The Costa del Sol is a major holiday destination and this means that over the years a significant number of buyers have arrived here looking for properties that are suited to being vacation rentals, or ones suited to the long-term rental market. As real estate agents with considerable experience of the property market on the Costa del Sol and of the areas most popular with visitors, we’d like to offer some tips on purchasing a buy-to-let property.
If you are considering acquiring a buy-to-let property, here are a few reasons why it is a good investment:
• It will give you a regular income and you can expect to see the resale value of your property increase.
• Property investment is less high risk than other forms of investment, plus the European property markets are forecast to remain buoyant in the aftermath of Brexit.
• You can gain a tax advantage if you buy the property in a company name and can demonstrate it isn’t for your personal use.
• You can use a property for part of the year yourself and let it out for the months you are away. In this way, the property pays for itself while you are not using it.
As always, there are some things that can go wrong, but forewarned is forearmed:
• Make sure you obtain trusted legal advice from a Spanish lawyer who knows the local laws when buying. If something goes wrong, it can be difficult to navigate the legal side of things without a good lawyer.
• Don’t forget that there are months here when tourist numbers are lower. Always factor that into your income projections.
• Ensure that the property is in an area that tourists flock to. If it is too far away from the amenities that visitors are looking for, it will be more difficult to rent out.
• Don’t forget to include all the costs of maintaining and servicing the property in your annual income and expenditure budget.
If you are looking for a buy-to-let property in Marbella that is sure to attract the maximum number of bookings, contact us at Altavista Property – we have some amazing properties that are ideal.
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