The EXPENSES ASSOCIATED WITH THE PURCHASE OF A PROPERTY vary depending on whether it is a new construction or 2nd hand and depending on whether the buyer is requesting a mortgage or not.
A) NEW BUILT:
- V.A.T.: 10% of the deed value of the property.
- Stamp Duty (IAJD): Depends on each Autonomous Community, varies between 0.5% and 1.5%.
- I.T.P .: Depends on each Autonomous Community, varies between 6% and 10%
The notary’s expense tends to vary depending on the price of the property, the length of the deed, if the house has attached properties or garages, etc. In general, the price is between 600€-1000€
The cost of registration will depend on the place where the property is located, the characteristics it presents and the cost of the purchase. In general, the price is usually between 300€-600€
IN THE CASE OF REQUESTING A MORTGAGE LOAN for the purchase of the home, you will have the following additional expenses:
1.- APPRAISAL. The price is usually between 200€-500 €
2.- BANK OPENING FEE Percentage that depends on each bank that usually varies from 1% to 2% of the loan amount.
3.- HOME OR LIFE INSURANCE. The bank may require the borrower to purchase home insurance and / or life or payment protection insurance. A Home Insurance usually costs between 200€-400€/year