Looking to Buy in Spain?

Those who want to live in Spain should buy now as there are plenty of bargains, but those looking to invest should wait.

There are currently many property bargains on the market in Spain as people become desperate to sell their homes however, according to an industry expert, although now is an ideal time to buy if you are looking to relocate to Spain, those looking to invest should wait.

However, if you are considering buying in Spain best advice would be to considering taking out a mortgage with a UK bank as many Spanish banks have stopped lending for property purchases due to the current climate.

For those looking for a permanent or holiday home, now could be an ideal time to snap up a bargain, but serious investors are advised to wait.

For example, renting is still popular on the costas, with over 13 million British visitors a year, so demand for holiday lets is always high. Renting is a good way of covering your mortgage and during peak season you may even be able to make some additional income as well. You can then transfer any money you make in Euros into Pounds and also gain money due to the rising Euro against the Pound exchange rate.

Sources quote that Spanish property owners are making as much as 15 per profit by switching their Euro savings back into pounds sterling. In January 2007, £1 would have bought you €1.52. Today £1 will get you only €1.25. Even with the currency transfer costs you should still make a profit.