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Relocate to villa martin area

Posted: Sat Jun 20, 2020 9:10am
4 replies328 views3 members subscribed
Davek1

Posts: 3

Location: Villamartin

Joined: 16 Dec 2019

Hi. Iv been coming to villa martin on holiday for thirty yrs now and im hoping to buy three maybe four properties in the area to rent out as holiday lets through the season and possibly six month let out of season. I would hopefully be using the income from this to live off and as a builder hopefully pick up bits off work over time to top up my income. Initially once the properties are up and running i would like to move out and rent long term slightly inland where rent prices are cheaper. Has anyone on here done this or any advice would be much appreciated, i do realise things could change due to brexit and will be waiting until next yr before making any purchase. Thanks

Dave

Cheryl

Posted: Sat Jun 20, 2020 9:54am

Cheryl

Legendary helpful member

Posts: 2973

3533 helpful points

Location: Albatera

Joined: 8 Jun 2017

Posted: Sat Jun 20, 2020 9:54am

Hello Dave, have a read of this, Davebev1's guides: Renting out your property as a holiday let in Spain 

Prior to Covid shutdown, Torrevieja was reported to have got it's act together issuing licences but other areas were taking up to 18 months so this would be time with your properties standing empty but bills still due, such as standing charges for water and electric plus council tax (IBI) and Community fees.
Some communities are considering banning tourist lets, others may charge higher community fees for them. Estate agents will tell you there will be no problem getting a licence but they are unregulated sales people and only the local town hall (Ayuntamiento) will be able to say for definite if they would consider allowing a licence (assuming all other conditions are met).
If you are from the UK you will be limited to staying here 90 days out of 180 unless you apply for Residency and therefore become a Spanish tax resident for all your earnings.
If you are hoping to pick up some bargains, what with the fallout from Covid, read up about Complementary tax so you don't get stung a few years down the line.
You will also need to pay for the first year's private medical insurance up front to get Residency.
Spain had the second highest unemployment rate in the EU before the virus and this is only going to get worse so picking up a few bits of work, especially when many people's income may have taken a big hit lately will not be easy and you will have to go self employed (Autónomo) which means paying towards the health system. This starts at about €50 per month, rising to about €250 a month within a couple of years, regardless of your income.
There is a tab at the top of the page for Jim's Guides which have all the information you will need.
A last thing, the Costa Blanca is already full of ex-pat builders, both qualified and those with the Ryanair multi trades certificate, some working legally, many not. Prices are much lower here and taxes higher and a large percentage of your potential market are retired and living off fixed incomes which have already been much reduced with the exchange rate. You would also need to familiarise yourself with building licences which are required for even the smallest jobs.
A few things to think about, but all the best with your plans.

Davek1

Posted: Sat Jun 20, 2020 10:59am

Davek1

Original Poster

Posts: 3

Location: Villamartin

Joined: 16 Dec 2019

Posted: Sat Jun 20, 2020 10:59am

Cheryl wrote on Sat Jun 20, 2020 9:54am:

Hello Dave, have a read of this, Davebev1's guides: Renting out your property as a holiday let in Spain 

Prior to Covid shutdown, Torrevieja was reported to have got it's act together issuing licences but other areas were taking up to 18 months so this would be time with your properties standing empty but bills still due, such as standing charges for water and electric plus council tax (IBI) an...

...d Community fees.
Some communities are considering banning tourist lets, others may charge higher community fees for them. Estate agents will tell you there will be no problem getting a licence but they are unregulated sales people and only the local town hall (Ayuntamiento) will be able to say for definite if they would consider allowing a licence (assuming all other conditions are met).
If you are from the UK you will be limited to staying here 90 days out of 180 unless you apply for Residency and therefore become a Spanish tax resident for all your earnings.
If you are hoping to pick up some bargains, what with the fallout from Covid, read up about Complementary tax so you don't get stung a few years down the line.
You will also need to pay for the first year's private medical insurance up front to get Residency.
Spain had the second highest unemployment rate in the EU before the virus and this is only going to get worse so picking up a few bits of work, especially when many people's income may have taken a big hit lately will not be easy and you will have to go self employed (Autónomo) which means paying towards the health system. This starts at about €50 per month, rising to about €250 a month within a couple of years, regardless of your income.
There is a tab at the top of the page for Jim's Guides which have all the information you will need.
A last thing, the Costa Blanca is already full of ex-pat builders, both qualified and those with the Ryanair multi trades certificate, some working legally, many not. Prices are much lower here and taxes higher and a large percentage of your potential market are retired and living off fixed incomes which have already been much reduced with the exchange rate. You would also need to familiarise yourself with building licences which are required for even the smallest jobs.
A few things to think about, but all the best with your plans.

Thanks for your time and food for thought thats very helpful, i would be staying in the uk until the properties are up and running should i take the plunge 

Cheryl

Posted: Sat Jun 20, 2020 3:09pm

Cheryl

Legendary helpful member

Posts: 2973

3533 helpful points

Location: Albatera

Joined: 8 Jun 2017

Posted: Sat Jun 20, 2020 3:09pm

Davek1 wrote on Sat Jun 20, 2020 10:59am:

Thanks for your time and food for thought thats very helpful, i would be staying in the uk until the properties are up and running should i take the plunge 

In that case you would also need to pay non Resident's tax on each property and pay someone to be a keyholder for when the unexpected happens, plus buildings insurance.

Davek1

Posted: Sat Jun 20, 2020 4:56pm

Davek1

Original Poster

Posts: 3

Location: Villamartin

Joined: 16 Dec 2019

Posted: Sat Jun 20, 2020 4:56pm

This post that was quoted has been deleted.

Hi, the plan is to live in spain full time in a couple of yrs and im looking at options. Good points you made thanks for your time. Regards

Dave

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Costa Blanca Building Specialists
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Gran Alacant Insurances
Gentlevan Removals
Expat Services
ASSSA Insurance
Thy Will Be Done
interior building work
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