PROPERTY SPOTLIGHT: JEREZ, SPAIN Are you really clear about the true costs of buying a property in Spain? To provide a helping hand
with your budgeting, we’ve picked a home and itemised the typical costs that come with buying it – and the ongoing costs. This is a beautifully renovated two-bedroom home in Jerez de la Frontera.
THE PROPERTY
Exquisitely renovated two-bedroom apartment within a historic palace located in the centre of the attractive town of Jerez de la Frontera in the Cadiz region of Spain - a popular holiday and citybreak destination. With a lovely Andalusian communal patio with stone arches, it offers a peaceful retreat within the heart of this vibrant city and is a one-hour drive to Seville and its international airport (or 15 mins to Jerez’s airport).
The property offers 84m2 over a single fl oor and within its primary bedroom has built in wooden wardrobes and cupboards, whilst its study could also be used as a second bedroom. The kitchen is fully fi tted and there are charming authentic features such as marble columns. With the beach 20 mins drive away it offers excellent rental opportunities all year round. PURCHASE PRICE
MORTGAGE OPTION
Repayment mortgage of 50 per cent LTV (€73,000), with a variable interest rate of 2.45 per cent, over 25 years (from Deutsche Bank,
www.db.com).
ONE OFF PURCHASE COSTS Deposit (50 per cent of €146,000)
ONGOING COSTS Monthly mortgage repayment
Annual buildings & contents insurance Annual property tax
Utilities per month (will of course vary according to usage) TOTAL MONTHLY COSTS TOTAL ANNUAL COSTS
RENTAL INCOME
This house is in a prime location in Jerez’s historic city centre and should achieve up to €600 a week in high season and €350 a week in low season , a total of 16 weeks a year is a fair estimate, bringing a yield of €4,750 (£3,767).
THE REAL DEAL
Budget to have £70k in the bank to take ownership with a 50 per cent LTV mortgage. This would make the property’s annual running costs of around £3,774. If you let, consider management costs and potential income tax on rentals.
Property provided by Urban Oasis, 00 34 956 168 400,
www.urbanoasis.es. The above is a guide only. Exchange rate used: £1 = €1.26
€73,000 (£57,902)
Closing costs (notary, lawyer, purchase tax, land registry) €14,600 (£11,583) TOTAL ONE-OFF PURCHASE COSTS
€87,600 (£69,499)
€325 (£258) €100 (£79) €150 (£119) €50 (£40) £314
£3,774
€146,000 (£115,746)
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