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
