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APPROXIMATE ANNUAL RUNNING COSTS FOR A PROPERTY
These costs vary according to the price of the property and location. Using a property of £100,000 (141,000€) as an example, you will need to pay the following approximate amounts per year: |
Urbanisation fees - these depend on the location and size of your property & cover maintenance to green areas, communal swimming pools, refuse collection, street lighting etc. | 400€
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Property taxes - determined on the rateable value of the property (this is called suma) |
420€
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Standing charges for electricity & water | 190€
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| House & Contents insurance) (depending on contents value | 200€
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Fiscal representative - to assist you in the payments for non resident taxes.(optional) (This amount is higher if you are living and working in Spain)
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150€
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Property Management Service - holding of the keys to the property. (optional)
|
160€
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TOTAL 1,520€
(£1,078)
(@ 1.41 to the Pound) |
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EXAMPLE COSTS ASSOCIATED WITH YOUR PURCHASE |
Using a buying price of €140,000 (£99,290) |
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IVA 7% (Spanish VAT) - Payable on the declared value of the property. |
9,800€ |
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Legal Fees - Making searches, preparation of the Escritura (Title Deeds) and translation before a public Notary. Inc. VAT |
1,400€
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| Notary's Fees - Preparing the Escitura, registering the Title and Stamp Duty |
2,500€ |
| Connection Charges - Water, Electricity, Gas and Drainage. | 600€ |
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Plus Valia - Capital Gains Tax levied by the Town Hall on the increased value of the plot since last sold |
280€
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TOTAL 14,580€
(£10,340) |
1. All costs are estimates and for guidance only. Sterling prices are based on an exchange rate of €1.41 to £1 sterling and are liable to fluctuation.
2. If you are arranging a mortgage through a bank there will be an additional set up fee. The Notary fees will therefore increase as there will be a mortgage deed and separate registration fee.
3. Connection Charges will vary depending on the property.
Did you know that as from April 2006 residential property purchased abroad can be an asset of your pension fund. Or the pension fund can act as a deposit for the purchase of a property.
The idea being that you can buy off plan now and then post April 2006 you can use your pension fund to aid the purchase of the property.
For more details please contact us and we will pass your details on to our Financial Advisor in the UK who will then contact you. |
