Buying a property by the Mediterranean Sea is an increasingly popular option among people who want to invest their money in something worthwhile. Investing in real estate is an excellent idea if you are going for the long haul, not a quick return. Experienced people say that if you do not plan to live in that house or apartment, investing in residential buildings that generate rental income throughout the year is best. Yes, we are moving to the Mediterranean for the perfect Spanish apartment or villa on the sea!
Javea is a city in Spain that has been a well-known tourist destination for years. Real estate in Javea will be profitable for you and, at the same time, valid on the sizzling summer days. Since this part of the country has a Mediterranean climate, you can enjoy the entire year in nice weather. Investing in real estate is still one of the most profitable investments, especially for a desirable destination such as this one. According to estimates, the property will repay itself in 15 years. So, if you decide to buy an apartment in Javea, there are a few things you need to do before you buy.
Clear documentation
Primarily, every property must have all legal and property relations properly resolved; before the law, everything must be transparent and clean. If you suspect something was done outside the law during the construction of the property, give up without thinking, considering that such and related problems would be permanently related to your property. The second criterion is quality construction. Also, determine the plan for what you will do with the property after you buy it and work out the options related to its later sale.
Can foreign nationals buy real estate?
Yes, this is possible, but once you get a NIE from the police. Numero de Identification de Extranjero is a tax identification number issued by the Spanish police. It is a document, i.e., a number without which you cannot buy or rent real estate in the future. You will also be unable to connect to electricity, water, and the Internet. So, all you need to do is apply for this document to the police, pay thirty euros and wait a few days until it is issued. Only after you have been issued this paper can you begin your search.
The search can begin
You may have already stayed in a town and have contacts that can make searching for the desired apartment easier, but in any case, the Internet will help you. There are listings of many Javea properties for sale on the Internet. However, if you want to see as many offers as possible or want something specific, the best solution is to contact a Javea estate agency.
Patiently wait for the right opportunity.
Changes in urban plans can often turn worthless and cheap land into lucrative building plots. That’s why it’s essential to be patient and wait for the investment opportunity. It is good to follow the auctions because that way, often very cheaply, you can find excellent quality real estate.
Be realistic
Higher investments are likely to bring higher returns. However, consider what it is that you want. In developed tourist destinations, real estate is much more expensive but has a more significant potential for renting. It should be borne in mind that real estate that is invested in and outside the place of residence of investors often requires additional engagement around maintenance, reservations, and other activities that consume time and money. It would be best to include a quality agency for the maintenance and rental of your property that gives you freedom from rental obligations.
Choose carefully
Give yourself time until you find a facility to say, “That’s what I wasted; it has an X factor”! Try to think in the long run. For example, if the apartment is not close to the beach, it would be desirable to have a swimming pool. Or, if located near the sea, a terrace overlooking the sea is welcome. Do not hesitate to ask the real estate agent about everything that interests you – whether it is necessary to “refresh” the installation, what the disadvantages and advantages of the location are, what the neighbourhood is, whether there is parking, and so on.
Buying is more intelligent than renting.
Real estate is constantly increasing in value and outperforming other investments, so there is no lousy moment for buying it. Real wealth is gained by buying when everyone else sells and vice versa. In addition to making money, selling a property on the sea is always easy if you feel the need to do so.
Tax breaks
Inquire about real estate tax breaks – interest rates are low, and prices have dropped. For any property, its earning potential is of great importance; the value of a particular property is always calculated in the long run according to the possible profit that can be derived from that property.
Safe neighborhood
Coastal cities, almost as a rule, have a lower crime rate or other problems that other, larger towns face daily. For this reason, investors mostly opt for new construction with a high level of security and an excellent reputation.
Concluding thoughts
Tourism is an essential factor in any country’s development because it shows its cultural and traditional values. When we talk about the return on investment in real estate, the payback period is the least when buying a house in the old part of town that has been converted into a hostel. When purchasing an apartment or room for rent, the price difference is not large, with a smaller period of return on investment has a room for rent.
