13 Feb 2024 11:51 AM:
Emerald6273, I found MarieDav’s reply to you very is very useful, but I’ll try to add to it.
Regrets? No, even though the timing of our last purchase was not good.
Yes 14% purchase costs and taxes is a realistic budget – ongoing taxes tend to be far less than UK and there seems to be a move to keep them that way.
Property prices vary massively – choosing the right place/Region etc is obviously key. Never buy in a hurry!
Locations adjacent to the coastline usually attract a premium of 30/40% or more, but against that they can be a better investment and easier to sell.
A UK based professional firm like Spanish Tax forms provide an excellent service/advice for income tax – charge around £30 or so pa.
Renting out in Spain is not simple – lots of hassle, expenses and hoops to jump through to do so legally. Possibly best not to rely on any income expectations, unless you really know otherwise.
Mould should never be a problem if you buy a solid modern well constructed property and use common sense. When I was an employed person I often left our place empty for most of the winter without any issues whatsoever. But there is an absence of meaningful building regs in Spain, so caution is needed, particularly with new builds.
You reasonably ask about the possible negative features, but there are loads of positives not raised. Invariably the most vital depends on your selection of the property – location, location, location etc. Very much including being in the community (or not!) that suits you.
As time goes on we’ve gone “more local” and found we eat better food and drink for a fraction of UK costs – and also learnt how to minimise other costs – eg our electricity bills are also a fraction of what we’re used to. Also the labour costs are often stunningly cheap, so building and maintenance costs are often surprisingly well priced, yet with generally good expertise, pleasant people and work ethic.
The exception being certain “professional” sectors where agents, banks, solicitors sometimes have lower standards than you might expect. They can see their role more of being just a functionary, part of the system, rather than providing meaningful advice to their client.
I hope the above is a useful addition and not patronising – some items cannot be over emphasised.
Good luck!
Thread:
Does anyone regret their holiday home purchase?
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