The True Cost Of Owning Property Abroad: Beyond The Purchase Price

Transaction costs arrive first. From one market to another, these may cover a buy property in piedmont transfer tax, notary costs, registration fees, lawyer's fees and the agent's commission. As a working assumption, set aside extra funds beyond the price itself, then check the exact local rates.



Yearly taxes on the property come next. Rates vary enormously, and some countries levy a separate rate for non-residents. If the home stands vacant most of the time, vacancy taxes may apply.



Service charges catch buyers out. An apartment in a complex with a pool, an elevator and a concierge comes with monthly costs that continue whether you are there or not. Ask for recent accounts from the management company prior to purchase, and enquire about scheduled repairs.



Being far away adds costs that local owners never see. A local manager must be available glyfada real estate for sale maintenance visits, accept correspondence from the authorities, and organise the work of contractors. boston property for sale management usually takes a share of rental income, and managing remotely alone usually proves a false economy.



Insurance, running costs and the cost of selling round out the budget. The tax due on a future sale often applies even to a non-resident owner, and the resident rate is not always the one that applies. A good discipline involves building a five-year running-cost estimate at the offer stage — the figure is usually higher than expected.