Location advise please

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24 Feb 2020 16:26 by Johnstone36 Star rating. 1 posts Send private message

I'm looking to by an apartment near the sea in Spain where I can escape to in winter, but provide some income as a summer rental. I have done some research but I figured that I should ask advice from people who have done this! Do you have any location recommendations for a viewing trip. Is it better to buy a brand new property or existing one? What should I be wary of? Any advice, especially on location would really assist. Thanks
David

 


This message was last edited by Johnstone36 on 24/02/2020.



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24 Feb 2020 18:10 by windtalker Star rating. 1665 posts Send private message

If you are buying with the intension of letting out to cover mortgage payments then think again...even if you could afford to buy outright you will still not make enough to cover you outlays if you go through  agency..I know of 3 people that rent out property and they will all tell the same ...you have got to find your own clients and you have got to do all the cleaning / hand overs yourself ..you will also need to have the relevant license  in place ..you will also need a tax accountant as you will be required to pay 24% on income earned...some of the rental income that they quote on programs like place in the sun are a joke ... anywhere you look in Spain you will see thousands up for rent..if it was as easy as giving your key's to a estate agents and sitting back  and watching the money come in wouldn't everybody be doing it.

 

 


 


This message was last edited by windtalker on 24/02/2020.



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24 Feb 2020 20:04 by ads Star rating. 4012 posts Send private message

https://www.gov.uk/guidance/how-to-buy-property-in-spain#history
 

Scroll up to read all the relevant sections in this UK Govt website.

 


This message was last edited by ads on 24/02/2020.



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24 Feb 2020 21:42 by mariedav Star rating in Ciudad Quesada. 1062 posts Send private message

Windtalker is right. Loads and loads of places to rent and you need a licence if you are doing it for holidays. You need someone to clean and change the linen in between visits, passport numbers have to be collected and reported to the Guardia Civil, tax has to be paid on the rental income and so on plus you have to declare the rental income to the taxman every 3 months so you'd probably need a gestor or good solicitor to do it for you.

Places near the beach do go for a good rental but only for 2 or 3 months of the year if you are lucky. The rest of the time they are going for money that probably woulnd't even cover your outgoings (council tax, electric and water standing charges and so on) or it will be standing empty and earning nothing. Plus the cost of the rentals in the first place will be rather higher than a similar place away from the beach.

You don't say if you are UK citizen but I will assume you are. In which case you probably won't be able to claim back any expenses on the property next year (at the moment you can claim a percentage for your IBI, cleaning costs, rental agent and so on - non-EU citizens can't do that).

Many people have come and asked if it will be really worth it. And not sure I'd like a place near the beach in the winter months anyway. 





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