction.