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The Full Cost of a Home Overseas: Taxes, Fees and Maintenance

Purchase costs hit at the very beginning. From one market to another, these may cover a sanur property transfer tax, notary fees, registration fees, legal fees and agency commission. For budgeting purposes, budget a noticeable share above the purchase price, and confirm the exact rates locally.

Yearly taxes on the property apply every year afterwards. Rates vary enormously, and some countries apply a separate rate for non-residents. Where the buy property in greece sits empty seaview 4-bed penthouses for sale famagusta much of the year, extra charges sometimes apply.

Building charges are often overlooked. A unit in a development with shared gardens, an elevator and round-the-clock security generates recurring costs that keep coming regardless of occupancy. Ask for the building’s financial records prior to purchase, and check on any planned major works.

Being far away adds its own cost line. A caretaker has to handle keys for emergencies, receive correspondence from the authorities, and arrange the work of contractors. A management company typically charges a monthly fee, and going without it usually proves expensive in a different way.

Insurance, running costs and the cost of selling complete the picture. The tax due on a future sale often applies to non-resident sellers, sometimes at a different rate. A good discipline is to build a five-year cost model before you commit — the total is usually higher than expected.