'I bought a beachfront apartment in a holiday hotspot – it is cheaper than renting'
A savvy travel writer has bought a beachfront apartment in a popular vacation spot and claims it is more affordable than renting. Karolina Wachowicz became frustrated with the rising rental costs in her new city, Barcelona, Spain.
However, when the Polish journalist told her friends she planned to buy instead, they laughed, believing the Spanish process would be too overwhelming for her. "If you've ever tried to rent a flat in Barcelona, you know the struggle," Karolina, who originally comes from Kraków, told What's The Jam.
"After a year of paying sky-high rent and handling endless paperwork for agencies, I decided to buy my own place with a terrace.
"It turned out to be far simpler and more transparent than the chaos of renting." To legally rent a property in Spain, tenants are typically required to provide a plethora of documents, including their passport, work contract, and several months' proof of income.
Renters also need a Spanish identification number for foreigners (NIE), and many agencies insist on interviews where potential tenants compete for the property. Karolina said: "The whole process can stretch for months, and fees are hefty.
"Agency commissions often start at between €700 and €800, plus additional deposits, typically two months' rent, and your first rent upfront. At the moment, average rental prices are higher than ever.
"A one-bedroom apartment in central Barcelona can easily cost around €1,500 a month or more, depending on the location and standard. This was what I paid for rent before buying my place.
"But now it's not unusual to see even higher prices." Fed up with the rental rat race, Karolina started exploring the possibility of buying her own apartment.
She said: "Despite all the warnings from friends, the process turned out to be quite straightforward. I found the right property and negotiated with the agency.
"I then signed a preliminary agreement and paid a small deposit. I secured a bank mortgage - they typically ask for a 20% down payment, although some banks offer mortgages for just 10% or even 0%, depending on certain conditions.
"I also had to provide my NIE number and a work contract before finalising the purchase at the notary." In the end, Karolina said her apartment cost just over €180,000 (£156,886).
The travel writer claimed that her biggest upfront costs were the 20% down payment, which she saved in advance, and a 10% property transfer tax. The 35-year-old added: "The paperwork was manageable compared to the endless files demanded for renting, and the entire process was much more efficient.
"I moved in quickly, but the apartment needed a major refresh. I invested most of my remaining savings into a complete bathroom renovation, handled painting and cleaning by myself, and found furniture at flea markets and through local second-hand groups.
"Budgeting was crucial, so I got creative, refurbishing the old terrace benches and installing affordable artificial grass on the terrace. From start to finish, purchasing was less stressful and actually faster than many rental applications.
"Even waiting for mortgage approval took less time than waiting for some agencies to respond. The renovation cost about the same as an expensive holiday, but now I have a place I can proudly call home.
"Not only because I feel good here, but also because of the work I put into it. And my monthly costs are less than half of what I would pay to rent a similar place in today's market."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
a minute ago
- Reuters
Global shares tumble after Trump tariff blitz
LONDON/SYDNEY, Aug 1 (Reuters) - Global shares tumbled on Friday after the U.S. slapped dozens of trading partners with steep tariffs, while investors anxiously awaited U.S. jobs data that could make or break the case for a Fed rate cut next month. The Stoxx 600 fell around 1% in the first hour of trading. It was 1.7% lower on the week, on track for its biggest weekly drop since early April. Both Nasdaq futures and S&P 500 futures were down around 1%. Late on Thursday, President Donald Trump signed an executive order imposing tariffs ranging from 10% to 41% on U.S. imports from foreign countries. Rates were set at 25% for India's U.S.-bound exports, 20% for Taiwan's, 19% for Thailand's and 15% for South Korea's. He also increased duties on Canadian goods to 35% from 25% for all products not covered by the U.S.-Mexico-Canada trade agreement, but gave Mexico a 90-day reprieve from higher tariffs to negotiate a broader trade deal. "The August 1 announcement on reciprocal tariffs are somewhat worse than expected," said Wei Yao, research head and chief economist in Asia at Société Générale. Market reaction was not as volatile as April's global asset declines, she added. "We are all getting much more used to the idea of 15-20% tariffs being manageable and acceptable, thanks to the worse threats earlier." MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab fell 1.5%, bringing the total loss this week to roughly 2.7%. Japan's Nikkei (.N225), opens new tab closed 0.6% lower, Chinese blue chips (.CSI300), opens new tab ended 0.5% down and Hong Kong's Hang Seng index (.HIS), opens new tab lost more than 1%. Overnight, Wall Street failed to hold onto an earlier rally. Data showed inflation picked up in June, with new tariffs pushing prices higher and stoking expectations that price pressures could intensify, while weekly jobless claims signalled the labour market remained on a stable footing. Fed funds futures imply just a 39% chance of a rate cut in September, compared with 65% before the Federal Reserve held rates steady on Wednesday, according to the CME's FedWatch. Much now will depend on the U.S. jobs data due later in the day and any upside surprise could price out the chance for a cut next month. Forecasts are centred on a rise of 110,000 in July, while the jobless rate likely ticked up to 4.2% from 4.1%. The greenback found support from fading prospects of imminent U.S. rate cuts, with the dollar index up 1.5% this week against its peers to 100, in the biggest weekly rise since late 2022. The tariff news appeared to have little impact on the Canadian dollar , which was last up 0.15%. The yen was the biggest loser overnight, but recovered 0.2% to 170.5 yen. The Bank of Japan held interest rates steady on Thursday and revised up its near-term inflation expectations, but Governor Kazuo Ueda sounded a little dovish in the press conference. Two-year Treasury yields fell one basis point to 3.9428%, while benchmark 10-year yields ticked up 2 basis points to 4.382%, after slipping 2 bps overnight. In commodity markets, oil prices continued to fall after a 1% overnight plunge. Brent fell 24 cents to $71.46 per barrel, while U.S. crude fell 27 cents to $68.99 per barrel. Spot gold prices were up 0.1% to $3,294 an ounce.
Daily Mail
a minute ago
- Daily Mail
Why 'holy grail' beauty buy is flying off shelves with one sold every 20 SECONDS - and it's now reduced in huge sitewide sale (up to 40% off)
The 'holy grail' Liz Earle Cleanse & Polish™ Hot Cloth Cleanser, which sells every 20 seconds, is reduced to under £26.40 in the brand's huge sitewide sale. Hailed as the 'best product on the market hands down', the award-winning cleanser is just one of the many items slashed in price in the brand's Beauty Summer Sale. Now live, with savings of up to 40 per cent on skincare essentials, it's a great time to shop iconic skincare at a fraction of the price Now live, with savings of up to 40 per cent on skincare essentials, it's a great time to shop iconic skincare at a fraction of the price - and users have inundated the review sections, raving how Liz Earle makes 'skin look and feel amazing'. Here to help elevate your routine with something new or restock your favourites, the summer sale has up to 40 per cent off cleansers, toners, serums and even perfumes, so you can get truly invest in your skin for less. What's more, you can receive £5 off when you spend £50 or more on Liz Earle products until 23:59, August 5, through Discount is applied in basket when code 5OFFLE is applied.
Daily Mirror
31 minutes ago
- Daily Mirror
Parents 'abandon child, 10, at airport after he's blocked from boarding'
A TikToker claiming to be an air-operations coordinator at Barcelona El-Prat Airport has said that a 10-year-old child was left at the Spanish travel hub by his parents Parents abandoned their 10‑year‑old child at Barcelona –El Prat Airport after his passport was rejected, it has been claimed. Flying as a child can be an intensely exciting and slightly scary experience. The early morning wake‑up, the hubbub of the airport, and the rush of taking off all feel particularly thrilling when you're doing them for the first time. Such thrills seemingly turned sour for one child, who was left standing in the terminal while his parents boarded an international flight, according to a woman claiming to work at the Spanish airport. The claims have emerged as more details have become public on a new entry/exit system to the EU. TikToker Lilian Limasin, who claims to be an air‑operations coordinator, has published a video detailing the alleged experience. She said that the ordeal came to light when the flight was suddenly called back to its parking position. The turnaround occurred after police informed her that a child had been found alone in the terminal's public area, not the secure airside zone. 'I had all the passengers on board. So when they told me a child had been found in the terminal, I couldn't understand how he had been left behind,' she claimed. According to Limasin, authorities discovered the boy, who told them his parents had left him at the airport while they boarded a flight back. Having realised his Spanish passport required a visa for their destination, and because his foreign passport had expired, the boarding staff told him that he would not be allowed to fly. Not wanting to swallow the costs of rebooking or cancelling their trip, they left him in the terminal and called a relative to pick him up, the TikToker claimed. The plane was brought to a shuddering halt when air‑traffic control contacted the cockpit and requested confirmation. The pilot allegedly asked over the PA if anyone had left a child behind, but received no response. Police then boarded the plane and identified the parents using a list of passengers known to be onboard. Limasin claimed that they were removed from the flight and taken to the airport police station for questioning. 'These are the kinds of stories you never forget. As a mother, I can't imagine leaving my child behind even for a second, let alone to go on holiday,' she said. 'I didn't see it as normal and the police didn't see it as normal either.' She added: 'I remember when my daughter was little I would lose her for a second and the girl would already be there, and as a mother I would freak out.' The veracity of the TikToker's claims is difficult to verify. The Mirror has contacted Limasin to ask her to provide more details about the incident. A spokesperson for El Prat Airport declined the opportunity to comment, saying they did not have any information on the issue to share.
