Navigating the real estate market in Spain requires a comprehensive understanding of the additional costs that come with acquiring a property. Whether you're a foreign or domestic buyer, these can significantly affect your overall investment.
Key Additional Costs
Beyond the property’s purchase price, buyers must consider several other expenses. The property transfer tax, a major component, ranges from 6% to 10% for resale homes, varying by region. Notary fees, land registry charges, and legal costs generally add another 1% to 2% to your outlay.
New-Build Property Implications
For those eyeing new builds, expect to pay a VAT of 10%, plus an additional stamp duty of between 1% and 1.5% based on the autonomous community. These taxes can significantly elevate the final cost of newly constructed properties.
Mortgage and Additional Fees
Securing a mortgage introduces further financial considerations, including setup costs which range from 1% to 2%, alongside necessary valuations and potential bank commissions. Regional and personal factors may alter these costs further.
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