The real standing costs of ownership

[steve53]

We have been renting in Carvoeiro over the last few years and are seriously considering buying here. Getting accurate information on the "standing costs" of ownership eg water, sewaerage, annual property taxes, heating & fuel, maintenace, etc is difficult so can anyone help with some guidance as to the real expenses to be expected.

[Farol]

I think to get meaningful information you need to give some idea of the size, type and location of property that you have in mind. The cost of a two bed apartment bears no relationship to the cost of a 5 bed villa with pool and large garden. All the types of costs that you have queried will vary considerably between properties.

[steve53]

Thanks Farol.

I omitted to say that we are considering a 3 bed villa ideally in Carvoeiro.

Steve

[EMM]

If you are considering renting then your water and electricity costs will be considerably higher than if just for your use probably on a scale of x 4 for those periods.

For comparison if you give us a bit more information on the type of property, will you have an watered garden, underfloor heating, aircon in all rooms. Gardener, pool man. what type of security etc etc.

We can them give you comparison figures.

As it is a buyers market, 2012 is a good year to buy.

[pointersister]

I would advise you to go for it. If you are in a position to purchase now there is no better place to be. We have a humble dwelling which we bought two years ago and I can definitely say it has been one of the best decisions we have made. Every time we land in Faro airport I am excited at the prospect of spending time in Carvoeiro. It has everything you need for a really relaxing break in the sun. We are nearing retirement age so are intending to spend longer periods of time there. It gives us another dimension to our lives and our son's life. In this current economic climate you could get yoursef a real bargain. So the best of luck with your search.

[Bruce Wallis]

Work on the principle that you wont actually MAKE money on owning a house here.....but you will love, and enjoy it....so that is your real benefit in kind.

[gabby27]

Hi Steve,

We as a family have being coming to Carvoeiro for the last 19 years. We own a property in the over rated presitgious area of Surrey,where the beauty of England cannot be denied. 4 Years ago [throughout illness ecided to buy a 3 bed villa lucky eough to have golf and sea views but to us it is our little piece of heaven.
I cannot think, as you must have experienced renting, how delightfully friendly, helpful and respectful the Portuguese residents are. OK they may be a little laid back and are not time watchers but that is the easy going life of this wonderful little town.
Outside at this very moment there are huge gusts of wind, hitchcock type rattles of the shutters, and a few pots losing their ground........... and my husbands T shirt is probably in Lagoa because of poor pegging but it is truly wonderful because we know that tomorrow or perhaps a little later we will open our doors to the wonderful sunlight that is so inspirational.

Anyway, having given my emotional speech (Early retirers at 54) I do recommend very highly that you buy a little piece of this wonderful place.

We pay 2011 euro per year ( the first increase in 8 years) to live on a private condominium that has the cleanest and most presented Pool complex (not Olympic size) which is extremely impressive. The gardens could not compare to any other complex in the area as they are quite beautiful and regulalrly maintained, Every 5 years, included in your condo charge the whole developement is beautifully painted, included your personal terrrace and garden patio. My only complaint was that the irrigation system did not water my front pot but it was fixed within 24 hours.

Please dont think for one minute I am trying to sell my home, I wont and in a few years I will be able to live here for all time, bar Easter, Xmas, and Weddings. The joy is that we can invite our friends to come and share this little piece of paradise. They will be back again and again.

Thanks for listening as this is the first year Year we lived here and i can truly tell you we will never make huge profits here but there are places availabe, make your list of what you mane and stick to it.

Warm regards
Gabbyx

[sunman]

Thanks Farol.

I omitted to say that we are considering a 3 bed villa ideally in Carvoeiro.

Steve

Hi Steve,

As a ball park
Rates are 0.5% of the value of the property per year
Electricity is expensive, €200 plus per month
Water, as you've seen debated on here can be erratic, check that topic for the average
Gas, if you use it, is reasonable
Pool guy €100 per month
Maid the same for a couple of mornings a week
If you're open in winter you'll need heat; underfloor will spike the 'leccy bill, logs are around €140 per tonne, and you'll need several
Insurance, house, contents, car etc is reasonable, there's a couple of good companies around

getting going is expensive, agents like 5% which keeps sellers targets high, and property purchase tax goes on value, anything up to 10%, so maybe think about buying one with offshore ownership to skip that

Once the sages have pulled my guestimates to pieces you should have a good idea of annual running costs

Oh, and it's all a matter of opinion but i don't see prices going anywhere for a long while yet and once bought it'll be hard to sell

Good luck in whatever decision you make

Sunman

[cereza]

Wow Sunman your lecci and pool man costs are very high - is that what you actually pay??

(Are you watching the Superbowl at this time of night ? )

[joeysoap]

[quote="cereza


(Are you watching the Superbowl at this time of night ? )[/quote]


I am, Brady had some 3rd quarter!

[cereza]

[quote="cereza


(Are you watching the Superbowl at this time of night ? )

I am, Brady had some 3rd quarter![/quote]

Yes.Really good game and so tight. I thnk Manning will win it for the Giants now

[cereza]

Amazing game eh Joey. I can't believe the situation where one team lets the other score and the scoring team desperately tries not to score

[cereza]

Sorry to have hijacked the Topic but what a great game. Go Giants .

[EMM]

If you buy on a complex like Pestana or similar then you annual costs will be a lot higher because you are paying for the facilities which you may or may not use.
In addition you will still have the same electricity, heating , water and taxes to pay as those who do not live on a complex.

Without more information its is difficult to give you a detailed estimate.

[Bruce Wallis]

Thanks Farol.

I omitted to say that we are considering a 3 bed villa ideally in Carvoeiro.

Steve

Hi Steve,

As a ball park
Rates are 0.5% of the value of the property per year
Electricity is expensive, €200 plus per month
Water, as you've seen debated on here can be erratic, check that topic for the average
Gas, if you use it, is reasonable
Pool guy €100 per month
Maid the same for a couple of mornings a week
If you're open in winter you'll need heat; underfloor will spike the 'leccy bill, logs are around €140 per tonne, and you'll need several
Insurance, house, contents, car etc is reasonable, there's a couple of good companies around

getting going is expensive, agents like 5% which keeps sellers targets high, and property purchase tax goes on value, anything up to 10%, so maybe think about buying one with offshore ownership to skip that

Once the sages have pulled my guestimates to pieces you should have a good idea of annual running costs

Oh, and it's all a matter of opinion but i don't see prices going anywhere for a long while yet and once bought it'll be hard to sell

Good luck in whatever decision you make

Sunman

I think some of Sunmans figures are a bit erratic.

Water can cost a fortune if you irrigate....and if you have a garden, you'll need too! That can run over 1000 euros a year. Electricity more expensive than the UK. Gas 100 euros a 45Kg bottle.
A decent maid, if employed fulltime....and a decent one will will insist on fulltime, will cost about 200 euros a month for 14 months a year, +NI and social security.
Maids part time or seasonally MAY appear cheaper.....but you get what you pay for, and freelance cost far, far more, pro rata.
Gardener 120 euros a month
Poolman 60 a month

If you intend to rent, a management company will cost you between 100 and 130 euros a month.
commission on rentals, usually 15%

You also need to factor in rates, insurance (inc 3rd party cover if you rent)...and earthquake cover is a good idea. Especially if you have a private pool.

If you use a rule of thumb figure for a private villa, occupied most the year......you should assume costs of about euros10k

cheap....is aint!!