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We are due to complete in July and I know lots of you have already completed. We are in the process of setting up our mortgage but would like to know approx. how much all the other costs are with running a place in Spain, as this is our 1st one. Like bills, community fee's, insurances etc so we can get a rough idea of what we need to be transferring out to Spain Month by Month. I know different apartments have different costs involved but a rough idea would be great. We have a 2bed 2 bath ground floor on phase 3.
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Thanks Tracey
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I have kept a spreadsheet with all the costs I have incurred see below. I haven't worked out how to attach an excel spreadsheet, if you send me your email address I'll send it to you. I haven't had any water charges yet so don't know what these will be. If I have left anything out let me know. The council tax is a guess, hopefully not this much.
John
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Mthly |
Qtr |
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Annual |
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| Mortgage |
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€ 0.00 |
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£0.00 |
| Community |
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€ 474.13 |
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€ 1,896.52 |
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£1,307.94 |
| Council Tax |
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€ 500.00 |
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£344.83 |
| Minder |
€ 30.00 |
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€ 360.00 |
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£248.28 |
| Solicitors fees (tax) |
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€ 200.00 |
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£137.93 |
| Insurance |
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€ 300.00 |
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£206.90 |
| Water |
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£0.00 |
| Electricity |
€ 30.00 |
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€ 360.00 |
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£248.28 |
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Value of Proerty |
Mortgage |
Bank Balanace |
TAX Liability |
Tax Payable |
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| Wealth Tax |
€ 200,000.00 |
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€ 200,000.00 |
€ 400.00 |
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£275.86 |
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| Annual Cost |
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€ 4,016.52 |
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£2,770.01 |
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Exchange Rate |
1.45 |
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_______________________
John & Jacqui
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Euro 300 for insurance is good.
433,74€ is the obligatory insurance if you use Banco Andalucía for your mortgage.
Is this a complete rip-off. Do they have consumer protection laws in Spain
that enables one to challenge this kind extortion?
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My insurance with B de A is 304 euros for 152k mortgage and 20k cover on content, check the level of content included as the content has a higher gearing on the insurance cost. I used to pay 360 for 200k build and 20k contents on my house in Manilva, this came down to 170 as the community insurance covers common elements, not sure if we have common cover in DV within community charge.
I think the bank might only be able to force 1st year as pre req. for mortgage. If I was lender and gave a mortgage I would want to make sure my asset (my loan) was protected. As you own more of the property you may be able to lower the cover?
But 433€ is £309 for building and contents I think this compares well to UK. With UK insurance if your house is vacant for more than 30 or 60 days (varies with policy) you have to inform them and may be liable for an uplift.
_______________________
 Jeff
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manilvajl
You wrote "not sure if we have common cover in DV within community charge."
According to my solicotor "the exterior walls and common areas of the property are covered by the community insurance."
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JohnN,
What about the imputed income tax? I read the following on the 'Buyers Guide' on this site.
Do this tax appear is your listing as Solicitors Fees(tax)? If so, how was it calculated?
"Until recently this property tax has been rather overlooked by the Government; however it is starting to be enforced with the introduction of article 16 of the Spanish Income Tax Law,....
....the property will be treated as income.........based on notional letting value of your property and is applicable to non-residents and also to Spanish people with of second homes...
Notional rent values are set at .......1.1% For non-residents a flat fee of 25% of valor catastral is paid directly to the tax authority.
The return in respect of this notional income is made on a Form 214 (Impuesto sobre el Patrimonio y sobre la Renta de no Residentes), which is available from any local tax office."
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Hi ,
another question on the running costs:
Below it was posted that Solicitors fees for annual tax return is 200 Euro.
Solicitors Fees for Tax Return
I just had a note from my solicitor for The expenses and fees for the declaration and payment of the Wealth and Income Taxes are € 271 + VAT € 44. = 315. Thats €115 more than the estimate below (about 56% over). If someone can recommend to me a solicitor that only charges €200 I will be appreciate it.
Also Keyholder €30 Euro's per month. My prospective key holder is quoting €40. i.e. 33% over the 'budget' below. So if anyone knows a reliable key holder for €30 Euros per month, again please pm me.
regards to all.
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