RENT OR BUY? NOW OR LATER?
These are questions we are often asked when people enquire about buying property in Spain.
“We thought we would rent for a while and then see what is on the market”
For some people this would seem to be a sensible choice, particularly if Spain is to become their permanent residence. It may be that they are going back to an area where they previously had spent time on holiday in the past. We then advise that the area in question may be great for holidays but that they need to think about day-to-day living not just for a few weeks of the year but for all the weeks of the year.
It may be a good idea to “try out” a particular style of house. Whether it be apartment or detached villa, ultra modern or traditional. Especially if it is very different from their present home.
For others they have already rented properties in Spain and feel that they now want to commit to a more permanent presence there either for their own or family use, or as an investment to rent out either on a permanent basis or when they are not in residence.
For many people, renting a holiday property is what will suit them best and/or some may use this ploy to put off buying. For these people we advise, for their own peace of mind, that buying in Spain is perhaps not for them and that it would be better to enjoy the country while there without the responsibility of ownership. We are all different and what makes sense for some will put others under needless pressure.
We ask clients who are thinking of buying if they are the kind of people who like to holiday in the same destination each year. If the answer is YES and particularly if they want multiple visits in a year then buying would seem a sensible option. If the answer is NO then we point out that maybe going back to the same spot each year may not suit them unless this is only one aspect of their holidaying itinerary and they still intend to take other holidays to different destinations.
THIS YEAR NEXT YEAR SOMETIME NEVER
When is the right time to buy emotionally – only you as a person can make that decision. The job of a Spanish property specialist, adviser, consultant or estate agent is to help you get the best deal for your money. House prices go up and down, sometimes for no apparent reason! If you listen to the news, sometimes all you hear is doom and gloom. Brexit of course is on many people’s minds but as we have said in previous blogs the Spanish government will not want to adversely affect a market in which UK citizens contribute a great deal of money. Even when property prices are high there will always be good quality, well-located properties at good prices if your adviser knows where to look.
If you are unsure whether to buy or not, talk it over, think about it and then if all seems to add up and make sense then the time is probably right for you to buy. If not, take your time remembering if you leave decision-making for too long then the market situation may have changed while you are doing so. Even so don’t be persuaded or pushed into doing something of which you are unsure.
BUYING IN SPAIN IS NOT SCARY. WITH THE RIGHT HELP IT NEED NOT BE ANY MORE DIFFICULT THAN BUYING IN THE UK. FOLLOW YOUR DREAM!