Annual cost of ownership of a condo

Legal Legal - Real Estate & Housing
1

Hello All,

I am trying to figure out on-going cost of ownership of a condo in Taiwan (in Taipei/New Taipei/Taoyuan). If you own a house here (or have looked into this), can you please tell me approximately:

  1. Annual Tax(es)
  2. Management fees
  3. Insurance costs
  4. Any other costs?

I understand these will vary because of different situations, but any insights or real data that you can share will be very helpful. For now I am thinking/planning for a condo in the range of 6M NTD.

thanks much

2

I think this is 1.2% of the condo value.

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3

Is this determined by the purchase price? Or does the city (or county) government assess the value?

thanks

4

Of the assessed value, which is lower than real value.

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5

Are you or your wife Taiwanese? If not you may have difficulty buying a house as there is usually land with the sale.

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6

If your country allow taiwanese to buy land, you can buy land in Taiwan.

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7

No.

So, are there workarounds for this? I had thought that foreigners do buy condos in Taiwan. There is even a clause for 35% Estate Tax on Sale of Condos by foreigners… (I am US citizen)

thanks

8

https://www.land.moi.gov.tw/onlinebill/862-n1.pdf

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9

Thanks. Yes, I have been looking through that document. It is not clear to me though what visa status is necessary. I am trying to figure out whether I can buy a condo even on a Tourist status.

10

I think visa is not a requirement to buy real estate for investment, but for the residential purpose, you might need an ARC.

11

Here is a quick run down of my costs for a 14M condo/house in a 4 year old building in the Ximen area):

  1. Loan (if applicable): principle + interest will of course vary based on amount borrowed. If you can find a lender, expect to put a minimum of 40% down as a foreigner without a Taiwanese spouse.
  2. Security/management fee: This will vary based on the building and amenities. Mine is ~2300nt/mo depend on if I want one or more scooter spaces.
  3. Electric: will vary based on season, age of the building, and usage preferences. I pay 1250nt/mo worst case for mine (paid every two months).
  4. Water: costs recently increased on this, I guess a change of policy. It might also vary by city. I pay 240nt/mo (paid every two months).
  5. Cable/internet: depends on your package and provider, I pay 659nt/mo for the lowest fiber option and MOD on 中華.
  6. Land Tax: paid yearly based on some book value (not actual appraisal). I pay 6403nt/year.
  7. House Tax: paid yearly also based on a book value (not actual appraisal). I pay 10427nt/year.
  8. Insurance: paid yearly, mine is 1831nt/year.

All of that breaks down to about 6000nt/mo + loan repayment (principle + interest). I hope that helps in your decision.

3 Likes
12

Sorry what do you mean by that? Do you mean to stay beyond 90 day limit? (If yes, I will most likely anyway leave Taiwan within every 3 months for some place).

Thanks much

13

This is so so useful! Thanks for posting such details.

A realtor estimated a tax of 5K NTD/year for a 10M condo for me. Looks like he may have been way off.

On the other hand a ~$200 USD/month all-in expense (excluding principle/interest) seems not too bad.