Many people in the UK find that Spanish dream homes are not only affordable but also a good investment. While a lot of Britons could never afford luxury real estate at home, they are pleasantly surprised at how much home their money will purchase in Spain. In this FAQ (frequently asked questions) article, we’ll present some basics about buying high-end luxury homes in Spain.
Q. Why should I consider buying my dream home in Spain?
A. First, you should know that Spain welcomes foreign investment in high-end property for sale. In fact, buying holiday homes in Spain is considered a safe and stable investment. It takes only the most cursory search on the Internet to find high-value Spanish property for sale, much of which is valued at £1,000,000 and above. And if you’re not planning to move to Spain permanently, but rather use your Spanish home only a few weeks or months per year, you may be able to rent the property when you’re not there. This will help defray the costs of ownership. It’s also a good idea to hire a real estate agent who’s fluent in both English and Spanish. To complete a Spanish real estate transaction, you’ll also need bilingual legal assistance.
Q. What do I need to know about the current Spanish economic situation?
A. Spain has historically outperformed its EC (European Community) peers, consistently having a high average annual economic growth rate of about 5%. Spain is fully integrated into the EC and was one of the first countries to adopt the Euro as its currency. Most importantly, the cost of living in Spain is about 20% to 30% lower than in the UK, so it is relatively easy to make your Spanish dream house a reality.
Q. What’s involved in travelling back and forth to Spain from the UK?
A. Due to the boom in Spanish holiday homes, it’s easy to get to Spain by air. In fact, there’s plenty of competition for customers, so airfares tend to consistently trend downward. Many airlines maintain a presence on the Internet, so booking a discount flight is just a click away. No need for a travel agent. If you plan to travel by car or rail, know that the Spanish transportation infrastructure compares favorably to that of other EC members. The most popular travel destinations in Spain are on the Mediterranean coast, so you should consider locating your dream home near places like Barcelona, Valencia, Almeria, Granada and Malaga. It takes only about 2.5 hours to fly to Spain and EU nationals do not need a visa for stays of less than 90 days.
Q. What’s the cost of living in Spain?
A. In general, you can expect that the cost of living in your dream house in Spain will be about 10% to 15% lower than the cost of living in the UK. Due to the hot climate, you may need to budget for higher-than-average air conditioning costs. You should also research the cost of electricity in your chosen area of Spain, since in some places it can cost a lot more than in the UK.
Spanish dream homes are often highly affordable investments for people in the UK who are looking for a reasonably priced getaway to this nearby and friendly land.