A great percentage of expats that come to Spanish lands have visited for short periods of time and a lot of them know that finding the right property in big cities like Alicante or Valencia can be harder than they expected.
You can expect to pay a bit more than other Spanish cities, consider an average of 800€ to 1.200€ a month for a two or three-bedroom flat. You have to keep in mind that if you’re planning to live in the heart of the city, the apartments are going to be small so there might be better options outside the centre of town.
However, if you’re planning to live in a one-bedroom apartment or share a flat, the price can be from 500€ to 900€, it all depends in which part of the city you decide to live. If you’re planning to live in places like Altea, Moraira, or Calpe, it’s going to be cheaper and easier to find affordable housing.
Keep in mind that the minimum period of time that you can rent an apartment is from 6 months to a year, depending on the landlord. One year is the usual period of time that the landlords with accept. Another important thing is that you will have to give one to two month’s rent as a deposit, plus the rent of the first month in advance, depending again on the landlord.
Some owners ask for:
- Evidence of employment or ability to pay the rent
- Passport or NIE
- Personal references.
Buying a Home in Spain
There are more things you have to be aware of when buying as opposed to renting: beware of property scams, fluctuations in the Spanish property market, and high capital gains tax.
Finding the right one
Buying takes time, and this might seem obvious, but in Spain it will take you a little bit longer than most other places in Europe. And of course the language could be an issue: the paperwork you need to fill in, and the websites that could help you search for your dream house, will mostly be in Spanish. So if you don’t manage the local language you might need some extra help.
A large percentage of Spanish citizens own their homes, that’s why a significant proportion of youths stay at home with their parents until they can find a decent job that allows them to rent their own place.
In Spain the transaction costs of buying and selling a house or an apartment are pretty moderate compared to the rest of Europe, at around 15% of the property value. What this actually means is that you will probably need to stay for a minimum period of two or three years to stay ahead financially.
Signing
As a potential buyer you have to make an offer through the seller’s state agency, this is the usual first step. If it’s accepted, you and the seller have to sign a preliminary contract and afterwards you will need to pay a deposit, at least 10% of the purchase price.
In Spain, expats are allowed to buy a property whether its commercial, residential or land. But of course you will need a financial number that you have to acquire in your local police station.
Renting vs. Buying a Home in Spain
You might feel like the renting process for housing in Spain is easier, and means less paperwork and less bureaucracy, but it all depends on what you’re looking for. You might be tired of renting and you’re looking to own a place for you and your family. It’s up to you to decide.
All you need to know is that Spain will receive you with a warm welcoming. Its culture, traditions, people and its lifestyle will make fall in love immediately. The sun, the beaches, the food, and the mountains are a perfect mix that make Spain a perfect paradise for those who want to start a new life in the Spanish lands.
If you’re already thinking about buying a home in Spain, but don’t know where to begin, it explains your interest rate options and includes tips and information on borrowing.
