Buying Info
It is important to know the costs involved in a Spanish property purchase so that you can set your budget accordingly taking care to factor in any extra fees.
When purchasing a house here in the UK you would normally allocate separate funds for extras, such as legal fees and stamp duty, and in Spain it is no different.
We have outlined in this section information on the one off purchasing costs and examples of typical annual bills.
Costs Involved
In addition to the advertised property price you will need to pay for legal fees, land registry fees, stamp duty and Spanish VAT (known as IVA). This will increase your purchase price by around 10%.
For example, if you are buying a property at £100,000 please budget for an extra £10,000 to cover all of your one off purchase related costs.
It is also important to know that if you are funding your property purchase by a mortgage, your fees may rise to around 11% to take into account extra mortgage costs, however mortgage fees do vary so we recommend that you shop around for the best deals available and make sure all costs are known prior to purchase.
Running Costs
As running costs will vary from development to region, we recommend that whilst you are in Spain viewing properties to speak to the owners (if viewing an existing property) or the developers (if viewing a new build) of any potential properties to find out an approximate guide to the running costs before you buy. Properties Spain will always give you a cost breakdown for any potential properties you are interested in so that you will know what to expect to pay for running costs when you move in.
Typical costs for a 2 bedroom apartment on a coastal resort are around £800 - £1,200 per annum including local rates, water, electricity and community fees, although in some high quality developments in the Costa del Sol this may rise to £1,500+.
For larger properties, such as a detached villa, you can expect to pay upwards of £1,200 per annum.
Our Services
Having been established since 2001, Properties Spain has built up a wealth of contacts to assist you in making your property purchase run as smoothly as possible. If you decide to purchase with Properties Spain you will gain access to our assistance with the following services:-
Opening Spanish bank accounts, currency exchange, English speaking Spanish lawyers, overseas mortgages, furniture shops, interior designers, English speaking plumbers, car hire, schooling, flights, rental companies, removal firms, translation of Spanish documents to name but a few.
Our sister companies www.perspective-espana.co.uk and www.spainalive.tv also have information on buying a propery in Spain.