• All
  • Apartment
  • Bungalow
  • Business Premises
  • Chalet
  • Country Estate
  • Country House
  • Duplex
  • Flat
  • Garage
  • Ground floor
  • Ground floor
  • House
  • House with land
  • Luxury Villa
  • Plot
  • Rural Land
  • Townhouse
  • Upper floor
  • Urban Plot
  • Villa

Looking for a house?

  • All
  • Apartment
  • Bungalow
  • Business Premises
  • Chalet
  • Country Estate
  • Country House
  • Duplex
  • Flat
  • Garage
  • Ground floor
  • Ground floor
  • House
  • House with land
  • Luxury Villa
  • Plot
  • Rural Land
  • Townhouse
  • Upper floor
  • Urban Plot
  • Villa
News
What expenses does it take to buy a home?
 07

  AUG

What expenses does it take to buy a home?

Buying a home is one of the most important investments. Knowing the expenses and taxes that must be paid is one of the most relevant issues. A sum that, on average and depending on each community, is between 8 and 13% of the price of housing and that it is necessary to have it saved. The VAT and the Tax of Patrimonial Transmissions (ITP) are the most outstanding payments. VAT is paid on the purchase of a new home (first transmission) and ITP is paid when buying a second-hand or second-hand home. It may happen that no one has lived in a house, but a transmission has already been made to a financial institution, for example, and for which the purchase is already considered a second transmission. How much is it? With respect to VAT, there are two types that tax the home: 10% if it is free and 4% if it is of special regime official protection. This VAT is also applied to garage spaces that are purchased together with the dwelling up to a maximum of two. Another of the Taxes of the new housing is the Documentary Legal Acts (AJD), also transferred to the autonomous communities, which varies from others, but ranges from 0.5% to 1.5%. This tax levies the legal documents necessary to convey the property and is a percentage of the value of the property in the deed. This indicates that a new home pays VAT (10% or 4%) and AJD (0.5% - 1.5%). It should also be remembered that the AJD tax is applied at the time of setting up a mortgage. As for the ITP for used housing, its management is ceded to the autonomous communities and its percentage varies between 6 and 10%, but there are exceptions. In Madrid it is 6%, but in Galicia, depending on the economic situation of the buyer, it can be 4, 7 or 10%. The percentage is applied on the book value of the property. Canarias is governed by the IGIC which is inferior. And the large families have a lower ITP, which is necessary to check in each Autonomous Community. But apart from these taxes there are other expenses that must be taken into account: - Public deed in the Notary's Office. The notary's costs are set by regulations and their amount depends on the amount of the property, although it can be increased by aspects of the notarial operation: number of copies, extension of writing, etc. In official housing and subrogations, a reduction in tariffs is applied. As an example, in a housing of 200,000 euros can be around 550 euros. - Registration in the Property Registry. They are the fees generated by inscribing the purchase-sale in the Property Registry. They are also set by regulations and their amount depends on the price of the property. If we based on the previous price, would be around 400 euros, always guidance. - Management. In charge of bringing together all the paperwork and payments so that the buyer only has to go to the firm. It is especially important when the transaction takes mortgage loan. Their prices vary according to the paperwork they must do, they can be around 200 -250 euros in the sale, plus the part of the mortgage that depends on the amount ordered. But these are just the expenses and taxes of the purchase. If you are asking for a mortgage you have to add some more, associated with the contracting of a mortgage loan: - Valuation: paid to the authorized appraisal company that was in charge of calculating the value of the house. Lately advertised first-line appraisals from 250 euros, but depends on the surface of the house. - Property registration. In addition to inscribing the sale, you must add the mortgage deed. - Notary: the notary is the one who gives public faith of the deeds of purchase and sale and mortgage loan. - The constitution of a mortgage loan is taxed by the Tax of Documented Legal Acts (AJD), a tax that depends on the Autonomous Community and which is between 0.5 and 1.5% of the value of the mortgage guarantee. - Processing costs by the Agency: administrative procedures (registration, payment of taxes, etc.). - Opening fee: Charged at the time of granting the loan in respect of the costs of analyzing the feasibility of the operation that the financial institution faces. - Damage insurance: The financial institution will request, by legal requirement, the applicant to sign a damage insurance that covers the value of the property assessed.
Diseñado por CRM Inmovilla
Send this form with your name and phone number and we will contact you as soon as possible.
When you press the button “SEND” you confirm you’ve read, understood and accepted the conditions of our Privacy Policy shown in this LINK

Responsable: XXXXX

Finalidad: To send information about real estate that match the requirements of the client presented by filling this form.

Legitimación: To implement pre-contract measures to the clients request (budget request or information about our professional services).

Destinatarios: This data will arrive at the office and there is no expected data transfer if not for legal obligation.

Derechos: You may use your right to access, modify, suppress, oppose, transfer or withdraw your consent on your personal data through the email XXXXXX@XXXXXXX.es

Responsable: XXXXX

Finalidad: To send information about your property to the real estate agency so it can evaluate if it will offer your property to its clients to try to sell or rent it.

Legitimación: The legitimacy is based on the consent you gave us when clicking the button “I accept the data protection policy”.

Destinatarios: The client’s data won’t be transferred to anyone, if not for legal obligation. The real estate’s data might be delivered to collaborating real estate agencies or published on web pages and real estate portals.

Derechos: You may use your right to access, modify, suppress, oppose, transfer or withdraw your consent on your personal data through the email XXXXXX@XXXXXXX.es

Responsable: XXXXX

Finalidad: To handle information requests through the website, aiming to offer real estate professional services and to give information about what’s requested.

Legitimación: The legitimacy is based on the consent you gave us when clicking the button “I accept the data protection policy”.

Destinatarios: Your data won’t be transferred to anyone, if not for legal obligation.

Derechos: You may use your right to access, modify, suppress, oppose, transfer or withdraw your consent on your personal data through the email XXXXXX@XXXXXXX.es

Responsable: XXXXX

Finalidad: To handle information requests through the website, aiming to offer real estate professional services and to give information about what’s requested.

Legitimación: The legitimacy is based on the consent you gave us when clicking the button “I accept the data protection policy”.

Destinatarios: Your data won’t be transferred to anyone, if not for legal obligation.

Derechos: You may use your right to access, modify, suppress, oppose, transfer or withdraw your consent on your personal data through the email XXXXXX@XXXXXXX.es

We use our own and third-party cookies to facilitate your navigation on the website, learn how you interact with us and collect statistical data. Please read our Cookies Policy to learn more about the cookies we use, their purpose and how to configure or reject them, if you consider it so.
Accept all Manage Cookies Reject