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hi im looking for info on the type and amount of yearly tax.our long term plan would be to purchase a 2 bed in the la florida area as a second home with a view to a permanent move .we would not be renting the property as a holiday let.
Posted: Mon Jan 25, 2021 8:14pm
Legendary helpful member
The tax payable would depend on the cadastral value of the property. Whilst you are non-resident there would be an annual tax paid yearly in arrears, on typical townhouse that may be around €100 to €150 a year per owner. The IBI (often referred to as Suma) is payable annually in the autumn and again depends on the CV but for a townhouse likely to be €200-€250 a year. Newer properties are usually higher.
On top of that you would have community fees, if you have a private pool you would need a pool man, standing charges for electricity and water, keyholder to check on property when empty (recommended), bank fees, wifi (get a switch on/off package), may need property insurance but if on a community there is probably a communal policy, maybe paying someone to file your tax return if you don't want to do it yourself.
And obviously the one-off costs of purchasing the property. Your purchase tax is 10% of the property value and you will need to allow for up to around €3000 for the legal fees etc.
Posted: Tue Jan 26, 2021 6:30pm
Super helpful member
It may help you in respect of bureaucratic things to have a look at the Citizens Advice Bureau Spain website.
Posted: Tue Jan 26, 2021 10:58pm
Helpful member
Davebev1 wrote on Mon Jan 25, 2021 8:14pm:
The tax payable would depend on the cadastral value of the property. Whilst you are non-resident there would be an annual tax paid yearly in arrears, on typical townhouse that may be around €100 to €150 a year per owner. The IBI (often referred to as Suma) is payable annuall...
Read more...
...y in the autumn and again depends on the CV but for a townhouse likely to be €200-€250 a year. Newer properties are usually higher.
On top of that you would have community fees, if you have a private pool you would need a pool man, standing charges for electricity and water, keyholder to check on property when empty (recommended), bank fees, wifi (get a switch on/off package), may need property insurance but if on a community there is probably a communal policy, maybe paying someone to file your tax return if you don't want to do it yourself.
And obviously the one-off costs of purchasing the property. Your purchase tax is 10% of the property value and you will need to allow for up to around €3000 for the legal fees etc.
Don't think a community insurance covers individual properties. We were told to get our own when we purchased 2017.
Posted: Tue Jan 26, 2021 11:19pm
Legendary helpful member
Mary1961 wrote on Tue Jan 26, 2021 10:58pm:
Don't think a community insurance covers individual properties. We were told to get our own when we purchased 2017.
It depends on the policy. A community policy may cover the buildings but not the contents, so you need to look at the individual policy.
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Posted: Wed Jan 27, 2021 12:00am
Super helpful member
Mary1961 wrote on Tue Jan 26, 2021 10:58pm:
Don't think a community insurance covers individual properties. We were told to get our own when we purchased 2017.
The community insurance usually only covers public areas, individual properties have to have their own home insurance. The public areas are walkways, pools, gardens, etc. incl electricity and water in those areas.
Posted: Wed Jan 27, 2021 8:17am
Davebev1 wrote on Mon Jan 25, 2021 8:14pm:
The tax payable would depend on the cadastral value of the property. Whilst you are non-resident there would be an annual tax paid yearly in arrears, on typical townhouse that may be around €100 to €150 a year per owner. The IBI (often referred to as Suma) is payable annuall...
Read more...
...y in the autumn and again depends on the CV but for a townhouse likely to be €200-€250 a year. Newer properties are usually higher.
On top of that you would have community fees, if you have a private pool you would need a pool man, standing charges for electricity and water, keyholder to check on property when empty (recommended), bank fees, wifi (get a switch on/off package), may need property insurance but if on a community there is probably a communal policy, maybe paying someone to file your tax return if you don't want to do it yourself.
And obviously the one-off costs of purchasing the property. Your purchase tax is 10% of the property value and you will need to allow for up to around €3000 for the legal fees etc.
thanks fo`r the reply
Posted: Wed Jan 27, 2021 9:15am
Legendary helpful member
Golandrina wrote on Wed Jan 27, 2021 12:00am:
The community insurance usually only covers public areas, individual properties have to have their own home insurance. The public areas are walkways, pools, gardens, etc. incl electricity and water in those areas.
Depends on the community's policy. Some opt to take out a general buildings insurance cover as well, to ensure no problems with apartment blocks or townhouses over communal garages etc. They would not cover contents of an individual's home. It is down to the community's choice of policy.
Posted: Wed Jan 27, 2021 9:22am
Super helpful member
Davebev1 wrote on Wed Jan 27, 2021 9:15am:
Depends on the community's policy. Some opt to take out a general buildings insurance cover as well, to ensure no problems with apartment blocks or townhouses over communal garages etc. They would not cover contents of an individual's home. It is down to the community's choice of policy.
Also, communal garages are usually classed as separate communities and therefore do not come under the building policies.
Posted: Wed Jan 27, 2021 10:07am
Legendary helpful member
Golandrina wrote on Wed Jan 27, 2021 9:22am:
Also, communal garages are usually classed as separate communities and therefore do not come under the building policies.
Again it depends on how the community is set up, but it is common for them to be separate, so should also have their own cover. It isn't a 'one size fits all' situation unfortunately, so no one single straightforward answer to the insurance situation. It is, however, the home owners responsibility to check they have sufficient and appropriate insurance.
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