The Real Cost Of Foreign Property Ownership: Taxes, Fees And Maintenance

Purchase costs come first. From one market to another, they may cover stamp duty, notary fees, registration fees, lawyer's fees and portugal flats the agent's commission. As a working assumption, reserve a noticeable share above the purchase price, and verify the actual local figures.



Yearly taxes on the property follow. Rates vary enormously, and a number of markets apply a separate rate for non-residents. If the home stands vacant most of the time, additional levies can apply.



Service charges catch buyers out. An apartment in a development with a pool, an elevator and round-the-clock security generates monthly costs that run on even when the flat is empty. Request the building's financial records before you commit, and check on upcoming renovation projects.



Remote ownership creates its own cost line. Someone must be available for maintenance visits, deal with correspondence from the authorities, and arrange routine maintenance. Professional management usually takes a share of rental income, and doing without it tends to become expensive cheap houses in greece a different way.



Insurance, running costs and the cost of selling complete the calculation. The tax due on a future sale may apply to non-resident sellers, and the resident rate is not always the one that applies. A sensible test involves building a five-year cost model before you commit — the total tends to exceed what the buyer imagined.