Annual costs of running a two bed 1 bathroom apartment

We are coming over in three weeks time on an inspection visit to Terrazas and if we like what we see and decide to buy can any member tell us what the annual running costs are? We want the property for ourselves and our two daughters and their families and do not intend renting to cover any costs so all the costs will be with us. We have some costs given to us by the agent but we want owners to tell us 'warts and all' as we would rather know from those who own and know. Any other tips would also be greatly received and appreciated.

Anne and David Bell Carlisle England

Hello and welcome to EOS

 

These are approximate costs, but will be in the right area, things like water and electricity are relevant to useage.

Community fees €1200 a year

Non residential tax ( if you buy in joint names you pay this twice ) €150 a year

Local council tax ( Torre pocheco) €150

Water & electric approx € 500-600 depending on usage remember you will be charged €150 each for these for connection on a new property or reconnection on a nom new property that has meters installed.


If you have a key holder €120 is about the cost for a non rental holiday apartment.

Like many on the resort using there apartment as a holiday home for you and immediate family I'd say €2500- €3000 is leaving you a little in the bank just in case .

Initial outlay when buying is more obviously due to things like the water abd electricity connection, other things to remember on a new property is land registry and stamp duty which are about €4000 for the both, get your laywer to give you a ful cost breakdown.


I'm sure I'll of missed something but this is a start, bottom line its worth every penny and now is definitely the right time to buy .

Good luck.

Richard







 

This message was last edited by RichA4 on 20/10/2013.

This message was last edited by RichA4 on 20/10/2013.

Hi,

Richard is pretty well on the ball with his estimates of costs, I paid €188 split between myself and wife for non resident tax this year, the Council tax will depend on the catastral value of your property, my ground floor was around €460 for the year. Electricity and water are expensive, but again  this will depend on whether you use the properety in summer (aircon cost) or winter (heating).

It is a great resort and really nice people , come and join us.

Henry

 

This message was last edited by henryreed on 20/10/2013.

Thank you Richard and Henry for their prompt replies. This is worth the ask already as the agent has quoted 60 euros a month for community charge and Richard confirms 100 euros. The other costs we would like to know are insurance costs to cover building and contents and any broadband costs.

What does Catastral value mean? we assume it is the yearly value of the property and if this is so does it start at the price paid and increase or decrease based on property price changes?

How did both Richard and Henry find their lawyers through the agent or recommended through another owner?

Really pleased we found this forum. Thank you all owners in anticipation.

Anne and David Bell.

Hi Anne & David,
WiFi, T.V & internall phone cost 24 euros a month, this is with a2z.
Solicitor we can highly recommend is Mare Nostrum in Los Alcazares email eugeniopb@mnostrumlaw.com
Tel 0034 968 137 374 they set up all our utilities bills & all the conveyancing, they deal with all our tax affairs.
The catastral is set by the local authority.
Insurance of the buildings is covered in the community fees, our personal contents insurance we arrange privately is about 158 euros per year.
If you need to know any more personal information you can p.m me
Hope all goes well.
Regards
Eve @ Clive. Block 2852H

I knew I'd miss something. Buildings insurance is covered under you community fee as for contents insurance mine is with my bank ( cajamar) it's €99 a year.

There are a few options for broadband, most people go with a2z communications based on le torre , there are lots of packages but the package most go for consists of free view (with english channels ) broadband and internal phone line( this allows you to call anywhere on the complex and other polaris world resorts, this is €24 a months but you have to but the modem and wifi router so another couple of hundred euros.Have a look on there website for other deals.
http://www.a2ztelecomunicaciones.es/index.php?option=com_content&view=article&id=48%3Anetup&catid=1%3Alatest-news&Itemid=50&lang=en
Another option now resortalia are allowing communal satellite dish onbthe roof so tv is cheaper you can contact your block president when you do buy .



Carastral value is what the town hall value the property , the higher they value it the more pay, so the sale vale may be totally different to the catastral value.

My laywer was recommended to me abd I know Henry used them also, they are fuster asociates based in los alcozares , you also need to allow about €1200-1400 for there services.

Hope this helps

Hi,

I think Richard and Clieve have answered most of your questions.

Catastral is like council tax valuation, a little lower than what you paid - usually.Fuster are ok and speak good english and are convenient in Alcazares. I only used them for conveyancing, diy tax etc , it is easy so why pay a lawyer.

As Richard`/Clive says if you want TV and internet then a2z have reasonable deal, on 276 we have a UK dish which cost us €250 each shared between 7 owners, as we have 16 outlets there will in time be a refund for the early owners. I use the wifi in the supermarket or better still the free wifi in the bar.

I am over from 5 Nov  to 12 Nov so if that matches your visit, call round for a chat and and beer -see private message

Henry