A good time to buy?

Many thanks for your prompt reply. Apologies as my post was misleading. It will be a holiday home, and I anticipate spending 8 weeks there early February into April, a few weeks in May, returning October for 6 weeks. At the very most I will spend 20 weeks a year there...no disrespect to anyone but after 8 weeks I’m always ready for home or a change of scene elsewhere.

I’d no idea about obtaining a Tourist Licence for periods when I want to rent out the property, and as there is a self contained flat it lends itself to such an income stream.

As per the U.K. I’m hoping that by paying tax on rental income to HMRC any outgoings on improvements & repairs can be offset against this revenue, but I’ll have to investigate that rather than simply assume !

Thanks again

Many thanks for the most helpful replies. Having read and digested the various links, sad to say I’m going off the idea of buying a place, spending a not inconsiderable sum modernising it and renting it out through an agent for the several months when I’m elsewhere. The paperwork and hassle of complying with all necessary conditions ( at my age, 63 !) seem to be more effort than its worth, so maybe I’ll consider the purchase of a smaller property, and just use it as a holiday home for myself and family without the complications encountered with a rental property as a non EU resident.

Whilst I agree that it is all perfectly doable, the fact that I would only use the property as a holiday home for a max of 20 weeks pa, realistically nearer 14, tying up a not inconsiderable sum of money, and after expenses and taxation probably only receiving 50% net of rental income, does not make it viable. 

If I were ever to consider living in Spain that’s a very different proposition. I love the Y Dales far too much to ever leave! And I spend several weeks a year in the western States skiing and backpacking with my CA friends, so given my circumstances I think a smaller holiday home to escape the worst of the British winter, and enjoy the quieter sunny months of May and October seems the way forward. 

Thanks again for the links, which were most helpful and appreciated

Hi Peanut04

Don’t be put off by the tax situation if you just want a holiday home, as we have in Moraira then go for it. Budget 13% of your purchase price for legals and tax (including getting your NIE) and just pay your non resident tax every year which is around €100. Service Centre Moraira did our conveyancing and do our tax return for a small fee every year. 

We lend our property to friends who cover the costs whilst they are there, not rent out commercially as it is our home from home! 

With Brexit so uncertain no one knows what will happen after March next year.  

Good luck

Mazza1962

I’ve already assumed to be paying 15% on top of the purchase price for tax and other initial fees thankyou. Given my circumstances, it makes more sense to buy a ‘holiday home’ rather than a more expensive, and time consuming project requiring income through a third party.

I look forward to many more holidays spent in that part of the world. Alternatively relaxing by a pool, swimming in the sea and taking friends to visit Valencia etc or walking their legs off in the interior!