Additional costs when purchasing a property

Investing in a property is an exciting phase in anyone’s life. Whether it’s a first-time acquisition, stepping up the property ladder, purchasing a property abroad or a holiday home, there is nothing that compares to the feeling of receiving the keys and take your first steps through the door. For anyone, buying a property is a serious investment.

However, many people don’t stand still and think about all the additional costs when buying a property.

Home insurance

A good way to live without worries after purchasing your property is by having it insured. Being insured gives you peace of mind of having your home covered, should anything happen to it. Nowadays, with modern technology, many homes have a number of costly household appliances that need protection. Let’s not forget our personal assets and the complete value of our household goods. By having your assets insured you can rest assure they will be replaced or repaired if damaged in the event of fire, burglary or a natural disaster e.g. storm.

Fees & taxes

As part of a property agreement, there are other costs other than the settled sales price. Costs such as notary fees and transfer taxes. Notary fees include the drafting of a notarial deed and checkup of all other legal documents required in the process of purchasing a property. Moreover, a property transfer tax will be due once the house purchase has been successfully completed. In Curaçao, the property transfer tax for commercial, residential or industrial properties is 4% of the purchase price. In addition to these costs, a property ownership tax is also required to be paid annually by all owner of real estate property.

As of January 1st, 2014, property owners in Curaçao are charged “the ground tax”. This tax is collected at an annual rate of;

Upward ofBut no more thanIs the taxIn addition to any amount in excess of that in column I

Living costs

One of the most expensive expenditures besides the property itself is decorating your home, especially if you’re a first-time buyer. Furniture & kitchen appliances, decorating tools and other equipment are all items you likely need to make you feel at peace in your home.

Buying a new property is an exciting thing, it is of utmost importance to do some proper research and have a good and knowledgeable realtor when planning on purchasing a property.

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