Additional costs for the buyer when purchasing a dream home in Spain in Medvilla Spanje

Additional costs for the buyer when purchasing a dream home in Spain

14.02.2018

Everything you need to know about Additional Buyer Costs when Buying your Dream Home in Spain

If you dream of buying a house in beautiful Spain, it is important to consider not only the bare purchase price of the property, but also the additional costs (buyer costs) associated with the purchase. In this blog we take a closer look at what these costs entail and why is it essential to consider them when planning your property investment in Spain. As a general guideline, you should assume an additional cost of 14%.

What are Additional Buyer Costs (Buyer Costs)?

Additional Buyer Costs, also known as "buyer costs" or "b.c." are additional costs that are added to the purchase price of a house or apartment. These costs are normally bore by the buyer and cover various aspects of the purchasing process. Here are some of the most important additional costs to consider:

1) Difference between I.T.P. (Transfer Tax) or VAT (VAT) as Buyer's Additional Costs

The Transfer Tax abbreviated I.T.P. is between 8% and 10% depending on the province. When purchasing an existing home in Spain, the buyer has to pay this Transfer Tax as additional buyer costs.

The VAT is a VAT to be paid that is added when purchasing new-build homes in Spain. For example, there is a VAT of 10% and additional stamp duty of 1.2%, 1.5% or 2% (depending on the province) for villas, apartments, garages where the seller is a developer, promoter or usual trader. And the VAT is 21% for building land, commercial premises, commercial spaces, commercial garages where the seller is a developer, promoter or usual trader.

2) We also have the notary and registration costs as additional costs for the buyer

The notary draws up the official documents and ensures the legal transfer of ownership. The registration costs cover the registration of the property in the land and buildings registry. Together these costs can amount to approximately 1-2% of the purchase price.

3) Other additional costs for the buyer

In addition to the above costs, there are a number of other costs that you can expect, such as the costs of a lawyer, connection of utilities, internet, etc. These costs vary per region and per situation.

4) Any mortgage costs as additional costs for the buyer

If applicable, there may be additional costs associated with taking out a mortgage. This may include notary costs, registration costs and costs for engaging a mortgage advisor.

Who pays the brokerage costs when purchasing the property?

If you purchase real estate in Spain through MEDVILLA, there will be NO brokerage costs for our guidance from A to Z. As a real estate agent, we are paid by the professional seller.

We sell on behalf of the project developer and at the prices set by the developer. If you choose us, you will benefit from our expert advice and guidance at no extra cost.

For a smooth purchase of your property in Spain, choose MedVilla as your real estate expert.

Buy your dream home in Spain without any worries

Of course you do not only have costs when buying but also fixed costs after buying a house in Spain

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