Your Dream Home in Spain: Should You Rent or Buy

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Spain is an attractive destination for tourists and foreigners. It is also one of the top countries chosen by expatriates due its pleasant climate, amazing sceneries, rich culture and high standard of living. Staying for a while or for good in Spain will mean you’ll need a place to stay. Whatever the purposes of many people are when it comes to staying in Spain, it would be good to be familiar with the laws concerning real estate and acquiring properties in this country. This way, you can weigh your options of either renting or buying a house in Spain.

Renting a House in Spain

Renting in Spain is a good option if you do not have plans in staying in Spain for good. Situations like being assigned to a foreign company branch, being a foreign transfer student or being a businessman looking for a potential offshore investment are just among the few reasons for seeking properties to live in Spain. The stay can be indefinite, which could last several months up to a few years. Most of the times, the aforementioned situations usually don’t necessitate the purchase of a new house, but would need house rental instead.

Renting is also a good option if you do not have plans in buying a house yet. Renting can give you time to observe and get to know Spain, find a city or place where you would like to live in the future. Renting prices are competitive and can vary depending on the size of the house and the location. Prices range from 480 to 1,000€ for houses outside or within the city center. The prices can still be higher if the houses are located near coastal areas. Renting can have significant paperworks and processes to follow such as below:

  • Property application in Spain;
  • Deposits for renting a home;
  • Payment terms and modes of payments;
  • Additional rental costs;
  • Rental Law in Spain.

Buying a House in Spain

The process of buying a house in Spain may entail several documents and permits, but you can manage them all with the right resources. Spain has the charms of idyllic scenery and invigorating climate, plus an affordable real property rate, which attracts several expat home buyers. Whether you’re looking for Property For Sale Javea, Costa del Sol, La Rambla and other scenic spots in Spain, it’s always wise to consult a local real estate agent or check real estate websites. Being cautious and investigative are good qualities when it comes to buying properties in a different country. No country is free from unscrupulous developers and real estate agents. Check for the credentials, license and qualifications of real estate agents, lawyers and even translators.

The Spanish property market is still in its recovery phase after the global financial crisis. Buying properties in Spain can still be favorable considering its relatively affordable cost and moderate transaction costs of around 10-15% of the property value. Here are several things to have in mind when buying a house in Spain:

  • Search the market for properties that meet your requirements;
  • Check the Spanish property registry (Registro de la Propiedad) to ensure that there are no outstanding debts attached to the property, e.g. Mortgage;
  • Make a 10% deposit to secure the property;
  • Sign the deed of sale and pay the remaining 90% property price.

By now you may have a fair idea on the Spanish property and rental market. Depending on your actual needs and priorities, you can either choose to rent or buy a house in Spain. One important thing to remember is to be cautious. Do not be tempted to cut corners and always thoroughly check everything about the property before proceeding to buy or rent to avoid problems. With careful processing and accomplishment of the necessary procedures, you can now securely stay in your dream home in Spain.

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