Thousands of people are buying second homes
A second home in Spain
Spain - Housing & Rentals
With a major portion of the Iberian Peninsula occupied by Spain (80%), it is indeed an inviting a location for investment towards an ideal second home
Spain is also sound with reference to geography, climate and cultural richness. A large coastline has contributed highly to attract real estate and holiday planners to this area. A temperate climate makes it the ideal holiday destination. The culture of Spain is rich and pleasurable still, ingrained with foot-tapping music and folkdance.
Investments in Spanish property have seen high returns though these may vary from area to area. For instance, across Spain as a whole, last year, the value of property increased by 17.5% approximately .In order to discharge doubts about investing in Spain for a second holiday home, the new legislation that covers property sales and building standards offers increased security, which makes it safer than ever before to buy property in Spain. Add to this an expectancy of growth in the Spanish property market that is widely predicted to continue.
This is given a further impetus by the Spanish Government's policy to encourage tourism, international investment and construction in the Country. Players from the European region have especially stood to benefit from this move.
The number of foreign investors buying holiday property in Spain has increased dramatically in the past few years. Pleasant climatic conditions, great scenery combined with fantastic culture and cuisine have attracted a wide range of people wanting to buy a second home in Spain. Low interest rates, a boom in the Spanish property market and a growing demand for rental accommodation from the tourist industry indicates that a current investment would yield impressive returns in the ensuing years.
The area to buy property is most dependent on individual tastes and needs. If the priority is to generate income out of the second home then, it calls for a detailed research or, engaging a real estate consultant.
Then again, there is a tussle between choosing a seaside home and the quiet rustic interior regions. The former, which is also profitable, calls for a heavy investment initially. On the other hand, the countryside home is economically viable but does not guarantee returns by renting out the homes to holiday planners. The rural areas are most suited to an investment that helps to gain more property at a lesser rate.
Depending upon personal considerations, investments could be made on new property or, those for resale. The returns on previously owned property is immediate if adequate research is done on the existing rentals for the area as the advantage of buying furnished property can also be cashed upon. This is in turn, determined by the condition of the house and dues to be paid, along with how much in demand the property is valued to be.
From holiday apartments to villas to small-town properties, each has its own defined set of capital investment in terms of buying and maintenance. The returns range from personal luxury of a home away from home, to rentals dependent on proximity, to tourist locations. So, whether you fall in the investor category or the relocated bracket, Spain is a preferred choice. Coastlines have attractive incentives to rent out bought properties; the retired get more for their money by moving inland; and those moving to Spain permanently are doing well by looking at the population-dense areas.
By visiting the preferred location, the investors have also seen the holiday homes for themselves, understood the potential for income-generation and avoided pitfalls, if any. Thus, engaging Spanish lawyers familiar with the Country's regulations in order to ensure smooth and well-negotiated transactions has helped the people to make sound homely investments. That an estimate of all these works up to only 10% of the property-price is of great interest to the buyer.
The procedure for sale of estate homes in Spain requires the buyer to be exceedingly fast with investments and decisions, which allows for quick owning of homes and happy times and returns thereafter. Following an exchange of deeds, contracts and payment of fees and dues, a person is the proud owner of a beautiful holiday home. With sufficient guidance from the Spanish-speaking lawyer or consultant regarding wealth-tax and taxable incomes, people have finally woken to the possibility of the second holiday home in Spain as well as appreciating Spain as a property investor's paradise.
This Article has been submitted by Andres Miller.Andres Miller is a successful Real Estate Broker and Property Consultant in Spain. He has been contributing to http://www.villasabroad.co.uk, a Guide to buying villas and properties in Spain.
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