WHAT ARE THE COSTS INVOLVED IN BUYING A PROPERTY IN SPAIN?
The sales price given when looking for a property does not include VAT, Notary or deed costs. VAT, Notary fees, electricity and water connection and fiscal numbers are about 9-10% on top of the sales price. See example below: SALE PRICE = 100,000 € VAT 7% = 7,000 € Notary fees 2% = 2,000 € Elec/ Water contracts =300 € Fiscal Number (NIE) = 100 € Final Price = 109,400 € WHAT IS THE DIFFERENCE BETWEEN NEW & RESALE PROPERTIES? The main advantage with NEW property is that it is usually better priced and changes and modifications can be made to the design. A new property can be built to suit your requirements. you get a builders 10 year warranty. In most cases you will have to wait for your property to be built. you have the flexibility of stage payments. 1st PAYMENT: The standard payment form for new property is a € 3,000. deposit. This is non-refundable. 2nd PAYMENT: After 4-6 weeks a second payment of 40-50% of the sales price is paid.(contract) 3rd PAYMENT: not always necessary, usually
