Advantages of Buying Instead of Renting in BarcelonaBarcelona is a beautiful city that affords a life of fun and luxury, but you need to decide whether you will buy a home or rent when you are living here. Knowing the advantages buying instead of renting can help to guide you in making this decision. There are many pros to buying so definitely keep these in mind, especially if you are looking for a place that you will stay in a for a while.

 

Tax Advantages

Residents in Barcelona can enjoy different tax advantages when they choose to buy property instead of renting it. If you buy a property and then later sell it, you will not be responsible for any capital gains that occur if the value of the property increases. This applies to those who have been a resident for at least three years and are over 65 years old. This also applies if you sell property that you already own and then re-invest in another property in Spain.

The three percent retention does not apply to you if you are a resident buying a property. Non-residents will have to pay this tax, however.

If you are considered an official resident of Barcelona and then leave your property to family that are official citizens when you pass on, there is a 95 percent reduction in inheritance tax. There are a few stipulations that can be discussed with a lawyer or real estate agent experienced in this matter.

You Will Not Have to Worry About Losing Your Home

Well, of course you can, but only if you do something like not pay for it. If you are renting in Barcelona and the landlord decides to sell, you will need to move and cannot stop them from selling just because you need a place to live. You will be given 30 days notice, but in the end, will need to go elsewhere. Now, if you sell your home, it is yours as long as you are making the payments.

Now, if you have the money you can buy the home that your landlord is wanting to sell if you wish to stay here and own it. There is also the right that you be given preference as a buyer in this situation. There is also the right that if a third-party purchases the home then you are allowed to buy it for the price that the third-party paid.

You Cannot Make Changes When You are Renting

If you are living somewhere long-term, you will likely want to make some changes once in a while. Some landlords will let you do things like paint and hang pictures, but major renovations are rarely allowed unless you made a special deal with the landlord when you signed the rental agreement. Owning your home allows you to make it completely your own.

For example, you may want to add a patio or balcony, especially if you live in an area with magnificent views. This is likely not going to be allowed under a basic rental agreement, but when you own the property you can change it as you like.

The article is written by Jennifer D'angelo exclusively for HomeSearchBarcelona.com.

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