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The Decision + Additional Costs
 
THE DECISION                          
NEW BUILD PROPERTIES

When you have chosen your new build Spanish property you can reserve it with an initial deposit normally between 3,000 Euros and 5,000 Euros depending on the builder's contract, this in turn will secure the purchase price fixed in Euros and remove the property from the market. Normally within 4 to 6 weeks from the original reservation date you will be expected to pay the first stage payment - the amount of which will again be dependent on the builder's contract, the second and/or final stage payment is then to be paid on completion.

Please note that the full purchase contract (known as the compra-venta) is drawn up solely between the relevant builder and the buyer(s) of the new build property, this contract is overseen by an English/multilingual speaking Spanish solicitor/fiscal representative, either of your choice or by one selected from our trusted team of certified solicitors, who will then approve the contract prior to your acceptance/signature.

RESALE PROPERTIES

When you have chosen your resale Spanish property you can reserve it with an agreed sum/deposit which is normally between 3% to 10% of the property purchase price (3,000 Euros minimum), this in turn will secure that purchase price fixed in Euros and remove the property from the market. In normal circumstances with all things being agreed, the exchanging of contracts/completion takes approximately 6 to 10 weeks (sooner if required/possible) from the initial deposit paid, with the final balance of payment to be paid on completion.

Please note that the full purchase contract (known as the compra-venta) is drawn up solely between the relevant vendor and the buyer(s) of the resale property, this contract is overseen by an English/multi-lingual speaking Spanish solicitor/fiscal representative, either of your choice or by one selected from our trusted team of certified solicitors, who will then approve the contract prior to your acceptance/signature.

SPANISH MORTGAGES (HIPOTECAS)

Borrowing money for purchasing a new or resale home in Spain is a known fact, generally Spanish banks are keen to lend up to 60% to 70% of the assessed value of your desired property and in some instances banks are prepared to offer more, interest rates and mortgage options are very competitive.

A Spanish mortgage can be easily arranged (subject to status), however on new build properties you may be expected to fund the first 30% to 50% stage payment yourself. Low monthly repayments begin after completion with loans available over 5, 10, 15 and even up to 30 years.
 
ADDITIONAL COSTS ASSOCIATED WITH BUYING A PROPERTY IN SPAIN
 
These costs are mainly dependent on the purchase price of the property, though some costs are not. It is fair to say that on average 14% of the purchase price over and above will cover these costs.
  • I.V.A. (Value Added Tax) on new build properties @ 10%
  • I.T.P. (Transmission of Patrimonial Rights - VAT) on resale properties @ 10%
  • A.J.D. (Legal Documentation Tax)
  • Registration (of property)
  • Title Deed Fees
  • Notary Fees
  • Legal Fees
  • Water and Electricity Contracts (Natural Gas - if applicable)
ANNUAL RUNNING COSTS

In general these costs are dependent on the type of property and where it is situated, though some costs are not.
  • Community Charges (where applicable)
  • Local Rates (SUMA), Refuse Collection and Additional Taxes
  • House and Contents Insurance
  • Standing Charges for Water and Electricity (Natural Gas - if applicable)
  • Fiscal Representative
     

 
 

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