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Some of the unexpected costs Britons can encounter when renting a holiday home in Spain are exchange fees and tourist tax.
Exchange and transaction fees
Holidaymakers should consider how they will be paying for purchases in Spain, including accommodation.
Britons are advised to always pay in pounds and never select the local currency, if they are given the option, as exchange rates “can certainly add up”.
Experts at Independent financial broker Norton Finance recommended: “If you’re planning on taking euros with you, consider what exchange rate you’ll be getting. Otherwise, you might find that once your UK budget has been swapped for euros, you’re left with less than you expected.
“Similarly, if you’re using your debit or credit card in Spain to withdraw money or pay for goods, you may have to fork out a transaction fee for doing so.
“One way to solve this is by looking into whether an overseas card or a prepaid currency card could work for you,” they advised.
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Tourist taxes
Britons spending their holidays in popular spots such as the Balearic Islands – Mallorca, Menorca and Ibiza – or the Catalonia region need to pay tourist taxes for most accommodations, including Airbnb.
Renting a home or apartment through an agency or private landlord can include other taxes or fees.
The finance experts explained: “These are charged per person for each night you’re there.
“While the per night cost varies depending on when you visit and how long you stay, this is another cost that can take you by surprise if you’ve not budgeted for it.
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The expert explained another “hidden cost” Britons need to consider is “administrative fees and rental rates”.
Mike said: “Each country will have varying administrative fees and different rental rates – and these may even fluctuate between cities.
“Overall, there are various aspects to consider before buying or renting abroad.
“So, it’s vital to do your research to decide what aligns with your personal and financial long-term plans.”
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