Many are surprised at the costs the buyer has to pay when buying a home in Spain. In total, they usually reach between 13% and 14% of the purchase price + further approx. 4% if you need a mortgage to finance the property.
The vast majority are taxes. There is VAT (I.V.A.) of 10% on new build and 10% tax (transfer tax) for resale homes. Besides that, there are also a stamp duty of approx. 1.5% to be paid on new build.
Then the rest goes to the Lawyer, the Notary and the Property Register etc.
These amounts are due at the time of signing the deed. Danilservice will give you a clear overview of all expenses and payments related to the purchase. She will also ensure that down payments and other payments are paid on time and after the contract.
Spanish will?
I will recommend that you make a Spanish will when you buy property in Spain. The Spanish authorities must respect the inheritance law in your country, but it is your obligation to prove it in the court of law in Spain and it can be a cumbersome, expensive and long-term affair. I have examples that it has taken 2 1/2 years before an inheritance case has been terminated due to the absence of wills. It’s only a one-time expense to make it and it can save you a lot of hassle and trouble.
