Cost of buying a property in Spain

Cost of buying a property in spain

Are you looking for the costs of buying a house in Spain? Do you dream with owning a property in Spain, but you want to have more information about the purchase taxes, process, tips…? Here we will provide you all the information you need.

There is a lot of people who would like to live in Spain (maybe someone is looking for a house because of his job, another one finished to work, wants somewhere with coast and retiring in Barcelona…), and that’s why we see that there is a bit of incertitude with the doubt of if can a foreigner buy a house in Spain or not.

Well, looking for a property in Spain, it’s true: is not easy. You always have to make sure that the home you choose suits your needs, tastes and of course, and also suits the members of your family who are going to live with you. It’s important to decide the city you are going to live, and there is always the same discussion between the main two cities in Spain: living in Barcelona vs Madrid.

If you are looking to find a luxury home in Barcelona or another popular city in Spain at a fair price, and that looks like it was created by and for you, you are in luck because at Bcn Advisors we are professionals in the search for homes, whether to buy or rent. Still can’t decide which option is better? Do you want to know what the cost of housing in Spain is based on?

Find out everything below!

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Main characteristics that a home must have

Finding a flat or a house that suits our family and needs is not always easy. In fact, most of our clients contact us because they have been looking for a certain type of home for some time but cannot find it. But why is it so hard to find the ideal home? How much it cost buying a property in Spain?

This is very subjective since each person is looking for something different, however, most agree that the ones they find do not meet the 3 minimum requirements.

 

Price

As you well know, there are times when the home market suffers from inflation. This event has been very common in recent years and, therefore, you can find ordinary homes which do not deserve to pay the amount requested.

 

Proximity

There are many people who want their home to be close to work, school, certain shopping centers… In other words, to be in a good area. In fact, finding a home in a certain area is complicated since most homes are already occupied. Therefore, it is important that you contact good professionals who have access to homes that you would never have been able to find on your own.

It happens the same with the areas you decide to live in Barcelona: it’s not the same living in Pedralbes or living in Sarrià (that is the upper zone in Barcelona), than living in Gràcia or living in Poblenou. It’s not better or worst, it’s just depend on your preferences and in what you are looking for around you. Here we leave you an article we wrote, explaining a little bit which are the 6 best neighbourhoods to live in Barcelona, and why you should choose one or another.

 

Characteristics of the house

It is very common to find a house that you like, however, when you look at its characteristics you find that it only has one room and one bathroom, making it impossible to move there with your children and your partner.

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How to calculate the price of a house in Spain?

Depending on the country in which you are looking for accommodation, you must apply some criteria or others to measure the price of housing. In Spain, these criteria are based on 2 variants: the price per square meter, and the area of Spain where the home is located.

On the other hand, the price per square meter in Barcelona is usually around €4,938. Although all this will always depend on the area and whether it is a house or an apartment. The sale prices of our luxury homes in Barcelona (based on our properties) range from €150.000 to €14,000,000: the price for the luxury flats for sale in Barcelona it’s in these intervals too).

If you are interested in renting luxury flats in Barcelona, you are in luck because at Bcn Advisors we also have housing and business rentals available from €3,600 per month to approximately €10,000.

 

Is it better to buy or rent a home in Spain?

The decision to buy or rent a home is always a headache. So that you do not have to suffer them, at Bcn Advisors we tell you the pros and cons so that you can decide on one option or another. It all depends on you and your needs!

Buy a home

Advantages

  • Freedom to do what you want in your house: a positive aspect about buying a home is that the property will be 100% yours, which means that you can make reforms whenever you want.
  • It offers stability: having your own home offers long-term stability since, in case you want it, a purchased home is for life.
  • Possible revaluation: depending on the reform you carry out and the area in which your home is located, it can be revalued and, in case you want to sell it, you will be able to obtain benefits.
  • You invest in a property that is yours: it is not the same to pay for something that in the long term is not yours. When buying a home you will be investing your capital in a house or flat that you own.

Disadvantages

  • Planned future: for many it can be a disadvantage because, due to work needs or other factors, they need to be in constant movement so, if you are not looking for long-term stability, perhaps buying a home is not the most appropriate.
  • The non-payment of mortgage entails great problems with the bank.
  • Long and expensive process: buying a home is a long process, as well as expensive because you will have to pay the property purchase taxes and other fees, as well as request reform permits…
  • Higher expenses in your day to day.

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Rent a house

Advantages

  • It is a cheaper option.
  • Freedom to change your home: as you well know, when you are renting you sign a contract for a certain time (which is usually a year or two). If you want to change, you can do so freely (although you may have to pay a fee for breaking the contract).
  • The procedures to be carried out are minimal.
  • Tax benefits for both the renter and the renter.

 

Disadvantages 

  • You will not be able to carry out major reforms: you have to be clear that a rental apartment is not yours. Therefore, in case you want to carry out any reform, you should always ask the person who rents the apartment, so you will have to be in contact.
  • The dwell time is minimal.
  • You will always have to allocate a part of your salary to rent.
  • The rental price may rise: although this does not usually happen, many tenants decide that the rental price rises, which for some people can be a serious problem due to economic impossibility.

The best autonomous community in Spain to move to

Now that you know what you are looking for, how about we talk about the best area in Spain to move to?

No matter how old you are, this community offers activities and services for all ages. In addition, it is a metropolitan city which is characterized by its security and equity. It is also  considered one of the best cities in the world. We are talking about the city of Barcelona, which, together with our luxury real estate agency in Barcelona, can offer you a wide variety of luxury homes for you and your family.

You want to know more? Contact us at Bcn Advisors!

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