There are plenty of housing units which you can purchase in Spain. Some of the largest construction companies in Spain are represented on the Spain-Real.Estate website. Whether you want a spacious apartment in busy Madrid, a luxurious villa on the Canary Islands, or maybe you prefer a modern penthouse in Valencia – the specialists from the website will be able to find a perfect option. When you choose the property it is worthy to remember its maintenance. We will observe the main housing expenses which you will encounter in Spain.
Real estate tax
First of all, it is worth considering the real estate tax, which is paid by all homeowners in Spain once a year without fail. This tax is called I.B.I. – Impuesto Bienes Inmuebles. The amount that a property owner pays depends on two criteria: the region of Spain where the property is located, and its cadastral value. The sum can be 200 euros and more.
As for utilities, the total amount here consists of such items as:
- water supply,
- and garbage collection.
Central heating systems in Spain may be powered by oil, gas, electricity, solid fuel (usually wood), or even solar power.
Electricity in Spain is paid every two months, calculating the total amount based on the cost of one kilowatt, which is equal to 1.39 euro, and a fixed quota is added.
Garbage collection cost starts from 138 euros, payment is made annually.
If you are the owner of a private residential area or apartment complex that has increased comfort (that is, you have, for example, your own gym or swimming pool, green area or tennis court, concierge), then utility bills will be more expensive due to labour of special workers (gardeners, cleaners, etc.) whose labour must be paid quarterly. The cost per year is about 1000 euros.
The fewer the amenities, the lower the cost of payment. The maintenance of a private house with increased comfort costs from 700 or more euros per year, given that only about 900 euros per year will be spent on the maintenance of the garden and the pool. The total amount is influenced by factors such as the area and population.
Compulsory real estate insurance should be included in the list of expenses only for homeowners burdened with a mortgage. The insurance will cost the property owner an average of 250-300 euros per year.
Thus, maintaining an apartment in Spain can cost you between 800 and 1400 euros per year, while maintaining a house can cost a little more or less.
For the convenience of the owner, real estate tax and invoices for its maintenance can be issued to his bank account with the ability to control it via the Internet.
Purchasing property in Spain
When you choose the property it is worthy to remember about its maintenance. As in any country in the world, in Spain, the maintenance of real estate is also associated with a number of specific costs of housing maintenance. You need to pay utility bills and pay off real estate tax, as well as periodically spend money on cleaning the area and cleaning the pool if you have one.
However, it should be noted that in comparison with the costs of maintaining real estate in such European countries as France, Germany, or Italy, the maintenance of housing in Spain will be quite inexpensive. So check out the Spain-Real.Estate website and find an option that will fit you best.