In the late part of the 20th Century, properties in Spain could not be built quick enough to meet demand and buying a holiday home in Spain became more and more popular. With a small blip in 2008 when the world was hit by a financial crisis, buying property in Spain has since continued to increase in popularity for a number of reasons.
When looking for places to buy in Spain if you search for ‘apartments for sale in Spain’ or ‘villas for sale in Spain’ you will find huge availability. In particular you will find more and more new build properties in Spain to meet demand for use as permanent homes, investment properties or as holiday homes.
In this article we will discuss reasons why you should consider buying a holiday home in Spain.
Benefits of Buying a Holiday Home in Spain
One of the primary reasons why buying property in Spain has become so popular is how quickly and easily you are able to get there from the UK and other European countries. Ease of travel has been a big contributory factor to the Spanish property market. Budget airlines such as Easyjet and Ryanair offer flights at very affordable prices with flight times of between 2 and 3 hours from the UK to the Costa Blanca.
It is close enough to take a short refreshing weekend break, making the most of your property in Spain. Many holiday home owners in Spain have regular long weekend breaks throughout the year as well as longer holidays. This is a great option for those of working age wanting to take regular breaks from a busy life or families wanting to get away during the school holidays.
For those people with more time on their hands wanting to enjoy more lengthy stays at their property buying a holiday home in Spain means they don’t have to worry about expensive long haul flights with expensive luggage fees and so on. It is a fantastic option for those wanting to spend a few months of the year (usually the colder months) in the sun. You are able to nip back to the UK with ease should you need to.
It also means if you wish to spend several months in your holiday home property in Spain, family members and friends are able to visit you with ease. This is often particularly important to those with young Grandchildren who want them to be able to visit regularly.
This brings us onto our next benefit of buying a holiday home in Spain. Should you wish, family and friends can take advantage of your property in Spain as a cheap holiday for themselves. Of course with it being a holiday home rather than a permanent home there are many weeks of the year when the property is not being used when your loved ones can make use of it. Whether you choose to charge them a fee is up to you.
An additional option while the property is vacant is choosing to rent the property out. This can generate sufficient income to cover any mortgage payments or other costs for the year.
Financially, owning a property in Spain also means you only have to pay for transport when you go on holiday and do not have to worry about expensive hotel costs. This is particularly a benefit for families who are restricted to school holidays when hotel costs can be extortionately high.
Spending extensive periods of time or making frequent visits to a holiday home will likely lead to extensive knowledge of the area. That knowledge allows the owner to find the best bars and restaurants, great beaches and other leisure facilities, and for many people enables a significant level of integration into the community from which long lasting friendships can evolve.
Apartment vs Villa as a Holiday Home
Apartments and villas both have their advantages and disadvantages as holiday homes in Spain.
Apartment: Built over one level, apartments and condos in Spain are generally the cheapest property type and offer the most flexibility. One benefit of an apartment in Spain is to be more within a community. Communal swimming pools and play areas mean children have others to make friends with during their stay. Unlike a villa, there is no gardening or pool maintenance to keep on top of for example. There will be community fees which will cover the maintenance of all communal areas etc. If holidaying, when you leave you can simply lock the door behind you and have no worries.
Villa: Villas for sale in Spain are perhaps the most desired Spanish properties, designed in typical Mediterranean style or ultra-modern and contemporary. They often come with private pools, or gardens large enough to have one built if you wish. This does however mean that they usually require more up-keep and maintenance. This means when the property is not being used it may still be costing you money in maintenance. It is not as easy to lock the door behind you with no worries as it is with an apartment. You may also have community fees to pay depending on where the villa is located. Many villas for sale in Spain are located within communities which enjoy shared areas which require maintenance.
Costs Associated with Owning a Holiday Home in Spain
When buying a holiday home in Spain or indeed a property in Spain for any other purpose it is important to understand the different costs and taxes you must pay to avoid complications and possible penalties or fines. We would advise you to talk to a specialist about this but below are some things to consider.
There are some taxes which people do not necessarily know about. For example, if you spend less than 183 days in Spain in a year then you are classified by the Spanish tax authorities as a non resident. One tax which must be paid as a non resident is Spanish non resident tax.
If you plan on spending more than 183 days a year in your property in Spain then you will officially be classified as a Spanish resident and will therefore pay the same in tax as Spanish residents.
If you plan on renting out your property in Spain you will also have to pay rental tax on this income. You can read about this in our article about Spanish non resident tax.
It is important you know what you need to pay and when to avoid possible penalties and fines.
At Movehappy we endeavour to make your experience as a Spanish property homeowner enjoyable and stress free. That's why we have created our Movehappy aftercare package - available to any Spanish property homeowner anywhere in Spain and the Balearic Islands. We organise things like Spanish non resident tax, utilities and community fees for you so that you never have to worry! For more information either visit our Movehappy aftercare package page or contact us!
Please contact us if you would like more information about buying a holiday home in Spain, places to buy in Spain or anything else at all. Also see our purchase process and our free buyers guide. At Movehappy we are always here to help.