The desire is clear: a lovely house under the Spanish sun where you can enjoy quality time with your loved ones and embrace the slow living culture. But, how much does a house cost in Spain approximately?
On this page, you’ll find an explanation of the cost of a house in Spain, as well as the annual expenses to consider after purchasing a property. We will also take a look at the benefits of the Costa del Sol. Read on below!
Second Home in Spain: Prices
The price of a second home in Spain can vary greatly depending on several factors such as location, property type, and current market conditions. In popular areas like the Costa del Sol, Costa Blanca, and the Balearic Islands, prices are generally higher than in less well-known regions.
In recent years, Spain has experienced a recovery in the real estate market, leading to rising prices in many areas. However, there are still opportunities to find affordable properties, especially inland or in less touristy areas.
On average, prices for a second home range between €100,000 and €500,000, but (exclusive) properties in popular coastal areas or major cities like Barcelona and Madrid can be much higher. When purchasing a second home, it’s important to consider additional costs such as taxes, notary fees, and maintenance.
Additionally, it’s important to look into the regulations for owning a property abroad, as well as rental opportunities if you plan to use the house (partially) as an investment. Investing in a second home in Spain can be an attractive option for both foreign buyers and locals, especially given the pleasant climate, rich culture, and high quality of life the country offers.
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Annual Costs of Your Second Home in Spain
The annual costs of a second home in Spain can vary significantly depending on several factors such as location, property value, and personal preferences. Here are some key costs to consider:
Property Tax (IBI)
Each municipality in Spain levies a property tax (Impuesto sobre Bienes Inmuebles, IBI) that must be paid annually. The amount varies by municipality and is based on the cadastral value of the property. On average, costs range from €300 to €800 per year.
Municipal Waste Tax (Basura)
This is a waste collection tax charged by municipalities for garbage disposal services. Costs usually range from €100 to €200 per year.
Insurance
It’s important to insure your second home. The cost of home and contents insurance can vary depending on the house and location, typically ranging from €200 to €500 annually, depending on the coverage and property value.
Homeowners’ Association Fees (VvE)
If you own an apartment or a home in a complex, you may have to pay a fee to the Homeowners’ Association (VvE). This can range from a few hundred to several thousand euros per year, depending on the facilities and services provided.
Maintenance Costs
Depending on the condition of the house and facilities, maintenance may be required each year. This can include everything from small repairs to larger renovations. It’s advisable to set aside a maintenance budget, which could range from €500 to €2,500 annually.
Cleaning and Garden Maintenance
If you have a garden or wish to hire cleaning services, these costs should also be considered. They can range from €100 to €1,000 per year.
Energy Costs
Electricity, water, and gas costs depend on usage and are generally higher if you rent out the house or spend significant time there. Expect around €500 to €1,500 per year, depending on usage.
Taxes on Rental Income
If you plan to rent out your property, you must account for taxes on rental income. The tax rate depends on various factors, so it’s advisable to consult a local tax advisor.
Conclusion
In general, the annual costs of a second home in Spain can range from a few hundred to several thousand euros, depending on the above factors. It’s essential to take all these costs into account when purchasing a second property and create a realistic budget. A detailed budget can be helpful to get a better understanding of the total annual costs.
By considering these factors, you’ll be better prepared for the financial responsibilities associated with owning a second home in Spain.
Why choose the Costa del Sol: quality of life
The Costa del Sol offers a unique lifestyle that attracts many people. This sun-drenched region in the south of Spain is known for its mild climate, with over 300 days of sunshine per year. The beautiful beaches, crystal-clear waters, and picturesque coastline make it a paradise for outdoor enthusiasts and water sports lovers. Additionally, you’ll enjoy a rich cultural blend, delicious food, and a relaxed way of life. The proximity to charming villages, vibrant cities, and golf courses adds extra charm. In short, the Costa del Sol offers a perfect combination of nature, culture, and relaxation, making it an ideal place to live or visit.
The Costa del Sol also boasts excellent infrastructure, with good connections to other parts of Spain and Europe.
We are happy to assist you with your considerations and questions about purchasing a home on the Costa del Sol. Contact us directly through the button below!
Would you like to keep reading? Click here for our article on buying an apartment on the Costa del Sol.
