In 2019, one in ten British citizens owned a second house. And in many cases, that home was an overseas property.
Are you considering joining this number with a new holiday home?
Whether you’re purchasing a villa in the sunny south of Italy or Marbella in Spain, the steps are similar. To get the villa of your dreams, you need to consider everything from why you need (or want) said villa and your budget to the area’s location and legalities.
Below, we explore what you need to know to start your search for the perfect home away from home. Read on to land the villa you never knew you needed until you saw it.
Define the Purpose of Your Villa Purchase
Before considering types of villas, you must clarify the purpose of the purchase. This will help you make better decisions throughout the buying process and ensure that you end up with a villa that meets your needs and expectations.
Personal use is one of the most common reasons for purchasing a villa. After all, they’re a fantastic option for someone seeking a beachside holiday home or seasonal retirement property. In other cases, a buyer might want a villa for investment purposes.
The two reasons have different needs: size, design, and location in the case of personal use, rental potential and market trends in the case of investment.
To clarify the purpose of your villa purchase, consider these questions:
- How often do you plan to use the villa?
- Do you plan to use the villa as a vacation rental or sell it in the future?
- What is the potential return on investment?
- What are your budget and financial goals?
Location, Location, Location
When you buy a villa, few things matter more than the location. Where you buy can affect the villa’s value, rental potential, and overall desirability.
Proximity to Amenities
This includes access to grocery stores, restaurants, entertainment, and other conveniences. A villa near amenities will be more convenient for you and your family—or more attractive for potential renters or buyers.
Whether you plan to use the villa as a vacation home or rental property, it’s essential to consider how accessible the location is. Depending on the spot, this could include access to airports, public transportation, and major highways.
When buying a villa for your or your family’s use, the environment surrounding the villa can affect your enjoyment of the property. For those looking for an investment property, it can also affect the villa’s value and rental potential.
Factors to consider include how close the villa is to a beach or other natural attractions, the local climate, and the area’s ambience.
Other Important Factors
There are a few other factors that are useful to consider. These include the safety and security of the locale, access to quality healthcare, the quality of the school district (for families considering a long-term villa purchase), and local regulations and zoning laws.
Set a Budget
One of the first steps to take when considering villa options is to settle on a low and high-end for your budget.
While we’d all love for the sky to be the limit when it comes to home purchases, for most of us, that’s not realistic. Setting a budget will ensure you (and your real estate agent) don’t waste time looking at properties that don’t suit your financial abilities.
For example, a luxury villa in Marbella, Spain, runs the gamut of pricing—from the low €200,000s into the millions. A budget (at the very least, setting an upper limit) helps you narrow your search within this wide range of prices.
Don’t forget, too, to consider all the associated costs and expenses. This will help you avoid surprises or unexpected expenses, especially if you’re a non-citizen buyer.
Again, using Marbella as an example, these might include:
- Property conveyance tax (ITP)
- Value-added tax (VAT/ IVA)
- Attorney fees
- Mortgage fees (if you’re borrowing)
- Notary fees
- Property registry fees
- Banking expenses
That’s not to mention likely numerous return flights to the location and the costs to reside there while you view the villas you’re interested in.
To understand what costs you might incur as a buyer, talk to a real estate agent working in the area you’re considering purchasing in.
Property Features: Size, Design, and More
Finally, we get to the fun part: considering what you want your villa to look like and how big of a property you need.
First, consider how many bedrooms and bathrooms you need. This will depend on the size of your family and whether you plan to use the villa as a vacation rental or a family home. You don’t want everyone to share bedrooms or line up outside the bathroom door every morning.
In most cases, you’re buying a villa as a holiday home, whether for your family or others to vacation in (in the case of an investment property). Because of this, consider the outdoor space and amenities of the villas you look at. Do they have a:
Outdoor space can significantly enhance the value and enjoyment of the property, especially in warmer climates.
Other factors to consider include architectural style (inside and out); property layout, privacy, and maintenance; and whether you’ll need to renovate.
Learn How to Land a Villa You’ll Want to Live In
Whether you’re purchasing a villa for the first or you’re a seasoned property investor, following these steps will ensure your success.
Doing your research is vital. This will ensure every step of your villa-buying journey runs smoothly, from getting the legal details right to ensuring the property suits your or your family’s needs.
If you’re looking to buy or sell property in and around Marbella, Puerto Banús, Nueva Andalucía, Benahavís, and Estepona, partner with choosemarbella.com.
We offer far more than just an unrivalled, highly personalized real estate service. You get to tap into our vast experience in dealing with buyers, sellers, and even rental properties in the Marbella area.