Written by James Nagel, writer/blogger.
Denia is a charming town on the Spanish Costa Blanca, located between the large Mediterranean resorts of Valencia and Alicante. In Denia, property for sale has long attracted tourists from different countries and those wishing to move to the country for permanent residence.
There are many reasons for this:
a warm and uniform climate, when there are no sudden changes in temperature in any season, which has a beneficial effect on the health of town residents;
- beautiful nature and proximity to the sea;
- good infrastructure and developed transport system;
- rich history and much more.
More than forty-nine thousand people live in Denia and the choice of real estate here is quite wide. However, for foreign buyers, purchasing property abroad can be challenging due to local regulations and language barriers. But this is not really a problem, as many experienced professionals in the local real estate market provide services that simplify the process, including obtaining mortgages with competitive rates and legal assistance.
Buying property in Denia: financial aspect
The main sources of financing Denia property for sale are your own funds and a mortgage loan. One of the advantages of buying property in Denia is the possibility of obtaining a mortgage locally, which helps maintain liquidity and properly allocate funds. The Golden Visa program allows non-EU citizens to obtain a residence permit in Spain when purchasing property, adding additional value to the purchase.
And you need to start by finding a qualified lawyer who will assist you on all legal and financial issues that arise during the transaction. Having financial means and the help of a specialist will increase your chances when negotiating the price of your chosen Denia property for sale.
When planning a budget for the purchase of real estate, it is necessary to provide for additional expenses, which can amount to 11-14% of the price of the property. In case of obtaining a mortgage loan, you must add another 2-4% of the transaction amount. These costs include taxes, notary fees, real estate registration fees, mortgage servicing, legal fees, etc.
The Spanish authorities are interested in attracting foreign investment, including in real estate, so purchasing selected property in Denia using a loan is quite feasible. And if you do not have sufficient funds to purchase the property you like, you can open an account in a Spanish bank and begin consultations with specialists about choosing the best conditions for a mortgage loan.
You should also study the issue of transferring money from one currency to another, since there is a risk of exchange at a bad rate and a significant overpayment of commission.
And an important financial aspect is planning subsequent expenses associated with the maintenance of the purchased property. It is necessary to familiarize yourself in advance with the list of taxes, amounts of utility bills and other fees for the maintenance of your own home or the general costs of maintaining an apartment building. In Denia, local authorities pay great attention to the ecological state of the environment. Therefore, there may be certain costs associated with this.
Special attention should be paid to the conditions of the Golden Visa program. In 2013, the Spanish authorities adopted a law on the basis of which citizens of states that are not members of the European Union can invest a certain amount of money in the country’s economy, in particular, investments in real estate must be at least €500,000, and receive a number of benefits, including:
- residence in Spain, free entry and exit until obtaining a residence permit;
- obtaining a residence permit in Spain by members of the investor’s family;
- the right to work and do business;
- access to education and medical care not only in Spain, but also in other EU countries, etc.
According to statistics, real estate investment is the most popular under the Golden Visa program. Therefore, by investing a sufficient amount of money and buying property in Denia, you will not only acquire excellent housing, but also many other positive aspects.
If you have long dreamed of buying a home in Spain, but are not very confident in your financial capabilities, do not be discouraged, but take action. And it is likely that soon you will be contemplating a magnificent seascape from the windows of your new apartment.