What living costs do I have to pay if I own property in Lanzarote?
Water and electricity are metred, so you pay for what you use. You will pay annual rates or property tax (IBI – Impuesto sobre Bienes Inmuebles) and annual rubbish collection fee (basura). Both of these are paid to your local town hall. If you live on a complex or estate with shared facilities and communal areas, you will probably pay a community fee. We at PuertoDelCarmenProperty.com will tell you all the costs that apply to ownership of your chosen property before you make your decision to buy. Your lawyer will handle transfer of utilities into your name and will set up direct debits from your bank account to pay all bills. If you have a Spanish mortgage your bank will require you to have house insurance, which is recommendable even if you don’t have a mortgage.
