Before buying, be ready to see a lot of properties. During the property boom, home buyers would visit 4 or 5 properties before buying, whereas nowadays they may have to visit up to 20, 25 or even 30 different properties. If you are a home buyer you may need a second inspection trip.
Be clear about what your goal is in buying a property:
1) Is it for a permanent residence? If so, then you will have to carry on with all the expenses.
2) Is it as a temporary second residence? In that case, are you going to be able to sustain the costs of the home when you are not there? If not, then will you be able to pay your mortgage or/and expenses if you do not let the property during those months?
3) Is it going to be a Buy-to-Let investment? Any gross rental yield above 4.8% can be considered an optimum yield in Spain nowadays and this could reach up to 8% in certain areas .
4) Is it going to be a Buy-to-Resell investment? Generally speaking, it will take considerable time for the price to pick up. Your buy to resell strategy should be for the mid to long term.
5) Is it going to be a Buy-to-Refurbish plan? That is probably one the best investment we can do now.
Other articles of interest:
Property investors chasing the Spanish market
Will prices rise again in Spain?
Getting to the point of property investment in Spain
Property investors challenge: 4.7% rental yield