Buying costs in Spain ?

There are taxes and fees payable included in buying costs in Spain when purchasing a property

It is important to know from the outset the real costs that you will face when you buy a property in Spain. The costs do vary depending on the type of property that you intend to purchase and also the regions that you are buying in. We focus on the Costa Del Sol

As a rule of thumb in Andalusia, you should allow 10% on top of the purchase price for a resale property if you are paying cash and 13% if you need a mortgage. This will cover all associated costs and you should come out with some change.

If you are purchasing a resale home, you will incur the following breakdown of buying costs in Spain:

Property transfer tax on the purchase price of the property that you are buying

Up to 400.000 euros, you pay 7% transfer tax
From 400.000 euros to 700.000 euros you pay 7% transfer tax
From 700.00 euros onwards you pay 7% transfer tax

You will also need to pay the following buying costs in Spain

(optional) survey fee 300-800
Notary fee 600 euros
Registry fee 500 euros
Legal fees 1% of the property price.
If there is a mortgage needed you also have to pay:
2% approx tax on the amount borrowed
Notary fee (again)
Registry fee (again)
Opening fee 300-500 euros
Valuation fee 300- 500 euros

If you are purchasing an off-plan property (a new property, direct from the developer) the relevant taxes and fees are approximate as they vary:

VAT: 10%
Stamp Duty: 1,5%
Notary fee approx 600 euros
Registry fee approx 500 euros
Legal fee 1% of purchase price

The above information is approximate based on our previous experience. Ask your lawyer for exact costs relevant to your particular purchase.

To see the buying process in Spain click the link: https://propertyinspaingroup.com/buying-process-in-spain/

For a currency exchange quote click the link: https://www.lumonpay.com/referral/?F_ID=7052

Buying a property in Spain

So you have been thinking of buying a property in Spain either researching or holidaying there for a while and you are now trying to purchase a property. The best way forward is to make a plan.

The first thing that you must do is ask yourself questions to establish your personal criteria. So start by thinking about and writing down the answers to the following questions. You need to discover what is most important to you about buying a property in Spain, to make the very best of your valuable time when you come to view.

What are your options when buying a property in Spain?

Are you seeking to relocate permanently?
Or will this be a dream holiday home?
Are you looking for an unbeatable investment?
It is best to know from the start. Although you may change your mind later.

Which are your preferred areas when buying a property in Spain?

Where do you want to be?
Do you love the sea or the country?
Do you want to be in a town or a city?
Do you already have a preference?
Are you not sure?

We are happy to discuss with you the advantages and disadvantages of each area. Deciding where you want to be is probably the best place to start. We can provide you with detailed information on each area. We are happy to show you around different areas to help you decide on the best place to settle. Again when you arrive you may change your mind if you have not been here before this is normal procedure.

What property type will suit you best when buying a property in Spain?

What type of property do you envisage yourself living or staying in?
Is it an apartment or contemporary new villa?
A country finca or village townhouse?
Or do you want to keep your options open?
A B&B or an equestrian facility?
We’re here to help with every request. We are happy to show a selection of each to discover which your preference is. Remember in reality the properties are normally slightly different to the pictures on the internet.

Have you decided on a budget for your purchace?

Have you established a budget?
Is it flexible or set in stone?
Do you require finance?

We endeavour to provide you with properties that offer great value for money. We will negotiate the best price for you and arrange finance where necessary.

What are your needs and wishes when buying a property in Spain?

What do you expect and desire from your new home?
What are your own individual requirements?
Is a pool a must?
A garage?
Walking distance to bars and shops?
Stables for horses?
Do want to reform an old property?
Or do you want brand new or off plan?
Or is livable for now and do up gradually a consideration for you?
Do you require panoramic views?

We will take all of these expectations into account and choose properties to view with these requirements in mind.

Once you have a written guide to your personal criteria you are ready to start looking.

You will need to find a knowledgeable real estate agent to work with ….

Of course, we would love to hope that you give us a try first and we will do all of the searches on your behalf once we have your criteria. We have access to all of the live properties available as we work with the other 2000 agents on the Costa Del Sol through an MLS System. We can request paperwork to check the legalities and other important issues such as water and electric connections and check the registrations of the properties. Your lawyer will do all of these checks for you once you find a property that you would like to purchase but we can save you time and heartache by narrowing it down beforehand and providing you with suitable properties to view.

Other options are searching portals and other agent’s websites. You will find that you keep seeing the same properties where ever you are looking as all agents share properties that are on the market.

You will need to Source a reputable independent lawyer that is experienced in the type of property that you are purchasing.
You can look online or we can provide you with lists of reputable local lawyers in the areas that you are looking.
If you require a mortgage you will need to meet with a Spanish bank or finance company.
We recommend that you try https://www.fluentfinanceabroad.com
Before you send any money to Spain you will need to sign up with a currency transfer company.
There are many currency companies and it is best to look at which ones are giving the best rates at the time that you are about to purchase.

Your viewing schedule

If you live here in Spain we can normally arrange viewings for you with 24hours notice.
If you are coming from abroad then you need to set a date for when you are coming to investigate the areas and properties.
Are you all set and ready have you been researching and scouring the internet and now have a refined list of prospects to see?
Or would you prefer us to tailor a range of options and appointments to view based on our experience of your preferred areas and property types?
Get your flights booked and arrange accommodation. Let us know in advance so that we can set up all of the viewings for you on your favourite properties and introduce you to any service providers that you may need.
We can help with flights and accommodation bookings in our area if need be. Call Victoria Monkhouse on 01268 941 086

Homecare Support

Customer service is important to us, after sales advice and care, we are always available today, tomorrow and long after you have moved into your new home.

Property Management and general services

Seeking holiday rental income?
Want help with your cleaning?
Is it a gardener or pool maintenance you need?
Wish to consult an Architect?
Want to talk to a Builder?
Need a Landscape Gardener or Interior Decorator?

We know where to turn. We can recommend reputable service professionals.

By the end of your viewing trip ideally, we will have found your dream property. So if you are in a position to go ahead then the buying process begins.