Additional costs

When you become an owner of a property in Spain there is a number of related expenses on its maintenance.

First one is the annual tax on property called IBI (Impuesto sobre los bienes inmuebles) and it is calculated from the cadastral value of the real estate. The bill will come to your mailbox in spring. You can personally go to the bank to pay it or ask a bank employee to withdraw the money from your account automatically every year. As an example the tax rate for an apartment which price is 500.000€ will be not more than 1.300€ per year.

The costs of the utilities – electricity, gas and water – are calculated by meters and are paid automatically from your bank account once a month or every two months (depends on the service and the company). The total estimated consumption per month for a 100 m² apartment will be approximately 130€ -180€ (depending on your consumption).

There are several Internet service providers in Spain and they are offering ADSL and fibre optic connections. The costs are about 35€-50€ per month.

In Spain a community of neighbors is handled by a management company (comunidad). Normally the costs of this service are withdrawn automatically from your account every three or four months. The sum of the payment depends on factors such as the availability of a pool, playground, security, concierge, etc. An amount of the maintenance of the house ranges from 40€ to 250€ per month, or sometimes it raises up to 500€, depends on the number of neighbors in the building, because these costs are divided equally among all the tenants. Comunidad provides and controls the processes of cleaning, repair works, payments of light and water of the common areas, technical service of elevator, etc.

If you decide to insure your property there is a large variety of insurances with a different types of covering. In case of a loan the bank will oblige you to have it. The prices range from 200€ to 300€ per year.

If you want to know more about additional costs don’t hesitate to contact the team of MY HOUSE BARCELONA, we will be glad to help you!