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What is the real cost of buying your Spanish Property?

15 Jun
2017

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Congratulations, you found it!

Before it’s too late, let’s check what’s the cost of buying a property in Spain:

 

  • It’s a new-build property
  • It’s a resale

 

I. Cost of buying a New-build property in Spain: +/- 14%

  • VAT =10%
  • Property registration fees = 1.5%
  • Lawyer between 1 and 2%
  • Other costs: Notary, stamps,…

 

II. Cost of buying a Resale property in Spain: +/- 10 to 14%

  • Transfer Tax = 6 to 10% at the general tax rate (but you have reduced rates in certain cases). This amount depends on which Spanish region this property is located.
  • Property registration fees = 1.5%
  • Lawyer between 1 and 2%
  • Other costs: Notary, stamps,…

 

III. Other costs:

  • Banking costs: Usually a percentage of the amount wired + cost of holding an account
    • This could be very important if you don’t have a Euro account and need to convert your currency like Pound, Dolar, Yuan, Shekel, Ruble,… up to 3%
    • Our Tip: You have companies specialised in wiring funds internationally working with segregated accounts at the major international banks:

1. You can lock a currency level

=> you will know the commission  BEFORE wiring the money

=> you will know the level at which you will convert your currency in Euros BEFORE wiring the money

=> you will know the exact amount you need to wire in your local currency BEFORE wiring the funds

2. You wire the money in your currency

3. The company will wire the money in Euros in Spain on your Spanish account (Don’t forget your NIE, read our earlier paper on that) , your lawyer account,…

  • Mortgage costs: 
    • Bank valuation of the property = +/- 750€
    • Mortgage deed = +/- 750€
  • Real Estate agent fee: Here is the good news you were waiting for: the seller is paying this one 😉 in general.

Before buying, you want to know what is the annual cost of owning a property in Spain? Read our paper on this subject.

All those information are from reliable sources. We advise you to check those with your fiscal and legal agent in order to get all those costs up to date and adjusted to your specific situation.

1. Best Professionals 2. Follow up 3. Competititve pricing 4. Partners 5. Qualitative Check

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Our Tip: Don’t forget all our checklists before buying your property:

Our reports on how to buy a property in Spain

Finally, if you want more, check our very useful infographic: The 8 legal steps to your Spanish property

 

Infographic the 8 steps to your spanish property

 

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