Torrevieja Forum

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By Solent
#1121839
Hi
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
SUMA
Water
Electricity
Bins
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
By Info
#1121846
You should add insurance and bank charges to your list. Community fees will vary and are based on the size of your property. Ballpark figure €1500per annum. Add 10 to 12% to buying price for tax and legal fees etc

Bee
By ann
#1121847
I was only looking back at my bank account for the year during the week, to run a 3 bed holiday home it cost €1300. This included all my bill's, water, electricity, rubbish, community fees etc. I only spend approx. 6 or 7 weeks a year in Spain.
By bolton wanderer
#1121864
Solent wrote:
Sun Oct 13, 2019 5:38 pm
Hi
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
SUMA
Water
Electricity
Bins
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).

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