When the Polish journalist told her friends she planned to buy a home, they laughed
A travel writer purchased a beachfront apartment in a popular holiday hotspot and argues it is more cost-effective than renting. Karolina Wachowicz grew frustrated with rocketing rental prices in her new city, Barcelona, Spain.
Even still, when the Polish journalist told her loved ones she intended to buy instead, they laughed, believing the Spanish process would be too much 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.” In Spain, tenants usually need to submit numerous documents to rent a property legally, such as their passport, employment contract, and proof of income for several months.
Renters must also obtain a Spanish identification number for foreigners (NIE), and many agencies require interviews where prospective 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.” Frustrated with the rental cycle, Karolina began looking into purchasing her own apartment.
The 35-year-old continued: “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 main initial expenses included the 20% down payment she saved beforehand and a 10% property transfer tax. She 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.”