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Owners rental advice > Buying to Let > How can I avoid any problems?

How can I avoid any problems?

Avoiding property buying problems Owning a buy to let holiday home, especially one in a foreign country, is a huge commitment and should not be entered into lightly. Potential problems can easily be avoided if you do your homework beforehand.

You can find a list of things below which you should keep in mind when buying a holiday home in Spain, and although this is not an exhaustive list, it should give you some food for thought ....

 

Research

Before you decide to buy a holiday home in Spain we would always recommend that you research, research and research again.

  • Don't take an agent's word for it - check things out for yourself.

  • Visit the area you intend to buy in.

  • Holiday there - twice if necessary.

  • Read reviews in internet forums and ask questions.

  • Get a feel for what your guests will be experiencing.

  • Only once you're happy with the area should you look at properties.

  • Make sure you have a structural survey done. A few euros now could save thousands later.

  • Research the local planning laws if you intend to make alterations.

  • Don't overstretch yourself financially and rely on rentals to cover the bills.

Legal Advice
Good, independent legal advice is worth its weight in gold. Choose the DIY legal route at your peril as this may lead to unforeseen problems which could have been easily avoided.
  • Get your legal advice in place BEFORE making any decisions and certainly before signing anything.

  • Find your own lawyer - one recommended by an agent could potentially be paying them a finders fee, which makes the 'recommendation' questionable.

  • Make sure you employ a bi-lingual lawyer, i.e. one who speaks both Spanish and your own language. The local tourist office should be able to help you here.

Language
When buying property in Spain you may find that there are few people in your chosen area who speak your Mother tongue, especially in the more remote areas.
  • If language is an issue, then the services of a translator can often pay off when viewing properties so that you can ask all the questions you would normally ask in your own country.

  • Remember, if the discussions are in Spanish and you can't understand, ask for a written transcript from your translator so you can recap later.

Crime and Safety
If you buy a property in Spain with the intention of letting it out, then unless you have it fully occupied all year, there are going to be times when it is sitting empty.
  • Find out about crime in the area you are interested in.

  • If you are buying in a community, is there a crime prevention scheme in place.

  • Does your new property have a burglar alarm fitted - does it need one?

Buy with your guests in mind
Buying to let in Spain means that you will be having holidaymakers staying in your holiday home. You need to consider how you will make their holidays happy ones.
  • Consider the letting seasons and your target market.

  • If you intend letting to families - two bedrooms or more would be best.

  • Villas with private pools are nice, but pools need to be maintained and cleaned out regularly. This may be a running cost you can avoid if there is a communal pool nearby.

  • Consider what holidaymakers need. A cottage in the middle of nowhere may be what you want, but many potential renters want to spend their holidays near the beach, for example.

  • Resist the temptation to 'do up' a wreck unless you plan to live nearby. You could end up flying backwards and forwards from your home country for years.

Licences
Renting out a property in Spain is no different to renting in other EU countries. If you buy to let you should:
  • Ensure that you can legally rent out your holiday home on a short term basis.

  • Research the tax situation when letting your property.

  • Ask the community president (if applicable) for details of the community rules and regulations.

  • Rules vary from community to community so make sure you understand the ones of the community you are buying in to.


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