What are the Costs of Buying a Home?

Buying a Home is Probably one of the most Important Decisions You Make in Life, which is why We Need to be Informed of all the Associated Expenses Involved.

At Inmobiliaria Espígul We Have Financial Advisors who Will Accompany You throughout the Process and Inform You of all the Expenses to Consider:

Taxes

The Value Added Tax (VAT) and the Property Transfer Tax (ITP) are the most outstanding expenses:

• In the case of VAT, it is applied when buying a new home. There are two types: 10% if it is unrestricted and 4% if it is officially protected housing under a special regime.
• Regarding the ITP, it is applied when buying a second-hand home. The percentage of this tax can vary between 6% and 10% depending on the Autonomous Community.

Another tax is the Tax on Documented Legal Acts (AJD), a tax that is paid on the notarial deed and the percentage varies according to the autonomous community in which the loan is formalized between 0.5% and 1 , 5%.

The Notary
The notary verifies the legality of the contract and drafts both the mortgage deed and the sale deed. These costs are subject to current regulations and their amount depends on the property.

Registration in the Land Registry
Registration is the owner’s decision, but it is the most advisable to have legal security. These costs are adhered to by regulations and their amount depends on the price of the property.

The Management Company
The Management Company is responsible for processing the documentation of the sale, processing the settlement of taxes, among other functions.