How much does it cost to maintain a villa in Marbella?
Acquisition of real estate on the Costa del Sol is a costly event in itself. Prices for the purchase of luxury housing, with a private pool, several bedrooms and bathrooms, start from 1,000,000 euros, depending on the area where they are located, as well as the distance from the sea.The question that remains open after the purchase of the villa is its proper maintenance. In this article, we decided to describe all the costs that you will face when becoming the owner of a villa in Marbella.Villa maintenance: what is included in this concept?The cost of maintaining a villa depends on several factors such as location, property value, the size of the plot and the house itself, the age of the building and the type of urbanization or area the villa is adjacent to.
For example, in closed urbanizations, security costs are added to fees for garbage collection, land improvement and general infrastructure maintenance.
The cost of maintaining an urbanization varies depending on the prestige of the urbanization and the number of villas or residents on the territory.
So what are the costs ahead?
- Annual council tax (IBI) This tax is equal to 0.4-1.1% of the cadastral value, which is usually several times lower than the market value. The payment for this tax does not exceed the amount of EUR 1,500. Payable until December 12th.
- Annual Personal Income Tax (IRNR). Non-residents of Spain pay 25% of 2% of the cadastral value of the property. Or, if the property of a non-resident is rented out, according to the law, it is required to declare the income received and pay tax on it. But very often, a tax of 25% of the entire rental received is simply paid. Residents of Spain pay income tax based on their annual income.
- Wealth tax. Calculated based on the net asset value. The rate ranges from 0.2% to 2.5%.