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Thread: annual property cost

  1. #1
    Join Date
    Sep 2007
    Location
    manchester
    Posts
    8

    Default annual property cost

    Hi All
    we are going out to playa flemenca at the beging of feb, to see if we can find a holiday home. Can anybody tell me what the annual running cost are on average. And if we decide to rent it out while we are not there what tax will we pay.

  2. #2
    Join Date
    Dec 2004
    Location
    Brighton UK
    Posts
    172

    Default

    Well, as back in the UK that depends on what you buy and where it is.

    There are a number of charges to consider - Spanish wealth tax for instance which is payable annually on your assets in Spain - not sure of exact rate off hand but it is not high.

    Community charge - your property will have a charge if it is not a stand alone property - this will pay for things like pool maintance and cost of insurance for community etc. My 2 bed apartment is 350 Euros a year.

    Local property tax ( like Council tax in UK) This is based on the value of the property in the original deeds - it covers all of the services such as rubbish collection etc. My is 92 Euros per year so not a great burden.

    Insurance on the property - not much different than UK

    We retain a lawyer to handle our affairs and this costs 150 euros per year.

    Water and Electric - there is no mains gas. Quite pricey even if you are not there all of the time. Water is metered. about 45 euros per month each

    English TV - if you intend to rent you will need it - around 500 euros set up fee and 19 euros per month.

    Phone - I use a Spanish mobile which is cheap to obtain and similar to UK to run.

    I do not rent mine so rates are not my thing

    I am sure someone will fill in the details I have missed for you

    The good thing is cost of living is cheaper than uk - food cheap eating out cheap wine and drink cheap petrol cheaper than UK

  3. #3
    Join Date
    Nov 2007
    Posts
    92

    Default

    As a non resident you also have to pay renta tax regardless of whether you rent your property out or not.

  4. #4
    Join Date
    Mar 2005
    Posts
    52

    Default

    Following was provided by a Resident and a Non Resident on our urbanisation.

    http://www.heddon.co.uk/dhills/things/livincost.htm

    Pat

  5. #5
    Join Date
    Dec 2004
    Location
    Brighton UK
    Posts
    172

    Default

    I have owned my property in Spain for 7 years and have never paid a rental tax - My lawyer who handles my fiscal obligations has never mentioned it either.

    Does anyone else no about this?

  6. #6
    Join Date
    Nov 2007
    Posts
    92

    Default

    Quote Originally Posted by andywebb
    I have owned my property in Spain for 7 years and have never paid a rental tax - My lawyer who handles my fiscal obligations has never mentioned it either.

    Does anyone else no about this?
    Are you sure he hasn't just lumped it in with the wealth tax ? The modelo 214 covers BOTH taxes.

  7. #7
    Join Date
    Dec 2004
    Location
    Brighton UK
    Posts
    172

    Default

    hmmmm...'Nothing so certain as death and taxes eh.....

  8. #8
    Join Date
    Feb 2006
    Location
    Knowle, West Midlands, England + Playa Golf 3 - Cabo Roig, Spain
    Posts
    196

    Default

    RE Rental - so much rental property in the area dont bank on any rent to cover your costs - you are unlikely to come unstuck.

    Barry

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