Many people buy a property in Spain with a view to letting it to holidaymakers. So, as the owner, you use it for your own sun-filled Spanish holidays and then get others to cover your running costs through rentals. Sounds simple, but here are some things to bear in mind…
Article written by The Overseas Guides Company
Holiday lets in Spain done properly work well, but be aware that Spanish regulation for letting tourist apartments (apartamentos turisticos) and holiday homes (viviendas vacacionales) in the short term vary according to the region where the property is located.
A good source of information is the town hall (Ayuntamiento) of the municipality where your property is located. They will be able to tell you what rules and regulations apply in their area. This is particularly important in Catalonia, the Balearic Islands and the Canary Islands where strict regulations exist and are closely checked. Fail to do this and you could find yourself facing a hefty fine.
Otherwise, speaking to local rental and property management agencies should provide you with necessary information. Consulting an independent lawyer, one who is familiar with Spanish land law, is a further option. If your lawyer is based in Spain check that they are registered and practicing with the local Bar association or Colegio de Abogados by requesting their registration number. You can then verify this with the Colegio de Abogados and check that their name is included on the complete list of such Spanish lawyers on the website of the Consejo General de la Abogacia Espanola.
In addition to that, if you are planning to buy an apartment that is part of a Comunidad de Propietarios, one administered by a committee of property owners responsible for the management of communal areas of apartment buildings/ complexes, you should also check if there are any rules restricting short-term letting – you don’t want to find this out once you have bought your property.
Many people do buy property and successfully rent out in the short term – just be sure that you know all the facts before committing yourself.
For more information on buying property successfully in Spain, download the Overseas Guides Company’s free Spain Buying Guide – and start receiving free news updates by email. Or to see property for sale all over Spain, visit Rightmove’s Spain listings.
A simple way to save money when buying property in Spain is to use a currency exchange specialist when transferring your pounds into euros. For more information on this, download Smart Currency Exchange’s free report or visit the Currency Zone.
