What are the costs of maintaining a new property in Tenerife?

It is very common among future owners and people who are thinking of buying a home in the Canary Islands, questioned what the cost of maintaining a property will be, once the home has been purchased and they are already enjoying the sea, the nature, the waves, the weather… and so many other good things these idyllic islands located in the North of Africa offer.

This post has been written precisely to inform you about the monthly and annual cost of maintaining your home in the Canary Islands.

MONTHLY COSTS

  • Neighbourhood Association: This cost involves the general maintenance costs of elevators, gardens, swimming pool, cleaning, etc.
  • Utilities: Electricity and Water.

ANNUAL COSTS

  • Property tax: It is a local government tax.
  • Litter collection
  • Income Tax: It is the tax you have to pay if you have a property for own use.

Let’s have a look at the following example, which shows the monthly and annual costs in the case of 1 and 2-bedrooms apartments:

EXAMPLES - APARTMENTS1 bedroom2 bedrooms
MONTHLY COSTS
Neighbourhood Association:€50€60
Utilities:€50€60
ANNUAL COSTS
Property tax:€190€250
Collection litter:€75€75
Income tax:€170€250
TOTAL MONTH€137€168
(Include Prorata Annual Cost)

Knowing these costs of maintaining your home in the Canary Islands, you will not have to suffer any unpleasant surprises when lying on the beach beside your newly inaugurated house, enjoying the Canarian sun.