Costs of buying in Spain

First off heres Davids rough guide. They say about 12% of the purchase price but after buying several properties here i say its more around 15%

It will differ a lot depending on the area. Heres a few things to think about.

Buying a house in Spain can be a both exciting and daunting for many reasons, especially for expats who are moving abroad and buying property in Spain for the first time. The process also varies between countries and is likely to be different in some or many ways compared to where you are from. As well as the price of the property, remember that you will also need to factor in other costs and expenses, such as property tax in Spain and additional mortgage fees, for example. If you’re planning on buying a house in Spain, let’s look at the taxes and fees for 2022.

When buying a property in Spain, a mortgage is not the only major expense involved in the process and you’ll have to do your calculations to make sure you don’t across any unexpected surprises. Banks in Spain generally finance 80% of the value of the property you wish to purchase (if the property is to be used as your main residence), meaning that you need to have saved up 20% of the property value in order to pay a deposit. This however is not all: there are a range of other expenses and property taxes in Spain that must be taken into account and paid to formalise the operation before you can become the owner of your new home in Spain. 

Between the valuation of the property, the notary, registry and the corresponding taxes, experts recommend having savings of between 10% and 12%, depending on where the property is located and its price. These percentages are on top of the 20% you need for the mortgage deposit. Take note that if you don’t require a mortage, you still need to pay these additional fees. All of these are compulsory expenses that revolve around the purchase of a home, although the total amount to be paid will depend on whether you are buying a new or pre-owned home, where you are buying the property and the amount involved. Here is a summary of what each one consists of and the approximate price/value in 2022:

  1. Buying a property: additional costs
    1. The notary
    2. The Land Registry
    3. Taxes 
    4. Taxes to be paid when buying a new home in Spain
    5. Taxes to be paid when buying a pre-owned home in Spain
    6. An adviser
  2. Additional mortgage costs in Spain
    1. The valuation of the property
    2. Opening fee

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