Renting costs
Looking to rent out your property in Torrevieja but wondering about the costs involved? Our guide to renting costs provides a comprehensive breakdown of the expenses you can expect to incur, from advertising and property management fees to taxes and insurance. With this information, you’ll be better equipped to plan your budget and ensure a profitable return on your investment./p>
When you rent out your property in Spain, there are several costs you should be aware of. Here are some of the most common expenses:
Income tax:
As a non-resident owner, you will be taxed on your rental income at a rate of 19%. Residents pay tax on a progressive scale that ranges from 19% to 45%.
Non-resident tax:
Non-resident owners in Spain are required to pay an annual tax based on the value of the property. The tax rate is 24.75% of 1.1% of the cadastral value of the property.
Community fees:
If your property is part of a community of owners, you will need to pay community fees. These fees cover the maintenance and upkeep of common areas, such as swimming pools, gardens, and elevators.
Property management fees:
If you hire a property management company to take care of your rental property, you will need to pay a fee for their services. This fee can range from 10% to 20% of the rental income.
Insurance:
It is recommended that you purchase landlord insurance to protect your property and yourself against any damages or liabilities that may arise.
Cleaning and maintenance:
You will need to keep your property in good condition for your renters. This may include regular cleaning, repairs, and maintenance, which can be an additional expense.
Advertising fees:
You may need to advertise your property to find renters. This can include listing fees on rental websites or hiring a real estate agent to market your property.
It’s important to budget for these expenses when renting out your property in Spain to ensure that you are able to cover all costs and make a profit.
