Buying costs explained 0

Cost
overview

See below a simple example of the cost of buying and owning a property in Spain

Purchase expenses

As almost all prices are stated as net prices in Spain you must as a rule of thumb calculate an extra 11-13% to the advertised price. The 11-13% will cover the following fees:

Type of cost resale property 300,000 €
Lawyer's fee (0,5 - 1%)
Depending on the price of the property and the complexity of the purchase
3,000 €
Transfer Tax (10 %)
(ITP - Impuestos de transmisiones patrimoniales)
30,000 €
Notary fee (max 5%) 1,500 €
Property register fee (1 - 1,5%) 425 €
Utility contracts
Change of electricity, water, gas
250 €
TOTAL additional cost (11 - 13%) 35,175 €

Cost of owning a property in Spain

Type of cost (per year) Price
Insurance
Depending on the price of the property and the content
From 200 €
Annual property tax
Base - Valor Catastral
0,2 - 2,5%
Local annual property tax (IBI)
Base - Valor Catastral
0,2 - 1,1%
Community fees
Pool, garden, security, general maintenance
400-600 €
Utility contracts - Fix cost
Electricity, water, gas, garbage
400-600 €