Buy Property Benidorm
Are your thinking of buying a property in Benidorm, Spain? Most people seeking to buy property in Spain naturally head for the Mediterranean coastline. In this article we will tell you everything you need to know about buying av property in Benidorm.
The Benidorm property market – especially the new-build sector has sprung back into action. The INE have also revealed that 40 per cent of foreign buyers in Spain were in the Alicante region (including the Costa Blanca).
Search and find your dream property in Benidorm
Benidorm is a city and municipality in the province of Alicante in eastern Spain, on the Mediterranean coast. Benidorm has been a tourist destination within Spain since 1925, when its port was extended and the first hotels were built.
However, the real “boom” of Benidorm as a coastal resort did not happen until the 1950s, when it became a famous summer destination for people coming from inland Spain, especially Madrid. Today it is known for its hotel industry, beaches and skyscrapers and receives as many or even slightly more foreign tourists as Spanish ones. According to the 2014 census, Benidorm has a permanent population of 69,010 inhabitants, making it the fifth most populous town in the Alicante province.
Why do you want to buy a property in Benidorm?
It is important to ask yourself why you are buying a property in Benidorm. Do you want somewhere
for holidays or do you want somewhere as an investment to pass on to the family or do you seek a second or permanent home? Other questions you need to ask yourself:
It`s important to consider the practicalities of owning a home in Spain and how much time and money you are prepared to spend on your Benidorm property. Upkeep costs are a key consideration, especially if you are on a development with shared amenities, for which you will pay monthly service charges.
How to buy a property in Benidorm
Tips when buying property in Benidorm
Five good tips when buying property in Benidorm that will help you understand the process, and to be prepared.
#1 Independent legal advice
If you are seriously considering buying a property in Benidorm you need to start looking for a lawyer to
represent your interests throughout the transaction. If you have a lawyer in place – and the funds to buy, then an estate agent will consider you a serious buyer which may also help you when negotiating the final price.
#2 Costs of buying a property in Benidorm?
Buying costs it’s typically 11 to 14 per cent for the purchase or closing costs, depending on the region of Spain, and the type of property. If you have a Spanish mortgage you need to add an additional cost of 2 to 4 per cent.
We recommend you have your finance in place before you go and view properties in Benidorm, so you won’t lose out because the process is not a quick one. The mortgage market in Spain is quite traditional in the sense that having the right contacts is crucial if you want to get the best deals. The lenders all use what is known as a debt-to-income calculation as the basis for deciding whether applicants will qualify for a mortgage. We always recommend getting a non-binding offer from Morgage Direct, and you can read more about them here.
#4 Transferring your money abroad
Currency exchange is something that buyers often leave until the last minute when purchasing an overseas property, when in fact it should be considered much earlier. Buying abroad will almost always involve a transfer of money between currencies, meaning that if you skip your research and/or arrange a transfer through a high street bank, you could end you up paying over the odds in fees and poor exchange rates. Using a specialist currency company will ensure you get the support and expertise you need, as well as a competitive exchange rate. We always recommend getting a non-binding offer from Currencies Direct.
#5 Costs of being a property owner
The running costs of your Spanish property will depend upon the type of property that you buy and whether or not you become a fiscal resident of Spain. However, all properties are liable to council tax, IBI (Impuestos de Bienes Inmuebles). If you buy on some estates or urbanisations you will be liable for Community Charges (Cuota Comunidad de Propietarios), which are for the maintenance of the estate or the care and maintenance of the common parts of a block of flats.
If you are non-tax resident in Spain then you will have to pay an annual tax (Renta) on your property, as if you had made a profit from renting it out (even if you have not). This is a nominal tax but must be paid annually. Then you have the water and electricity, building and contents insurance and general maintenance.
Destinations to buy property Costa Blanca
Alicante – Altea – Albir – Alfaz del Pi – Benissa – Benidorm – Benitachell – Calpe – Costa Blanca – Cumbre del Sol – Denia – Finestrat – Javea – Javea Arenal – Javea Old Town – Javea Port – La Nucia – Moraira – Polop – Teulada – Villajoyosa