Buying in Spain cost examples
Sep 8th 2019 | 6:39 am
#1
Thread Starter
Just Joined
Joined: Sep 2019
Posts: 1
Buying in Spain cost examples
Hello I’m based in the UK I’m looking at buying a buy to let in the UK then I thought about buying somewhere in Spain to rent out.
I was thinking about the Canary Islands because it’s nice all year round.
Ive read that they will lend you upto 70% of the value of the property.
so for example if I buy a £200,000 villa I’ll need £60,000 deposit.
Ive read that I’ll need to pay around 10% fees so around £20k is this correct? Can you add this to the mortgage or do you have to have this in cash?
is it best to get a Spanish mortgage or a UK one.
Can anyone recommend any UK property consultants who understand Spanish property law etc, I’ve heard of people being ripped off before.
many thanks.
I was thinking about the Canary Islands because it’s nice all year round.
Ive read that they will lend you upto 70% of the value of the property.
so for example if I buy a £200,000 villa I’ll need £60,000 deposit.
Ive read that I’ll need to pay around 10% fees so around £20k is this correct? Can you add this to the mortgage or do you have to have this in cash?
is it best to get a Spanish mortgage or a UK one.
Can anyone recommend any UK property consultants who understand Spanish property law etc, I’ve heard of people being ripped off before.
many thanks.
Sep 8th 2019 | 8:34 pm
#2
BE Enthusiast
Joined: Feb 2011
Posts: 797
From: South Wales and abroad
Re: Buying in Spain cost examples
The Canary Islands is very expensive compared to the Spanish mainland, £200k is not a lot of money out there but is on the mainland.
I have a UK property portfolio and to be honest would not even think about buying to rent in Spain. The Spanish love red tape, certainly with property. Your also up against Airbnb plus the rental returns are less than the UK, certainly for long term lets.
Stick with the UK for a BTL
I have a UK property portfolio and to be honest would not even think about buying to rent in Spain. The Spanish love red tape, certainly with property. Your also up against Airbnb plus the rental returns are less than the UK, certainly for long term lets.
Stick with the UK for a BTL
Sep 9th 2019 | 1:17 am
#3
BE Forum Addict
Joined: Jan 2016
Posts: 2,411
Re: Buying in Spain cost examples
Hello I’m based in the UK I’m looking at buying a buy to let in the UK then I thought about buying somewhere in Spain to rent out.
I was thinking about the Canary Islands because it’s nice all year round.
Ive read that they will lend you upto 70% of the value of the property.
so for example if I buy a £200,000 villa I’ll need £60,000 deposit.
Ive read that I’ll need to pay around 10% fees so around £20k is this correct? Can you add this to the mortgage or do you have to have this in cash?
is it best to get a Spanish mortgage or a UK one.
Can anyone recommend any UK property consultants who understand Spanish property law etc, I’ve heard of people being ripped off before.
many thanks.
I was thinking about the Canary Islands because it’s nice all year round.
Ive read that they will lend you upto 70% of the value of the property.
so for example if I buy a £200,000 villa I’ll need £60,000 deposit.
Ive read that I’ll need to pay around 10% fees so around £20k is this correct? Can you add this to the mortgage or do you have to have this in cash?
is it best to get a Spanish mortgage or a UK one.
Can anyone recommend any UK property consultants who understand Spanish property law etc, I’ve heard of people being ripped off before.
many thanks.
Sep 9th 2019 | 2:37 am
#4
BE Forum Addict
Joined: Jun 2009
Posts: 1,217
From: Valencia area
Re: Buying in Spain cost examples
The Canary Islands is very expensive compared to the Spanish mainland, £200k is not a lot of money out there but is on the mainland.
I have a UK property portfolio and to be honest would not even think about buying to rent in Spain. The Spanish love red tape, certainly with property. Your also up against Airbnb plus the rental returns are less than the UK, certainly for long term lets.
Stick with the UK for a BTL
I have a UK property portfolio and to be honest would not even think about buying to rent in Spain. The Spanish love red tape, certainly with property. Your also up against Airbnb plus the rental returns are less than the UK, certainly for long term lets.
Stick with the UK for a BTL
Sep 12th 2019 | 8:09 pm
#5
BE Forum Addict
Joined: Aug 2009
Posts: 3,669
From: Costa Blanca
Re: Buying in Spain cost examples
The demand for both long term and holiday lets in certain parts of Spain is very strong:
https://www.pellicerheredia.com/en/i...uying-property
Some might say that Spanish 'love red tape' but I have just bought a property in a matter of weeks - all very straight forward. OK, I have experience (lived in Spain a long time) had good solicitors and the property was empty but the process is not as bad as it looks. But yes it is expensive you must allow around 12% on costs (depends on the region and whether you are resident and its primary accommodation etc)
https://www.pellicerheredia.com/en/i...uying-property
Some might say that Spanish 'love red tape' but I have just bought a property in a matter of weeks - all very straight forward. OK, I have experience (lived in Spain a long time) had good solicitors and the property was empty but the process is not as bad as it looks. But yes it is expensive you must allow around 12% on costs (depends on the region and whether you are resident and its primary accommodation etc)
Sep 12th 2019 | 9:20 pm
#6
Lost in BE Cyberspace
Joined: Feb 2008
Posts: 6,172
Re: Buying in Spain cost examples
Some might say that Spanish 'love red tape' but I have just bought a property in a matter of weeks - all very straight forward. OK, I have experience (lived in Spain a long time) had good solicitors and the property was empty but the process is not as bad as it looks. )
Sep 12th 2019 | 9:50 pm
#7
Lost in BE Cyberspace
Joined: Feb 2013
Posts: 6,255
Re: Buying in Spain cost examples
The demand for both long term and holiday lets in certain parts of Spain is very strong:
https://www.pellicerheredia.com/en/i...uying-property
Some might say that Spanish 'love red tape' but I have just bought a property in a matter of weeks - all very straight forward. OK, I have experience (lived in Spain a long time) had good solicitors and the property was empty but the process is not as bad as it looks. But yes it is expensive you must allow around 12% on costs (depends on the region and whether you are resident and its primary accommodation etc)
https://www.pellicerheredia.com/en/i...uying-property
Some might say that Spanish 'love red tape' but I have just bought a property in a matter of weeks - all very straight forward. OK, I have experience (lived in Spain a long time) had good solicitors and the property was empty but the process is not as bad as it looks. But yes it is expensive you must allow around 12% on costs (depends on the region and whether you are resident and its primary accommodation etc)
Sep 15th 2019 | 12:52 am
#8
Started off with nothing
Joined: Feb 2009
Posts: 4,987
Re: Buying in Spain cost examples
Add to that the stress when your tenant does not pay rent and trashes your property.
