Spain. It is arguably one of the most desirable and affordable countries to live in Western Europe.
Tens of millions of foreigners visit the country every year. Some of those people love it so much that they decide to make it their permanent home.
By the end of 2021, there were over six million foreigners living in Spain. Besides the beautiful weather that the country is known for, one thing that people like about Spain is the cost of living.
If you are going to live there, then you are going to need to look for an apartment in Spain.
What should you expect when it comes to apartments in Spain? How much does it cost to get one?
This is your guide.
Getting a Mortgage
When it comes to buying an apartment in Spain, you should keep in mind certain things that you will be expected to do if you want a mortgage.
Spain is not like some countries that require you to have everything upfront to buy property. However, you need to be prepared for the differences in Spanish mortgages compared to ones from your own country.
Generally, if you want to get a mortgage in Spain, you have to be prepared to put down 30% of the property value as a deposit. This does not include things such as closing costs and any potential taxes.
If you are coming from somewhere in the United States, this can come as a shock to some people. That is because people from there may be used to having to put down less than 10% of the home’s value.
So, before you lock into a property in Spain, make sure it does not cause you financial hardship to put down the money required for a mortgage.
Consider Your Location
The next thing that you have to keep in mind is where you want to live in Spain. Assume Spain is like your home country and if you want to live in a more popular, desirable, or upscale area, it is going to cost you more money.
Let’s say that you are coming from the United States and are open to buying a house almost anywhere in Spain. Here, you should use the same logic that you would use for real estate demand in America.
San Diego is a popular city on the coast with beautiful weather while Alabama is a rural state with minimal career opportunities. So, you can guess where you will pay more money for a home.
It is the same thing in Spain where you are going to have to shell out more money to buy a home in certain places. Barcelona and Madrid are two of the biggest cities in the country, so it will cost more to live there. Also, beach towns such as Málaga, Ibiza, and even Marbella could cost you more money to buy a home than rural parts of Spain.
So, determine how important living in a specific location is and what you can afford before committing to one area here.
Consider the Home’s Condition
Next, you need to consider how good of a shape the home is in. Is it an older building? Are there structural issues such as with the electric wiring and the plumbing? Is there going to be constant maintenance needed on the home?
These are things that you are going to have to look into before you buy a home. While this can be applied anywhere, it is important to remind yourself of this if you are coming from another country. That is because the idea of living abroad can cause you to overlook issues like this.
Another thing that you need to look at in these homes is how they are modeled. An example can be how the kitchen is structured in an older home compared to a more modern home.
In older buildings, the kitchens may be in closed-off areas. In newer buildings, they are more likely to be open-concept areas with more modern appliances for your kitchen needs.
If that is the case with this home, see if the current owner is willing to renovate that part of the home. If not, it may end up costing you less to buy that home.
Proximity to Conveniences
Finally, for practical living, you need to consider a home’s proximity to daily conveniences.
How far is the convenience store from the home? How far do you have to go to get groceries? What about restaurants and bars in the area? Are you close to a train station or a bus stop?
The truth is, being near these conveniences is going to make your life easier. Some people may want to be close enough to these things that they do not need a car.
If this is important to you, then you may have to consider paying a little more for a home. That is something that can make a home have higher demand.
Buy an Apartment in Spain
These are some of the biggest factors when it comes to determining how much an apartment in Spain costs. You need to know how much you can afford to put down as a deposit, how important your location in a certain city or to daily conveniences are, and what the home’s condition is like.
Once you determine all of this, then you could be ready to take the next step and buy an apartment in Spain.
Do you want to start looking for an apartment? See what we can offer here.