Go see a gestor and get an authoratitive answer is my advise.  Ramon Chorda in Amposta speaks American (sorry, English) nice bloke.  977 70 60 40.
Think you'll find there's Capital Gains Tax of about 18% on the equity but the cost of refurbishment, fees,  expenses are added to the original purchase price thus lessening your exposure to CGT. There is an escape clause if you're a pensioner....over 65's don't pay any tax I think.  Feed back welcomed whether this is right or not.