You have bought a home in Madrid and live abroad: what to do after signing
Inventory, utilities, insurance, yearly obligations and getting the home ready: everything to do after buying a home in Madrid if you live in another country.
You have signed the purchase of a home in Madrid, but you live in another country or city. Congratulations: the hardest part is done. Now a new stage begins, less visible but just as important: getting the home ready, in order and well looked after while you are away. This guide sums up what to do from signing day onwards.
1. Signing day
The keys are handed over the same day. That is the moment to do something many owners forget: draw up an inventory with photos and note the electricity, water and gas meter readings. You will need them to transfer the utilities and as evidence for any later claim.
Check too how many sets of keys exist, who holds them and whether the lock cylinder should be changed.
2. Utilities and direct debits
- Transfer of electricity, water, gas and internet into your name.
- Direct debits from a Spanish account for utilities, community fees and property tax (IBI).
- Your contact details sent to the owners’ association as the new owner.
3. Protecting the home
- Home insurance covering water damage, theft and third-party liability, matched to the real value of the contents.
- An alarm connected to a monitoring centre, especially if the home will stand empty for periods.
- Key custody with someone you trust in Madrid, for emergencies, technicians and deliveries.
4. Yearly obligations
| Obligation | What it is |
|---|---|
| IBI | Annual municipal property tax, calculated on the cadastral value. |
| Waste charge | Madrid municipal charge; an empty home pays only the fixed part. |
| Community fees | The regular fee and any special levies approved at the owners’ meeting. |
| Non-resident income tax | If you are not resident in Spain, an annual return for the imputed income from the home, even if you do not let it. |
We explain this in more detail in What it costs to own a prime home in Madrid.
5. Getting the home ready
Between signing and moving in there are dozens of tasks: a deep clean, furniture and equipment, the move, small works or a renovation. Doing it from abroad is possible if someone coordinates it in Madrid. That is exactly what we do.
6. Who will look after the home while you are away
An empty home needs regular visits: airing it, checking for leaks, letting technicians in and preparing it before each arrival. You can count on us just when you need it or for year-round management, with all the information in your private platform.
In short
- Take an inventory and note the meter readings on key-handover day.
- Transfer the utilities and set up direct debits.
- Protect the home: insurance, alarm and key custody.
- Keep in mind IBI, the waste charge, community fees and, if you are not resident in Spain, non-resident income tax.
- Arrange who will get the home ready and who will look after it while you are away.
This article is for information only and is no substitute for advice from a tax adviser or lawyer.
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