costs

What is the total cost of owning a property in Spain as a non-resident?

Understanding the total cost of ownership is essential for international property buyers, as ongoing costs can significantly impact your investment returns.

Here is a comprehensive breakdown for a typical Costa Blanca property.

Purchase Costs (one-time, 12-15% of price): Transfer tax ITP 10% (resale) or IVA 10% + AJD 1.5% (new build), notary fees (€600-€1,200), land registry fees (€400-€800), legal fees (1-1.5% or €1,500-€3,000 fixed), bank account opening and NIE costs, mortgage arrangement fee if applicable (0.5-1%).

Annual Recurring Costs: IBI property tax (€300-€1,500 depending on catastral value and municipality), basura/waste collection (€100-€300), non-resident income tax Modelo 210 (approximately €200-€500 for imputed income), community fees (€600-€3,600 for apartments/townhouses in complexes), home insurance (€200-€500), fiscal representative fees (€150-€300), maintenance and repairs (budget 1-2% of property value annually), pool maintenance if applicable (€100-€200/month), garden maintenance (€50-€150/month).

Example — Total Annual Costs for a €250,000 apartment: IBI €450 + basura €200 + Modelo 210 €250 + community fees €1,800 + insurance €300 + fiscal representative €200 + maintenance €500 = approximately €3,700/year (€308/month).

Example — Total Annual Costs for a €400,000 villa with pool: IBI €700 + basura €250 + Modelo 210 €350 + insurance €400 + fiscal representative €250 + pool €1,800 + garden €1,200 + maintenance €1,500 = approximately €6,450/year (€538/month).

These costs are generally much lower than equivalent properties in Belgium or the Netherlands, especially when comparing running costs to owning a second home in those countries.

WOW-Estates provides detailed cost projections for every property we offer.