05 Feb 2024 11:30 AM:

Does anyone regret purchasing a holiday home in Spain? I had a nightmare with the last housing crash in Northern Ireland in 2007 and lost my life savings and had start on housing ladder again. In a good financial position now and considering purchasing holiday apartment in Costa Blanca. Am I mad? 

Coming over shortly to view apartment properties in Costa Blanca, with a view to purchasing. Considering using property for future holidays, and maybe spending two 2 week periods there over the winter. Would also make property available to family members for their holidays. No plans to ever try and become resident of Spain. While retired, I'm heavily involved in my young grandchilden's lives and help out with child care etc which I enjoy. I hold both Irish and British Passports, and live in Northern Ireland. I'm aware of the 90 day rule. My question relates to monthly costs after making such a significant property investment with my hard earned savings.

In respect of any prospective properties, I have to tried research relevant communal fees, SUMA Tax, Property tax etc. Looking at properties in 140k euro region. Am I correct that property tax per annum would be calculated as follows:-

140K x 1.1% x 24%

What would I be charged approximately for a locally based professional to complete Spanish tax return? I did try to research potential of rental income, but put off by the quarterly tax returns, and amount of tax possibly payable at the higher non EU resident rate. Rental income over the summer, whilst appealing, sounds like endless red tape  and taxes! 

In relation to a potential purchase, I was trying to allow an extra 13% for associated fees? Does that sound reasonable?

Before I make such a significant investment in an overseas property, I want to be totally clear about the associated monthly cost. Is mould an issue in the winter? If yearly associated costs are something like £2000 to £2500 a year then it's not worth the hassle.  Also concerned on whether property would increase in value in the next 5 years if I sold again.

 

This message was last edited by Emerald6273 on 2/5/2024.
Thread: Does anyone regret their holiday home purchase?

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