Total cost of purchase - Resale

 

After selecting a suitable Costa Blanca property, it is necessary to calculate for the following taxes and fees, apart from the purchase cost of the property.

•  - Transfer Tax (I.T.P. Impuesto de Transmisiones Patrimoniales) 10% of the purchase price.

•  - Notary and Property Registry fees. About € 1.500

The agency can take responsibility for settling these charges, directly after the sale, including paying the transfer tax and the presentation an collection of the original deed from the Registry. Inscription takes about one month.

Total cost of purchase - New construction

 

The purchase of a new construction has a slightly different tax and fee structure to the purchase of a resale property:

 - Value Added Tax (I.V.A. Impuesto Sobre valor Añadido) 10% of the purchase price.

 - Stamp Duty (Impuesto Documentos) 1,5%

 - Notary and Registry fees. About € 1.500

In both cases the agency commission is included in the sales price. Should a lawyer be employed this will be an variable extra cost depending on agreement. 

Extra mortgage costs

 

The extra expenses of a mortgage are about 2,5% of the loan to include:

 - Property valuation

 - 1,5% mortgage liability

 - An opening fee.

 - Notary and Registry fees.

 - Administration fee (Gestoria)

There is also an obligation to take out a Multi-Risk Home Insurance or possibly a minimum of fire insurance to cover the building (not contents).