What additional costs should I consider when buying a newly built house in Spain?

27 Sep 2022

Buying a property in Spain! What costs should you consider? The costs can be divided into one-time costs and annually recurring costs. We will first explain the one-time costs involved with the purchase of the property. To be able to put a property in your name at the notary you need a NIE number. That NIE number can be purchased for about €100 per person. Besides the purchase of the property itself there are also additional costs such as income tax, stamp duty, notary fees, lawyer fees, transferring the utilities to your name and registering in the Spanish Land Registry. Together, this will cost about 12% to 14% of the purchase price of the property. This is an amount you should consider in addition to the price of the property. An easy example is: you buy a house for €100.000, so if you have 14% additional costs you end up with a total of €114.000. This is important to know when setting your budget. It is also important to know that for each project the price that real estate agents advertise can vary. Sometimes everything is included in the home, but sometimes the price may not include white goods, air conditioning or furniture. In some projects even the pool or roof terrace are not included in the price they advertise, so this varies from project to project. Your real estate agent will tell you at each viewing what is included in what price. With the Bellahouse projects, we often just have one price that includes everything. Then there are also (annually) recurring costs. For example, with an apartment or house in an urbanization, you have to deal with the common costs that you have every month for water and electricity. Also, once a year you have the property tax also called cadastral income. These costs vary per municipality but it varies between 0.3% and 0.9% of the WOZ value of the house. Every quarter you also pay a waste disposal fee, which varies between €200 and €300 per year. These were all the costs you have to consider when buying a house in Spain. If you have any further questions, please do not hesitate to contact us:

Email: info@bellahouse.es

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