Many holiday home buyers factor into their calculations the likely income from renting out the property when they’re not using it, but are not aware that you need the correct licence to do so. That’s an increasingly dangerous game in Spain, as local authorities – in an effort to protect hotels and other official tourist accommodation providers – go to war against private individuals offering holiday rental.
It is fair to say that many British people dream about owning an old French farmhouse brimming with character and original features, preferably with at least some outside space and probably set in a pretty village. Certainly these properties are reasonably easy to find, and there are still some excellent bargains across the country. However, many such properties have been neglected, and may need a complete overhaul – or at best a serious amount of decorating.
How much should you offer below the asking price? It’s often the most tense and emotional part of a negotiation. You don’t want to offend the vendor, but money is money and why pay over the odds? How much less do most sellers have to accept in Spain anyway?
We hear a lot about the glut of Spanish homes following overbuilding in the 2000s, but in the Balearics they have the opposite problem – so few available that holiday employees arriving for the season are struggling to find accommodation, while prices are rising steadily.
With a reputed one million Chinese millionaires looking for somewhere to spend their cash, it’s no wonder that the most desirable properties in the world are finding new Chinese owners. And where does your average Ultra High Net Worth Individual (UHNWI) want to be? Paris and the South of France of course – much like the rest of us.
