How to transfer UK pension to Spain
Read our helpful guide on how to transfer a UK pension to Spain, including the steps, fees and taxes involved.
Luckily, Madrid is considered to be one of the most affordable metropolitan cities to live in. Whether you’re looking to live on a student’s budget or something a little more upscale, there are plenty of options and price points available.
If you decide to share a flat, your monthly rent may be as low as €290 per month. You can comfortably live in your own place for €1100 – 1500 but there are luxury options available as well for around €2000 - 4000.
Despite the low prices, finding an apartment can still be a nightmare. It’s a good idea to familiarize yourself with what to expect when renting a home in Madrid. This guide will walk you through everything you need to get started.
Because Madrid is a major metropolitan city, there are a lot of varied housing options available. The buildings are slightly older, and apartments are more common, but studios, one to four bedroom apartments and even houses are all options for your move to Madrid. Because it’s home to four universities, there are also plenty of students looking for flatshares or roommates.
There are many options available when finding a neighborhood to settle in, and as a European city Madrid as a whole is extremely walkable. Its subway system also affords a level of accessibility that rivals any other major metropolitan area. Whether you’re looking for cheap student housing, a hipster haven or something more luxe, Madrid’s varied neighborhoods have a lot to offer.
There are a number of online sites that can aid in your search for an apartment or flat in Madrid. These websites are a good place to start because they have a large database of options, lots of pictures and powerful search functionality, meaning you can filter by neighborhood, type of home and even whether or not the unit has a pool. Anyone can upload to these sites, however, so be sure to be on the lookout for scams. It’s helpful to have rudimentary Spanish skills to read through some of the details.
Whether it’s to save some money or to get to know a local or two, flatshares are a good option for any foreigner looking to move to Madrid. Having a roommate means you the split the cost of rent, utilities and more but also guarantees you’ll know someone in your new city. If you think a roommate is the best option for your move to Madrid, there are plenty of online resources available to help you find the perfect fit.
When dealing with a landlord directly, there are a few things you should know about Spain. In Madrid there are laws that must be followed in every lease negotiation. The standard lease is for one year, with the opportunity to renew or leave after that period. Additionally, the size of your security deposit is mandated by law.
Legally, your security deposit for an apartment in Madrid is one month’s rent if the unit is unfurnished, or two month’s rent if the unit is furnished. These numbers are just a minimum, however. Some landlords may ask to increase the security deposit and although it’s in their right to do so, it’s also within your rights to negotiate.
It’s also becoming increasingly common in Madrid for landlords to ask for “bank guarantees” or “aval bancario.” This means that you have to submit the security deposit to a specific bank account that the landlord has the right to access should anything happen. If your lease requires a bank guarantee, consider usingWise to get thereal exchange rate and cut outexpensive international bank transfer fees.
Good luck with your move to Madrid!
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This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
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