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EXPENSES FOR FOR PURCHASE FOR A PROPERTY
When a home is purchased, with a mortgage or without a mortgage, it is necessary to have a “plus” of money saved to pay for additional expenses, such as those generated by the notary, the Land Registry or the appraisal of the home. Experts advise having savings close to 10% of the value of the house to cope with “success” these added costs.
Appraisal of the home: in case of requesting a mortgage to buy the house it is necessary to pay a appraiser to carry out the appraisal of the property and thus the bank will know the percentage of financing that will be granted based on the value. The cost of the appraisal will depend on the type of property, with what the appraisal can cost between 250 and 350 euros.
Notary fees: the notary’s fees are regulated by the administration and depend on the price of the property. In the notary you have to pay for two deeds, the deed of sale and the mortgage. For example, in a house of 250,000 euros the expenses of the deed of sale would amount to 400 euros. If the mortgage is 175,000 euros, the writing of the mortgage would be about 300 euros.
Property registration: registering the two deeds related to the sale of the property in the property registry also has a cost. Could be about 500 euros if you take as an example a home bought for 250,000 euros.
Gestoría: the agency of the financial institution is responsible for processing the settlement of taxes and other paperwork. Expenses are around 360 euros.
Taxes: there are two different taxes depending on whether the property is new or second hand.
New housing: the tax levied on this property is 10% VAT. Therefore, in a house of 250,000 euros, the tax will be 25,000 euros.
Used housing: the tax levied on this type of property is the Transfer Tax (ITP) and varies depending on the Autonomous Community but ranges between 8% and 10% of the deed price (between 20,000 and 25,000 euros for the example previous). It must be remembered that hacienda can claim a higher payment to the buyer if it considers that the home is worth more than what it has paid for it. The hacienda of each CCAA has some minimum price tables and they calculate the minimum ITP that a person has to pay when buying a house.
Both new and used housing are subject to the payment of another tax that is the Documented Legal Acts (AJD) which is 1% of the deed price of the sale and another 1% of the deed amount of the mortgage
