Buying to rent in Lanzarote..

DeeBhoy

Hi Been looking on line at buying an apartment to rent out in Puerto del Carmen mostly. but I am unsure of the process, I am hoping a couple of you guys are aware of how to achieve this. Looking online seems quite confusing.
But the cut and thrust of it is I have 70K cash to spend
I am aware I need to keep 8-10% of that for fees, lawyers and the suchlike.
I need something like a NIE/NIF. Dont need resodencia as will only use it a month a year in the meantime.

So was wondering what was best to do?
Would it be Buy on a domestic complex and use a letting firm to deal with keys cleaning and rental or a holiday complex in which they deal with the rental aspect of it.

Thanks

zef

Hi, there doesn't seem to be too much on the market at that price range.
I had a look on Kyero.com and property prices have gone up 30% in the last year, the avg cost of a property in Puerto del Carmen is 245,000e
Only 2 properties came in at that price- a 1 bed with no inside photos (45m2), which is unusual for Kyero, and a studio apt (30m2)
All of these acts would have maintenance charges also.
I know you go to your local town hall to get an NIE (similar to PPS) number- but I don't know what the deal is if you do not want to be residential.
Personally looking around Barcelona/ Lloret del Mar & some great bargains to be had, seemed like a flood of properties came online after the UK Brexit vote.
You might find info on some UK ex-pats spanish forums, good for telling it how it really is.
If you don't want to live there - but really enjoy going here on holidays, I'd do my sums & work out could you do something safer with a better yield with your spare cash and use your profit towards your apt/ villa rental every year. Good luck whatever you decide to do!

DeeBhoy

cheers Zef- some good points there. good luck in your search