Costs
Costs involved with the Purchase of a New Home in Spain
Using a Buying Price of £65,000
IVA 7% (Spanish VAT) is payable on the declared value of the property.
...............................£4550
Stamp Duty:...................£348 (½%)
Legal Fees:(Including IVA)
Extra costs for making searches, preparations of the title deeds and translation
before a Public Notary.
Notary’s Fees:.................£350
for preparing the Escritura (Title Deeds) registering title and
stamp duty
Connection Charges:...........£200
for water, electricity, gas, drainage etc
Plus Valia-Capital Gains:.....£70
levied by the Town Hall on the increase value of the land since
last sold
After Sales:....................£FREE
We can liaise with lawyers, banks and builders during the buying
process and assist you in opening a bank account. In addition,
we can advise you on organising removals, house insurance and
purchase of vehicles etc
TOTAL...............................£70518
Costs involved for the purchase of a Resale Property in Spain
The costs are a little cheaper, because you do not pay Stamp Duty on a Resale.
Example of Approximate Annual Running Costs of a £70,000 property
Urbanisation Fee:................................£250
Controlled by the owners association committee. This pays for
maintenance of the estate including public lighting, common areas
and security. The fee corresponds to the size of your plot as
a proportion of the whole development
Contribution Urbana:..............................£150
Rates payable to the local Town Hall
Insurance(house and contents).....................£100
Gestor/Fiscal Representative:.....................£85
Most owners appoint a fiscal representative to make their annual
tax return in May and normally the person will also handle other
payments such as local rates.
Electric/Water:(annual standing charges)...£100
Consumption of electricity and water is metered with charges similar
to those in the UK and Ireland. Normally these are paid automatically
through your bank.
TOTAL.................................................£685
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Property Exhibitions