NOW THAT YOU HAVE BOUGHT PROPERTY – WHAT HAPPENS NEXT?

Unlock the full potential of your Marbella property ownership with these key tips! 

Once you’ve made your purchase, it’s important to take the necessary steps to ensure a smooth transition into your new property. Let us guide you through the process and highlight important aspects to keep in mind.

To start, don’t forget that there are additional costs involved beyond the initial purchase expenses.

One crucial step is registering your property and updating the necessary details. Your lawyer can assist you in changing the name and bank information on utility and community bills. Additionally, registration at the local property registry is essential to secure your ownership rights. Your lawyer can handle this process, ensuring all required documentation, such as your N.I.E and passport copies, ITP tax payment confirmation, and the seller’s IBI tax payment copy, are in order.

As a property owner, it’s essential to be aware of ongoing expenses related to your investment. Property maintenance fees, including cleaning, repairs, and utility bills, vary depending on the property’s size and type. If your property is part of a development or complex with shared areas, you are obligated to pay community fees for their maintenance. These fees, determined by the Community of Owners, can range from hundreds to thousands of Euros.

Another expense to consider is the Property Ownership Tax (Impuesto Sobre Bienes Inmuebles – IBI), which depends on your residency status and is based on the administrative value of the property. Additionally, there is the Garbage Tax, a necessary fee for municipal solid waste disposal, with average costs around €300 per year.

As a homeowner, you should also be aware of personal tax obligations. Non-resident property owners who don’t rent out their property pay income tax based on the property’s value or a fixed rate, while those who rent out their property must declare rental income and pay taxes accordingly. Resident property owners in Spain pay income tax based on their annual income, with rates varying across different regions.

We’re committed to providing you with comprehensive support and ensuring your property ownership experience is both successful and rewarding. Let us be your trusted partner in navigating the post-purchase journey. Reach out to our team today for expert guidance and personalised assistance.