Solent wrote: ↑
Sun Oct 13, 2019 5:38 pm
Thinking of buying a small 1 bed apartment In villamartin / surrounding area as a bolt hole for the family
No to rent out
What costs can I expect over a month / year
Non resident tax
Maintenance ( this I presume about 600€ yearly. For what I’ve been looking at
And anything else I don’t know about
Bin collection. ? Etc
I know figures will not be precise but ball park figures would be great to help decide whether the investment would be worth considering as opposed to renting / hotels etc
Lsp when buying say the apartment is up for €50000
About what percentage can I expect to pay on top of that to complete
And what additional fee are going to crop up
Any info would be great
Thankyou in advance
Non resident tax: Depends on cadastral valuation, not expensive though. We pay approx €120 per year.
Suma : Again dependent on cadastral value, cheaper than UK council tax. We pay €240 per year.
Water : €50 (ish) per quarter (communal pool)
Electricity : About €32 per month when empty! (standing charge on 7.5KW potentia)
....rising to about €60 - 70 when occupied.
Community fees : €650 per year, includes building insurance, communal areas & pool. (Is this what you mean by maintenance?)
Non resident bank charge : €120 per year (Sabadell).....Account now closed! look at N26 bank.
Contents insurance : €150 per year
Internet : €24 per month for 50Mb fibre (€100 installation fee)
These are our costs for a 3 bed apartment with a parking space, store and communal pool.
Buying costs : 10% transfer tax, I would allow another 4% to 5% to cover other costs such as notary, solicitor, agent fees, etc. note costs percentage is slightly higher due to relatively low purchase price.
I would consider renting first to make sure you're happy with the area. Renting means you can easily move around without having to pay buying & selling costs (20% ish).