Real Estate Opportunities In The Costablanca

By: Peter Wilson

Real estate in the Costa Blanca has recently become very popular with Europeans from other countries. Quite a number of people from outside Spain are buying vacation homes in this region. If you are looking for a good buy, remember that the prices in the most touristy areas are the highest. You will find a less costly alternative in an area that is off the beaten track. You will still be close to a beach, as well as the other attractions, and will save a great deal of money, and areas away from the very touristy sections also tend to be quieter and more private.

As with any investment, the first thing you will need to consider is how much you can afford to spend. Knowing in advance what your limitations are will make it easier to shop around. Have a range amount in mind so that you do not waste time looking at unsuitable properties, and perhaps being tempted to go in over your head.

In addition to the initial purchase price of the property, you must consider other costs of the vacation home. There are taxes, real estate fees, attorney's fees, etc. Figure at least an additional 10% for these supplemental fees.

The next step you should take is to determine what the purpose of owning this vacation home is. Are you going to use it only for your own vacations or are you going to rent it out the rest of the year? Which will be more lucrative, short or long leases for the property? This in turn may be determined by the types of vacations you take. If you like to hop down to the sun for a long weekend you may not be able to let the house out for a long term lease. How long are you going to hold onto the property? Do you hope to buy and then sell right away to make a quick profit, or do you plan on holding onto it for a number of years?

Next, decide what's important to you in a vacation home. Here you have two considerations. Your own taste is important, but if you are going to be renting the house out, you want to make it "tenant proof" as well.

The location of the property is important. Do you plan on renting a car each time you go, or should you make sure you are close to public transportation? How far is the property from the airport? Renters may appreciate being close to transportation, so you will make it a more attractive rental if it is.

Now, how do you go about finding a property in the Costa Blanca to purchase?. Since so many foreigners are buying property in this area, you will be able to find a great deal of information on listings. The Internet is an ideal source. Get a good idea of locations and prices before you go to view the properties in person. Then contact a real estate agent to help you with your search. Be honest with your budget and your wants and desires and a real estate agent will be a valuable asset in your search. Make sure you see the property in the off season. If you plan on using the home for yourself in the summer and renting it out in the other seasons, you may be disappointed to learn that the area is completely tourist and most of the shops are closed after the summer. Make sure you research these issues before you make any final decisions.

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