In fact, according to a survey by the European Central Bank (ECB), the Spanish are the Europeans most houses have.
But as with any purchase must face a series of fixed and variable costs. And it is not gold that glitters, real estate investment is characterized by illiquidity and more in times of crisis.
For starters, buying a second home, either on the beach or mountain, is a major outlay or resort to a mortgage loan. In the latter case, the amount that financial institutions tend to finance around 60% of the appraised value. Obviously, a beach house also has cheaper and now prices after the crisis, which in some areas have fallen almost 50% from highs.
This indicates that to buy and maintain a second residence must be from a comfortable economic situation because the acquisition a series of overhead meet. In return, either purchased, at a low point in the housing cycle can provide significant gains in the future or get some return for rent during the time that is not used. In addition to that many people buy thinking about retirement.
If the home is second hand, is subject to Transfer Tax (ITP) ranging between 6 and 10%, depending on each autonomous community. If new leads VAT is 10%. This is coupled, notary, registration, agency, etc.
So far the process is similar to buying a primary residence, but with the difference that much of the year is free, although its maintenance is needed.
According to the OCU, maintain a second home on the Spanish coast costs an average of nearly 1,800 per year and community fees become one of the most important chapters.
The second residence is taxed on the income statement. It is in the section allocation of property income. To declare income equivalent to 2% of the cadastral value of the property (1.1% if the rateable value was revised after January 1, 1994). The percentage allocation in income tax on secondary property whose assessed value has not been revised in 10 years has risen from 1.1% to 2%. Obviously this is always declares that it is not rented and for personal use.
With all this and once the sum of all expenses, the economic situation of each family and their interests will mark the guidelines to buy a second home or not.
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