Questions

What are the one-off costs when buying a property in Spain?

As a guideline, you can budget up to 13% of the purchase price, which includes:

• Registration in the Land Register

• Transfer tax

• Notary cost

• Registration of electricity and water contracts

• Consulting cost

If you need a mortgage, there are additional one-off costs that depend on the amount to be borrowed and include:

• Valuator

• Notary cost

• Registration in the land register

• Bank charges

• Mortgage tax

To apply for a mortgage, you will need the following:

• 3 last salary strips or the last income tax return.

• Copy of passport

• Credit approval rating

What are the annual maintenance costs for a property in Spain?

• Basic fee for water and electricity plus billing for consuption based on the respective meter readings.

• Community fees

• Income tax, payable to the Spanish Tax Office

• Property tax, payable to the responsable town hall

• Building and household insurance

For all the above mentioned costs, you should set up a Spanish Bank Account, so that these costs can be easily settled by direct debit.

If you have any further questions, please feel fre to contact Us at any time. We will be happy to help!