Ask the Realtor: What are the Buying Costs when Buying a Property in Spain?
The buying costs are depending of the province in which you buy (because of a difference in tax rates). They are also dependent on whether you buy a resale or a new build property.
The buying costs in the province of Alicante are at this moment the following: (% of the purchase price):
- Resale Property:
- 10% Transfer Tax
- 2,5% Costs for notary, solicitor, registration and hand over utility contracts
- 12,5% In Total
- New Build Property:
- 10% VAT
- 1,5% Stamp Duty
- 2,5% Costs for notary, solicitor, registration and contract utility contracts
- 14% In Total
The tax percentages (transfer tax, VAT, stamp duty) are exact percentages of the purchase price, while the percentages of the notary, solicitor, etc. are estimates (which are provided to give an estimate of the total cost, so they can be included in the total required budget.
Of course, these taxes can change over time and are depending on the province where the property is located. The last years they have been stable in the province of Alicante.
If you have any question yourself, you can forward it to info@newvillasinspain.com
