#InheritedProperties #Spain #RealEstate #Investing
Hey everyone! 👋 I recently inherited some properties in Spain and I could really use some advice. Here’s a breakdown of my situation:
– I have a small apartment worth about 100k to 120k euros
– A duplex on the beach worth 300k euros
– Roughly 25k square feet of land
– I’ve been offered 100k for my apartment
– I’m thinking about eventually retiring in Spain and buying a house in the countryside
So here’s the question: what should I do with my inherited properties in Spain? Sell, rent, or keep them for retirement? I’d love to hear your thoughts and insights! 🤔💭
One possible solution could be:
– Consider the long-term potential of each property and how it aligns with your retirement goals
– Think about the potential rental income if you decide to keep the properties
– Consult with a financial advisor to explore your options and make an informed decision
Can’t wait to hear your thoughts! Let’s discuss! 🏡💡 #RealEstate #RetirementPlanning
Damn i wish i was this lucky, id say rent it out and let it appreciate in value until you’re ready to move to Spain.
What city/beach?
Trying to manage a property in another country sounds like a nightmare tbh, I’d just sell it.
Keep it.
I personally would not sell any property if I were you since you are planning to retire in Spain . A 5-7% rental return is amazing . Keep the assets and do more research before you make a decision. What is the hurry
Personally, even if I wanted to retire in Spain, I would sell all of these properties as soon as possible. You have many years to build up enough savings to allow yourself to retire in Spain, without having to hold these properties for 30+ years.
If you rent out the property, you’ll also have to consider Spanish taxes like the IRNR- impuesto sobre la renta de los no residentes and IBI- Impuesto sobre Bienes Inmuebles. I would recommend you talk to a Spanish lawyer to really understand all the implications of rentals, sales and inheritance tax before deciding what to do.
The sooner you sell your portion, the lower the tax implications you have since appreciation wouldn’t increase in a very short period of time.
But you have to decide if you wan tot keep the properties or not. You will also file a T1135 for the properties with your tax return and all are taxable assets now. your cost base is he FMV at time of the person fro who you inherited it from, day of passing.
If you do keep and rent it out, the rent is taxable income to you as well: [https://www.treaty-accord.gc.ca/text-texte.aspx?lang=eng&id=102340](https://www.treaty-accord.gc.ca/text-texte.aspx?lang=eng&id=102340)