I am considering buying a 1 bed apartment, near Puerto Colon, in Tenerife.
Apart from the price of the unit, how much extra will I have to pay out and under what headings? legal etc.
Assuming I proceed with this purchase, how much will the annual outgoungs be and under what headings?
Thanks in advance,
Billyboy.
Billy
on top of the initial purchase price (assumming you are not raising a Canarian/Spanish Mortgage) you will need to add another
6% IGIC (VAT) plus approx another 3% Legal costs and Fees plus approx 500 Euros Plus Valia Tax.
If you use an independant lawyer to arrange the purchase there could be fee of anywhere between 700 - 1200 euros
Then the annual costs are
Local Rates approx 120 -150 Euros
Wealth Tax approx 300 -350 Euros
Non renting Income Tax approx 100 Euros
Basura (Rubbish Collection) about 30 euros per quarter
Electricity about 35 -50 Euros bi-monthly
Community Fees approx 20 Euros per week and depending were the apartment is there might also be a small annual Urbanization Fee.
There could also be a quarterly Water bill but sometimes this is included in the community Fees.
and if you employ a local accountant or Fiscal Rep as we do to make sure all your dues are paid as and when required there could be an additional annual fee of approx 100 -150 Euros.
on top of the initial purchase price (assumming you are not raising a Canarian/Spanish Mortgage) you will need to add another
6% IGIC (VAT) plus approx another 3% Legal costs and Fees plus approx 500 Euros Plus Valia Tax.
If you use an independant lawyer to arrange the purchase there could be fee of anywhere between 700 - 1200 euros
Then the annual costs are
Local Rates approx 120 -150 Euros
Wealth Tax approx 300 -350 Euros
Non renting Income Tax approx 100 Euros
Basura (Rubbish Collection) about 30 euros per quarter
Electricity about 35 -50 Euros bi-monthly
Community Fees approx 20 Euros per week and depending were the apartment is there might also be a small annual Urbanization Fee.
There could also be a quarterly Water bill but sometimes this is included in the community Fees.
and if you employ a local accountant or Fiscal Rep as we do to make sure all your dues are paid as and when required there could be an additional annual fee of approx 100 -150 Euros.
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