The Full Cost Of Foreign Property Ownership: Beyond The Purchase Price

Purchase costs come first. From one market to another, the costs may cover stamp duty, notary fees, registry costs, the cost of legal advice and broker fees. For budgeting purposes, budget a meaningful percentage on top of the price, and verify the actual local figures.



Recurring buying property in canggu taxes come next. Assessment methods differ substantially, and certain jurisdictions charge different rates depending on residency. If the home stands vacant for long periods, additional levies sometimes apply.



Service charges are easy to underestimate. A flat estate agents in washington a development with a swimming pool, landscaping and a concierge comes with regular fees that run on regardless of occupancy. Obtain the last two or three years of accounts before you commit, and enquire about scheduled repairs.



Distance introduces its own cost line. A caretaker has to handle keys for leaks and repairs, receive letters and bills, and arrange repairs. Professional management usually takes a percentage of the rent, and managing remotely alone usually proves expensive in a different way.



Insurance, running costs and the cost of selling finish the picture. The tax due on a future sale can apply to non-resident sellers, occasionally at a higher rate. A useful exercise means putting together a five-year cost model before you commit — the total generally lands above the initial estimate.