What community charges do commercial premises have to pay?.
The Horizontal Property Law also requires commercial spaces to pay certain maintenance fees to maintain the building, your services, charges and responsibilities, which cannot be individualised.
If you are thinking of buying or renting commercial premises in Valencia, you should be aware of the community fees that traders have to pay. On our website today we tell you everything you need to know about these expenses.
You should be aware that, according to the Vertical Property Law, article 9.1, you are obliged to pay certain community charges if you or an integrated commercial property are part of a community of owners.
In general, a building pays the same community fees as any other independent property that is part of the community. This includes the cleaning of the entrance, maintenance of the lift, electricity, water and other expenses.
The Horizontal Property Law also states that commercial spaces must pay certain overheads to maintain the building, your services, charges and obligations.
How can I find out what are the costs to be paid for commercial premises in Valencia?
In general, the owners of commercial premises in Valencia are responsible for the payment of the common expenses according to the proportion stated in the deeds, as in all the autonomous communities. However, the Law of Horizontal Division of Common Property or the constitutive document of the property express a general obligation that can be modified.
The owner of a commercial property usually faces specific expenses that are disclosed in these deeds, as well as other expenses that are exempted, such as the maintenance of the lift, cleaning of the entrance, repairs to the entrance and the lift, etc. These exemptions can only apply to the specific expenses disclosed in the contract or deed and not to similar or comparable expenses.
It is essential to check the Horizontal Property Division Contract to see if there are any exceptions to the payment of the total community fees or if you are obliged to pay them.
A set of bylaws should be created to ban low-cost commercial space.
Ground floors with commercial activity that have the option to abstain from paying the community charges can do so through a unanimous agreement at a meeting of owners. If the community statutes include the possibility of exempting a commercial premise from the expenses of the entrance hall, the owners' meeting must approve it unanimously. The exemption should relate to specific expenses, such as cleaning, lighting, lift, and so on.
What should I know before renting commercial premises?
If you want to buy or rent commercial premises, ask for the Deed of Horizontal Division to find out what expenses you will have to pay. In this way, you will also be able to decide whether you benefit from an exemption from certain expenses in the future.
In addition, if you rent a ground floor commercial property, the landlord must specify who will pay the expenses, you or the tenant. Although it is normally the tenant who pays this expense, some ground floor rental contracts in Valencia usually include some specific expenses in the contract.
Does the community pay for commercial ground floors?
Yes, all commercial spaces pay community fees, except for those listed in the Horizontal Division Document or those approved by the community of owners, if applicable.
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How profitable is it to buy a commercial property? .
Premises tend to have a higher gross rental yield than homes and other assets. According to data from Idealista, at national level this year the gross rental yield was 9.3%, ahead of offices (8.4%), homes (7.4%) and garages (5.1%).
Commercial real estate investment is one of the three most popular types of real estate investment, along with residential and industrial real estate investment. Because the tenant is a company or institution, commercial real estate is called commercial real estate.
Most organisations lease rather than buy the real estate in which they operate. Since commercial property owners or investors receive regular payments from their tenants, they are usually paid on a regular basis.