What are the main expenses when buying a house in Spain?

In our country most people buy a house at some point in their lives. When one is going to take the step it is very advisable to know which are the main expenses when buying a house since they will influence the total price of the acquisition.

The total disbursement that will be necessary to make when buying an apartment will be formed, in addition to the sale price of the property, by all the expenses associated with the transaction.

Below, we highlight the most important ones, which are common to all property sales and purchases for all buyers.

Notary

When buying a property, one of the most important documents involved in the process is the deed of sale. With this document the legal situation and charges of the property can be demonstrated, besides proving who holds the ownership of the property.

The deed of sale is signed before a notary and, in order to do so, it is necessary to pay the corresponding fees. This applies to the purchase of a second-hand property as well as to the purchase of a newly built property.

The amount to be paid for the notary’s services is regulated by the State, so there will be no difference between the prices to be paid if you go to one professional or another. On average, the prices for the elaboration of the deed of sale are between 600 and 900 euros, varying depending on the price of the apartment or house to be purchased.

Property Registration

After signing the deeds before a notary, they are registered in the Property Registry. This act also has a cost that oscillates between 400 and 650 euros, depending on the total value of the deeded property.

Agency

It is advisable to go to an agency in the process of buying a property, since they can carry out some formalities on behalf of the buyer, as well as advising and settling the taxes when buying a property, such as the Transfer Tax (ITP).

The price for these services is not regulated, so it can vary from one company to another. The price can be around 300 euros or somewhat higher.

Appraisal of the house

In some cases, especially when a mortgage loan is going to be requested, the buyer will have to pay the amount required by the appraiser so that the bank knows the value of the house and the amount that will be necessary to finance.

The cost of this appraisal varies depending on who performs it, although it is usually between 250 and 600 euros.

Opening commission

One of the conditions of the mortgage credit is the opening commission that it entails. Although some entities do not charge it, it can be up to 2% of the total amount of the requested loan.

To advise you in all these expenses of real estate purchase and sale you can count on a real estate lawyer, whose formation and experience include the applicable legislation as well as all the expenses and taxes related to the purchase of the house.

Property Transfer Tax, VAT and stamp duty

These taxes are important and depend on each region in Spain. If it is a used property the Transfer Tax can vary between 6% and 11%. If it is a new property it will be 10% VAT and Stamp Duty between 0.5% and 2%.

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