If you’re thinking about buying a vacation home in Spain then you should consider buying in Alicante. Alicante is the major city on the beautiful Costa Blanca and is very popular with vacationing Europeans. Here are some things to consider when buying property in Alicante.
Alicante is conveniently located and has a nearby airport that serves the entire Costa Blanca. With the increase of discount airlines, the airport has frequent and affordable air service. Alicante is within easy reach of other popular tourist cities such as Benidorm, so it makes an ideal city for exploring the region. The city has also seen improvements in recent years which has improved its status and increased the value of property. These are some of the reasons why foreign property investment has become increasingly popular.
Alicante Real Estate Market
Due to Alicante’s increase in popularity and status, property values have been on the rise. In recent years the market has seen a steady increase and this trend is expected to continue in the future. So whether you’re looking for a second home or a rental investment, you should consider Alicante property.
Buying property in Spain is fairly easy and straight forward for foreigners. You can obtain a mortgage in Spain or in your home country through a large mortgage company that deals with foreign investing. If you have enough equity in your home then finding a lender won’t be a problem.
There are some special requirements for foreigners buying property in Spain. One such requirement is a NIE registration number for signing legal documents. The NIE number can be applied for through the Spanish Consulate in your country. Contact the consulate or visit their website for more information.
Once you have found a home or potential property, it’s important to hire an experienced attorney. Make sure he or she is experienced with real estate and foreign investment. It’s imperative that the attorney is bilingual so he or she can communicate and translate the important conditions of the purchase. Your real estate agent will recommend an attorney but it’s best to find one on your own so that he or she is completely independent of the sale of the property.
Renting Your Property
Renting out a vacation home while it’s not being used by the owner is popular in Alicante. The region is popular for long stays in the summer so renting out your home can be quite easy. The money that is made from the rental is used to cover the mortgage so it can pay for itself. For fewer headaches it’s advisable to use an agent to rent your property so you don’t have to deal with minor repairs and finding tenants.
Don’t rely on renters to cover the entire mortgage since renting your property is not guaranteed especially in the off-peak season. Make sure you have enough money to cover your mortgage regardless of rental income.
Author: Eric SlarkowskiThis author has published 8 articles so far.