The temperatures are starting to increase here in Spain as well as the interest from would be travellers looking to escape for some sunshine and relaxation.
With the travel restrictions slowly being relaxed we are getting more interest from clients looking to plan a viewing trip although with the quarantine requirements still in place in the UK many are reluctant to book until this has been lifted.
With some light at the end of the tunnel we look forward to sharing our knowledge and advice with would be buyers soon.
With a jam packed newsletter this month we like nothing better than keeping you up to date with the latest Spanish property news, buying tips and the latest property offers.
Whether you are a potential buyer or looking to sell your Spanish property do not hesitate to contact us with your queries by clicking
Spain Lifts Travel Restrictions To UK Visitors
As of Monday, travellers from the United Kingdom were no longer subject to the corona virus restrictions for visitors to Spain from outside the European Union. This means that British tourists can enter the country without having to present a negative PCR test. These restrictions were also waived for visitors from Japan, and as of June 7 travellers from around the world who have the full protection offered by a Covid-19 vaccine will also be able to visit without any restrictions. The announcement, made on Friday by Spanish Prime Minister Pedro Sánchez at the Fitur tourism fair, has been welcomed by Spain’s main tourist destinations, which are eager to recover from the devastating impact of the corona virus crisis.
But it’s not all good news. Authorities in England have placed Spain on its "amber list" of countries, with similar classifications and restrictions for Wales, Scotland and Northern Ireland. This means in practice that travellers from the UK can come to Spain, but must quarantine for at least 10 days on their return and take two home corona virus tests, which must come back negative before quarantine can end. What’s more, there are stricter measures still in place in Spain than in the UK, meaning that tourists visiting the country will have to wear face masks while outdoors as well as in indoor public spaces such as supermarkets. There are some exceptions, such as when practicing sport and on the beach when social distancing can be observed.We all wait in anticipation that Spain will be added to the UK government GREEN list but nobody knows when this is likely as it is in the best interest of the UK economy to keep tourists in the UK as opposed to holidays in the Mediterranean regions.
Spanish Mortgage Lenders Reduce Finance For British Buyers
With Brexit the maximum amount that Spanish Banks will lend to British buyers is now approximately 60% maximum of the purchase price or the valuation whichever is the lower amount. We have also seen the banks surveyors value properties less than the purchase price therefore this reduces the finance that can be raised. With mortgage arrangements fees, notary and land registry fees you should budget around 3% of the purchase price to cover all the mortgage fees. These fees should be added on top of our recommended buying costs of 12% for a resale property or 15% for a new build property, this makes a required deposit of between 55% – 58% of the property price.
We always recommend that you should have the finance in place before you visit on a viewing trip as this enables you to view property within your budget saving you and the Estate Agent time.
Save Money On Currency Exchange Rates Whether Buying Or Selling Property
With the exchange rate a favourable 1.16 euros to a pound it is still important to receive the best rate when exchanging currency as this money saved is better in your pocket than the banks. With some of the reputable currency brokers you can arrange a mastercard that you can top up with sterling and you can use to pay for items in any country and you will be charged a more competitive exchange rate than if you were using a bank debit card. It is also very important to use a reputable currency broker when arranging funds to purchase or sell a property as there can be big savings for you by locking into the best rates. For more information about our recommended currency brokers contact us now at firstname.lastname@example.org
Sometimes Big Is Not The Best Purchase
We often get clients who are looking to purchase a villa in Spain to relocate and their biggest wish is to purchase a large property so that all the family can visit on a regular basis.
In reality the family will not visit as often as was originally anticipated and the parents end up with a large property that needs more maintenance and also it means that more of their life savings are locked up in a property.
I have recommended to buyers that they should consider a smaller property and if they do need extra space for the family visits there are plenty of properties for rental which I am sure benefits both parties as everyone likes their own space.I have recommended to buyers that they should consider a smaller property and if they do need extra space for the family visits there are plenty of properties for rental which I am sure benefits both parties as everyone likes their own space.
If a 4 bedroom villa is 50,000 euros more expensive than a 3 bedroom this would cost in total including buying costs about 56000 euros. With rental properties starting around 500 euros per week this could be a more logical step to buy the smaller property and have 56000 euros in the bank to enjoy your life.