What are the associated costs to take into account if you want to buy a home in Spain in 2024?

Buying a home in Spain can be both an exciting and challenging adventure. For foreigners, this process can be even more complex, as regulations are significantly different from their home countries. Below, we look at the costs you should consider when buying a property in Spain in 2024.

Taxes and fees to consider when buying a home in Spain

When you decide to buy a home in Spain , it is essential to consider not only the price of the property, but also a series of additional expenses that must be taken into account. Here is a list of the main costs involved:

1. Notarial Fees:

The fees of the notary, who is responsible for formalizing the deed, range from 600 to 1,000 euros, depending on the value of the property.

2. Property Registry:

Registering the deed in the Property Registry has a cost that varies between 400 and 700 euros.

3. Taxes:

For purchases of new construction properties, the following must be paid:

• VAT (Value Added Tax), which in 2024 is 10% of the price of the home.
• The IAJD (Documented Legal Acts Tax): the amount depends on each Autonomous Community

For second-hand homes, the Property Transfer Tax (ITP) is paid, which can vary between 6% and 10% of the total price of the home, depending on the Autonomous Community.

4. Legal Fees:

If you decide to hire a lawyer to handle the legal aspects on your own, their fees are typically 1% to 2% of the purchase price.

5. Mortgage:

If you plan to finance the purchase, take into account expenses such as the appraisal of the property, which costs between 250 and 600 euros, and opening fees that can reach up to 2% of the capital borrowed.

In total, expenses and taxes can add up to between 10% and 12% of the value of the home .

Count on our no-obligation consulting service to resolve your doubts about buying a home in Spain

If you are thinking of buying a property in Spain , it is vital that you plan your budget carefully and inform yourself about all the costs involved. Consult with our real estate agents on the Costa Blanca and Costa Calida , experts in legal and tax matters, can make the process much easier and safer. Contact our real estate agency MEDIMAR EIENDOM and start looking for the home of your dreams in this beautiful country today, and make sure you are prepared for all aspects of buying a home in Spain.

• Our email: olga.lovold@medimareiendom.com
• Our telephone number in Spain to receive calls: (+34) 610 460 332
• Visit us at our physical offices: Calle Narciso Yepes 12, El Chaparral, 03184 Torrevieja (Alicante Spain).