I am interested to diversify myself out of strictly financial instruments, and I have an interest in dipping my toes in real estate. I recently visited the Costa del Sol in Spain and fell in love with the region. So much so, that I am interested to have a spot there for personal use, but possibly for renting* out in the future.
- I am an American citizen
- B-permit until 2024, and likely C-permit afterwards
- No debts, and adequate cash and semi-liquid cash available for down payments and fees on top of catalog price.
- Secure employment
- 1BR or 2BR, Costa del Sol (between Malaga and Marbella)
- Maximum cost 200k EUR
- Mortage: 10-year or 15-year
- Purpose: Personal use for friends and family, with possibility for possible rental in the future. I don’t intend to buy and flip.
- The real estate agent mentioned that I should assess whether I would want a mortgage in Spain or in Switzerland. For those of you with relevant experience, what should I consider when making this decision?
- Are there any concerning tax implications (or benefits) about owning a rental property outside of Switzerland?
- Any other advice that you’d give to a first-time home buyer?
*With respect to renting, I have not yet modeled the costs of a management agency, and local regulations and licenses to be a renter in this region, as a foreigner.
Thanks for any advice!