You must also budget for insurance, maintenance, property management fees, service charges and tax.
This means that English, Welsh and Northern Irish citizens can will their Spanish property to whomever they see fit. "The future of the remaining homes will be studied on an individual basis. Hundreds of the homes have been built inside a nature reserve, with many of them sold to expats seeking a new life in the sun or a holiday home. Industry professionals agree that property in Spain is overvalued and that prices are due to drop soon.
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A cave house is a home that is constructed either partly or wholly underground. This also applies to foreign citizens who have assets in Spain unless they make a will. It is the latest in a series of threats by Spanish authorities to demolish homes built without planning permission. Never buy without having seen the property.
This also applies to foreign citizens who have assets in Spain unless they make a will.
The authorities are far more concerned with the issue of Inheritance Tax, another area that we intend to tackle in a future article.
"Our dreams of a new life in the sun have turned into a nightmare.
Look for a property convenient for the local airport and attractions such as beaches and golf courses. Even in the case of married partners who are UK citizens, the surviving spouse of the deceased would only be entitled to half of the Spanish estate if no will was made to state otherwise. We face financial ruin. This can be done quite easily and cheaply.
Les Edwards, marketing director for Spanish Inland Properties, said: "We are passionate about cave houses and want more people to know about them.
Never buy without having seen the property.
Les Edwards, marketing director for Spanish Inland Properties, said: "We are passionate about cave houses and want more people to know about them.
Some countries charge a wealth tax simply for owning a property, while most charge capital gains tax on any profit when you sell.
Many buyers hope to help cover the costs by renting out their property to holidaymakers or locals, with a buy-to-let mortgage.
Look for a property convenient for the local airport and attractions such as beaches and golf courses. Esteban Gonzalez Pons, Director of Housing for the Generalitat Valenciana regional government body, warned: "The homes built on protected land inside El Hondo Nature Reserve will all be demolished.