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

Purchase costs hit at the very beginning. Depending on the country, these can include a property transfer tax, notarial charges, registration fees, legal fees and the agent's commission. For budgeting purposes, set aside a noticeable share above the purchase price, then check the exact local rates.



Yearly taxes on the property follow. Assessment methods vary from place to place, and certain jurisdictions apply a separate rate for non-residents. If the home stands vacant for much of the year, additional levies may apply.



Community fees catch buyers out. A flat in a complex with shared gardens, landscaping and shared parking generates regular fees that run on whether you are there or not. Request the building's financial records prior to purchase, and look for scheduled repairs.



Being far away introduces costs that local owners never see. A local manager has to handle keys tuscany homes for sale maintenance visits, accept mail and official notices, and supervise routine maintenance. A management company normally charges a share of rental income, and doing without it tends to become costly in the long run.



Insurance, utilities and eventual selling costs round out the budget. The tax due on a future sale can apply even to a non-resident owner, sometimes at a different rate. A useful exercise involves building rent a property in tremithousa five-year running-cost estimate before making an offer — the result tends to exceed what the buyer imagined.