The Full Cost Of Foreign Property Ownership: Beyond The Purchase Price

Purchase costs hit at the very beginning. From one market to another, these typically include stamp duty, notary costs, registry costs, lawyer's fees and santa cruz de tenerife property investment the agent's commission. As a working assumption, reserve extra funds beyond the price itself, and confirm the exact rates locally.



Yearly taxes on the property for sale in antalya follow. Rates vary enormously, and a number of markets charge a separate rate for non-residents. If the home stands vacant for much of the year, vacancy taxes sometimes apply.



Building charges are often overlooked. A flat buy apartment in italy a managed building with a swimming pool, a lift and round-the-clock security generates monthly costs that run on even when the flat is empty. Obtain the building's financial records before you commit, and check on any planned major works.



Distance creates its own cost line. A local manager has to be available albena real estate for sale leaks and repairs, deal with correspondence from the authorities, and supervise the work of contractors. Professional management usually takes a percentage of the rent, and doing without it often becomes costly in the long run.



Insurance, utility standing charges and exit costs complete the calculation. Tax on the sale may apply to non-resident sellers, occasionally at a higher rate. A useful exercise is to build a five-year running-cost estimate at the offer stage — the figure is usually higher than expected.