Being an owner of a property in Spain you should consider the following property maintenance expenses:
1) monthly utility payments:
- electricity
- water (quarterly!)
- internet
- TV
- garbage removal parking
2) Comunidad payment – if your apartment of your house are located within the residential complex with communal territory. The amount of payment depends on the infrastructure and services provided on the territory. For example, if the residential complex comprises several swimming pools, including the heated ones all-year-round, a gym, a sauna, tennis courts, bars, 24 hours security, the comunidad payments may be up to 150 € per month. The average payment is 50€ per month.
3) a property insurance – we recommend you to purchase an insurance including lawyer services, who can help you in all bureaucratic procedures if the insured event occurs (annual payment)
4) a tourist license – if you are planning to rent out your property (one time cost, valid for 10 years). A special tourist license shall be obtained while renting out.
5) taxes:
- municipal property tax
- residents or non-residents property tax
- luxury tax – if the total value of your property in Spain exceeds 700 000 €
All property owners in Spain shall file a property tax statement, no matter if they are Spanish tax residents or non residents.
All the taxes and utility costs are usually withdrawn automatically from the Spanish bank account of the property owner. That is why it is very important to check your bank account balance regularly.