- 13 May, 2021
- Posted by: Fincas La Clau
- Categories: Fincas La Clau, Sitges
The moment when we are considering the purchase of a home, we must be very clear about what budget we have in order to be able to search in a price range that adapts to what we are going to be able to pay. But it is very important that in this decision, we take into account all those additional expenses that the purchase of a home entails, since we will not only have to pay the amount of the property, but also have purchase and sale expenses, and in the event that we go When applying for a mortgage, we will also have to take into account the expenses derived from the financing.
These are the main expenses to consider when buying a property.
Expenses generated by the sale
All the expenses that are going to derive from the deed of the transfer of the property include:
The expenses of the public deed at the Notary, which are the notarial fees and which are regulated by the State and are between 0.2% and 0.5% of the value of the property.
The expenses of the registration of the property deed in the Property Registry, which are also tariffs regulated by the State and which are between 0.1% and 0.25% of the price of the house.
The expenses of the agency, which will be in charge of processing both the deed and the registration in the registry, in addition to managing all the procedures derived from the mortgage and that depends on the agency that we hire but usually costs about €300.
Expenses derived from taxes
The purchase of a home also includes the payment of taxes associated with the sale, with a period of 30 days from the signing of the deed to be able to settle them, and which are different depending on the type of property that we are going to acquire and where it is. located the property.
VAT: it is the tax that is paid if a new home is purchased, it is an equal percentage for the entire national territory that corresponds to 10% for general housing and a reduced rate of 4% for officially protected housing.
PATRIMONIAL TRANSMISSION TAX: the ITP is paid in the case of acquiring a second-hand home, this tax does depend on the community where the property is located, standing between 4% and 10% on the sale price. However, there are reduced rates depending on different cases and the Autonomous Community where the property is located.
TAX ON DOCUMENTED LEGAL ACTS: this tax that includes a fixed part of € 0.30 per sheet and € 0.15 per sheet, for notarial documents, it also has a variable part that depends on the Autonomous Community, and that can vary between 0.5% and 1.5% of the property deed price.
Expenses generated by the mortgage
If a mortgage is requested to buy the property, the buyer will only be entitled to the home appraisal expenses, which will depend on the contracted company but which range between €300 and €500, and depending on the entity. contracted bank, the mortgage opening commission will have to be paid. The rest of the expenses: notary, registration, management and the Tax on Documented Legal Acts, after the new Mortgage Law, corresponds to the bank.
Other expenses to consider
In addition to all the above, in the event that we have managed the purchase through a real estate agency, we will have to contemplate the commission that is between 5% and 7% of the purchase price, and some minor expenses, such as For example, the request for a simple note costs about €9 but it is important to verify the ownership of the property and if it has any charge or embargo.
At Fincas La Clau we have real estate agents who are experts in buying and selling, to whom you can consult any questions related to the purchase of your property in order to guarantee a good operation and manage all the necessary procedures.