Second home in Spain for Flemish Investors
Buy a holiday home for only € 150,000 in a beautiful location in Spain? The Flemish television program ‘Voor hetzelfde geld’ [Transl. ‘For the same money’] from the Channel Één concluded that a second or holiday home in Spain is very affordable. As long as a number of things are considered.
In the VRT program, the presenters sought a number of issues and came into contact with the team of SLG Property, a Dutch broker owned by Ron de Vries, focusing on the Costa del Sol and Málaga region. They were guided around the region to see some attractive properties.
Tips and tricks
According to the program, it is important to keep a good eye on the following issues:
- The budget and the margin: first identify what is feasible and how the house can be financed. For a loan at a bank, it is also thinkable to do this at the bank in Spain, but also your own bank is a good alternative. Spanish banks give loans up to 65%, so the rest should be paid on the basis of own resources. Always assume that there are additional costs, such as notarial and legal fees, registration fees, etc., according to several brokers, up to about 15 percent of the purchase price.
- The search: view and visit the region of your choice. It is of course interesting to see if the house is well accessible and nearby the airport. Public transport, shops, but also the beach. Since quite a few second home buyers love a sunny climate, these kinds of points are essential.
But it’s not just about the location. It is also essential to monitor various property exchanges, such as the Second Home Expo, to gain a good insight into the market. A personal conversation with a (Dutch) broker will help and he can advise you when it comes to your wishes about property and location. Verify that the broker in question is connected to a known Real Estate organization.
Even if the dream home is found, it is still important to look at a number of points. In case of bank repossessions, the state of the property must be properly analyzed. If you are considering a furnished house, then it has to be agreed what is included.
- Make the house profitable: It is interesting to sublet a second house during the period that you are not present. However, it is not always possible to do this, so the licenses must be requested. It is also very important that all administration is in order.