What Are the Buying Costs in Spain?
In this Two-Minute Tuesday, Keith and Sophia from Target Property Spain explain the buying costs involved in purchasing a property in Spain. Here’s a breakdown:
Buying Costs for Resale Properties
- Transfer tax: 7%
- Legal costs
- Notary fees
- Land registry costs
Overall, you should expect to pay around 10% of the property price for resale properties.
Buying Costs for New Builds
For new build properties, the buying costs are slightly higher:
- VAT: 10%
- Stamp duty: 1.2%
- Legal and notary fees
For new builds, you can expect to pay around 12%.
Additional Costs for Financing
If you’re financing your property, you’ll also need to account for:
- Mortgage costs
- Bank valuations
- Insurance
These costs add another 2-3% to your overall buying costs.
In a nutshell, your buying costs depend on whether you’re purchasing a resale or a new build property, with financing adding a bit more to the total. Stay tuned for more insights in our next Two-Minute Tuesday!