What are the costs when you buy a property in Spain?
As a guideline, you can reckon up to 14% of the purchase price, which includes:
• Registration in the Land Registry
• Purchase Tax
• Notary fees
• Water, Electricity and Community contract changes
• Consultancy costs
In case of mortgage, there are some additional costs:
• Referee
• Notary fees
• Registration in the Land Registry
• Bank charges
• Mortgage rates
To apply for a mortgage, you will need:
• 3 recent pay slips or the last income tax return (if you are self-employed)
• Copy of passport
• Schufa information
What are the annual maintenance costs for a property in Spain?
• Basic fee for water and electricity plus the billing of consumption based on the respective counter reading
• Community fees
• Council tax
• Local tax
• Building and contents insurance
For all charges listed above, you should set up a Spanish bank account, so that those costs can be easily settled by debiting procedure.
