Rent to Buy! Do you own a Spanish Property? Are you finding your property for sale in Spain difficult to shift!?
Perhaps you should consider a rent to buy option.
The Spanish Property market is changing rapidly, due to the current Covid pandemic and of course, the restrictions relating to Brexit.
For the past 20 years, the UK has provided the largest Spanish Property buying segment in Spain. In fact, it still does. But the demographic has changed significantly.
For many years, Spanish Property Buyers from the UK have either been planning to retire, own a holiday home or an investment portfolio for rental income.
However, since Britain’s departure from the EU in January 2021, we’re seeing a new and different kind of buyer.
Who is Buying?
From all over Europe, Spanish Property Buyers are getting younger. The average age of house hunters in Spain is now in the 38-50 year old bracket. Usually professionals who can run their existing business online, or simply commute to their office when required. Alternatively, they might be early retirees who plan to buy a property in Spain and start a new business from home or in tourism.
A significant amount of current buyers seeking a property in Spain are looking for Rent to buy options and they tend to have larger budgets than the average Spanish Property Buyer. Often they are already living in Spain, looking for the ideal property to live and work from. They are usually in a rental property, but only using it as a base.
They are looking for the ultimate property; probably whilst waiting for their own property in the UK, Belgium or Netherlands to sell or complete. It is likely they will require a top-up mortgage, which takes some time to arrange. But they are serious, motivated buyers with a significant budget should the right property present itself.
These rent to buy clients; often prefer to experience living in the property before they are in a position to complete. But they must be taken seriously.
Specialist rent to buy Spanish Property Agents can put in place the right contract for a 1, 2, 3, 4 or 5 year term, with the owner receiving a substantial deposit and monthly payment. Should the buyer choose to cancel or withdraw from the purchase, the owner receives the deposit and the rental income, often tens of thousands of euros, a decent compensation for a property that may not have sold or is sticking.
Should the tenant exercise their right to buy, then the property owner has a successful sale.
For more information on Spanish Rent to Buy options, please contact casas247.net, one of our advertising agents who will be pleased to provide further information.