What are the costs when buying a property in Spain?
As a guideline, you can count on 14% of the purchase price, which includes:
- Registration in the Land Registry
- Purchase tax
- Notary fees
- Water, electricity and community contract changes
- Advice costs
In the case of mortgage, there are some additional costs:
- Bank charges
- Mortgage interest rates
To apply for a mortgage, you will need:
- 3 recent payslips or the latest tax return (if you are self-employed).
- Copy of your passport
- Information from Schufa
What are the annual maintenance costs for a property in Spain?
- Basic water and electricity charges plus billing of consumption according to the respective meter reading.
- Community fees
- Municipal tax
- Local tax
- Building and contents insurance
For all the above mentioned costs, you will have to open a bank account in Spain, so that these costs can be easily settled by debit procedure.