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I am just new to this and looking to purchase a property in spain (Costa del Sol) as an investment, looking to rent for a min of 12 weeks per year, which will just cover the mortgage costs.
Can someone please advise what monthly / annual costs I should take into consideration in this example.
Purchase property for £100K, deposit £30K with a 15 year mortgage of £70K, paying approx £450.00 per month for the mortgage, therefore £5,400 on mortgage payments. I then rent it for 12 weeks of the year at £450 per week. This means I would not be receiving an income as the rent would just pay the mortgage.
What tax laws apply and what other costs do I need to consider?
Where can I get estimated utility prices from for a 2 bed apartment, ie water, electric, Broadband etc?
Any information would be really appreciated as I am starting blind with this, but will be doing all my research.
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Morning,
Assuming you are buying a resale in Andalusia, Figure on around 10-12% transaction costs including ITP, AJD (for the mortgage), notary, registry, and legal.
Running costs will depend on use and consumption. Costs to bear in mind: Water, gas, electricity, insurance, community fees and local rates (IBI).
You can get more detail on buying and ownership costs here:
The Cost of Buying and Owning Property in Spain
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