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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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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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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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I am also looking to purchase for rental income in summer. Would it be possible to discuss with anyone who has a rental property about the pitfalls and opportunities as have been concerned about the amount of rentals available.
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When we bought our first place we rented out through an agent and made a bit of money the first year.
Second year went well, but the agent scarpered to the Cap Verde Isles with all his clients summer takings.
Third year was useless as there was, by this time, lots of properties of the same type available at low rent.
My advice, if you want to be out in the winter, is buy a trastero (many urbanisations have them for sale) then hire yourself in winter when prices are cheap and keep all your personal goods in the trastero. Let the owner pay all the on-costs water, electricity and taxes.
ps if you want to buy a two bed, two bath, ground floor flat (without trastero or parking) send a message.
This message was last edited by tteedd on 11/6/2021.
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I wouldn't bother - there's too much on the market and the expenses and hassle ain't worth it.
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Don't argue with an idiot, he will drag you down to his level and beat you with experience.
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I can honestly say ..now that the EU have stipulated and the Spanish are enforcing a 90 day maximum stay in Spain in any 180 days as a holiday home owner I would not buy again and would not advise any one to buy either when you have to pay full Suma / full IBI / full water meter rental / full electric meter rental / full non resident TAX for the year this can work out to be expensive when you can only use your property for a maximum of 180 days out of the year ..it wouldn't be so bad if they dropped the 90 /180 rule.. apparently Spain is looking at this with a view to changing the EU rules that seem to be very damaging to the Spanish economy.
This message was last edited by windtalker on 11/8/2021.
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Wind talker, I heard that also on Saturday, Spain has lost so much income over the rule of 90 / 180 days, my informant was a little hazy with this ??
Where did you hear it? Do you think it was creditable, your info.
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https://www.schengenvisainfo.com/news/spains-costa-blanca-authorities-want-to-extend-the-permitted-period-of-stay-for-uk-citizens/
Actually better on here, visainfor
This message was last edited by mariedav on 11/8/2021.
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Thanks mariadav
Good start for many if it happens.
PS sorry spelt you name wrong
This message was last edited by baz1946 on 11/8/2021.
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Any of the so called EU member states citizens can spend 180 days continues or 180 days in a 12 month period .in the UK
the EU is supposed to reciprocate and has point blank refused to do so even though they know the 90 /180 rules are not working and very damaging for Spain and the likes economy..but the good news is that Spain is a Sovereign country and can change these idiotic EU rules that are without a doubt been put in place for no other reason than political points scoring...so why on earth are the Spanish government dragging there feet.. when it's inevitable that the Spanish property market will collapse without British holiday home owners and full time retirees buying in Spain... personally I think Spain is going to be void of UK citizens either living full time or holiday home owners in around 5 /10 years ... when the current crop of British retirees and holiday home owners start to die off you can see this happening now ..I have a villa on a highly desirable gated community in the last 18 months we have lost 3 owner's these properties are normally snapped up by the Brits as soon as they come on the market ..the 3 properties in question are still up for sale.
This message was last edited by windtalker on 11/9/2021.
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Portugal tried to change the rules to allow Brits 180 days in one go but the EU said it was a EU wide policy and would not change it.
However, on our "highly desirable gated community" we have had 4 sales in the last 6 months. 1 Icelandic, 1 Dutch, 1 Norwegian and 1 Brit. All 4 have been sold to Brits with 2 of them being permanent residents.
Just seen another for sale sign go up across the road by a Brit chap going through a marriage break up. It will be interesting to see how long that one takes to sell and who buys it.
The Brits aren't being singled out for the 90 day bit as it applies to all those from non-EU countries. One house that has been up for sale for some time is a Russian who has had travel restrictions imposed for the last couple of years. He, though, just has a hand painted For Sale sign on the gate and the number listed comes up as unobtainable. No wonder he's had no response.
And just last week, a whole bus load (well, mini-bus) of Brits pulled up driven by an agent. They were all going round writing down the numbers of those for sale.
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Mariedav have a look at the Portuguese D7 visa..a British citizen only needs proof of a income of €775 per month and proof of property ownership in Portugal..and to top that off you don't pay Tax for the first 10 year's... Cyprus is more or less the same ...why is Spain asking for €25,000 per year income for a single person or €30,000 per couple and to top it off you are Taxed to the hilts in Spain...as for property selling fast on your site ..this could be put down to asking price ...on our site the cheapest villas are €350,000 plus for a 2 bed property the most expensive being €450,000 plusfor a 4 bed villa.
This message was last edited by windtalker on 11/9/2021.
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Cyprus is a full member of the European Union, one of 28 countries. However, it is not yet in Schengen, although it is expected that it soon will be. The Schengen Agreement is meant to provide freedom of movement for all member countries, some of which are not in the E.U.
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There is enough in the world for everyone, but not enough for the greedy!
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Kavanagh the word FREEDOM OF MOVEMENT is the big problem that the so called EU have got to deal with .. you can't have uncontrollable EU migration within the EU member States ..this was the main reason behind the BREXIT and the reason the UK left..so I doubt very much if Cyprus will allow uncontrollable EU migration especially when Cyprus has British Armed forces on it's soil and large British expat community...and the fact that the UK has been left with 800,000 EU citizens claiming Dole money off the British Tax payers POST BREXIT...so much for freedom of movement within the EU...the Brexiteers said on the Big Red Bus that we would save £350 million per week by leaving the EU maybe so but what they didn't factor in was paying unemployment benefits to 800,000 EU citizens living in the UK...POST BREXIT.
This message was last edited by windtalker on 11/9/2021.
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Oh, Dear Windy my very good friend,
‘’FREEDOM OF MOVEMENT is the big problem that the so called EU have got to deal with’’
But it is their flagship rule, written in stone, their most proud principle.
‘’you can't have uncontrollable EU migration within the EU member States’’
Says who? They do have it and anyone wishing to join Schengen has to abide by it.
‘’UK has been left with 800,000 EU citizens claiming Dole money off the British Tax payers’’
I don’t know if that is true, but if it is, then that is the choice of the British Government and those who elect it. How many non-EU immigrants claim Dole money from the Government of Benefits Paradise Island?
State Benefits for British in Spain ‘’ Nada’’.
_______________________
There is enough in the world for everyone, but not enough for the greedy!
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A quick check on figures which to be honest are all over the place, hard to believe and mind boggling, but it seems that the UK pays out £585,384,000 if the UK has 800,000 EU citizens claiming...Cant be right, can it?
£731.73 a month to house and feed them, 4.3 Billion for them in 2016/17...See what I mean figures all over the place.
I don't think we paid £350 million per week to be in the EU because didn't we get some sort of refund every year, but thanks to all the lies we have been told and were told how can you believe any statements now.
We are very sure of one thing though, stop all and every payment to all that come here and they would not come.
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Baz1946 pre BREXIT David Cameron went to Brussels and asked if the UK could stop EU citizens claiming Dole money in the UK as it was causing discontent and bad feeling from the UK public .. Brussels point blank refused and said every EU citizen was within their rights to claim off the UK social security system as it is written in the EU rules that all EU member states must treat another member states citizens the same as it would treat the UK citizens..the EU all so stated that it would only help the UK with DOLE payments to EU citizens when and if the UK system was to collapse (what a statement to make ). Hence the BREXIT.. apparently the UK need people to work on our farms as the crops are rotting in the fields we also need worker's for our factories according to the Remainers group's within the UK ...and yet we have 800,000 EU citizens claiming the Dole in the UK ( WHY ) are these Remainers keeping quiet about the EU citizens claiming Dole in the UK. all this information is freely available on the net or have a look at the Migration watch UK web site.
This message was last edited by windtalker on 11/10/2021.
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