Imagine standing on a sunlit terrace, sipping a cool drink, and gazing out over the sparkling Mediterranean Sea. The gentle breeze carries the scent of saltwater and the promise of a new adventure. You've just acquired your dream home on the Costa del Sol, Spain, a paradise known for its stunning coastal views and vibrant lifestyle.
But before this dream became a reality, there was a journey – one filled with exciting discoveries and, yes, a few financial details that needed to be understood. Let’s walk through this journey together with Reviero by your side, breaking down the essential costs you’ll encounter when purchasing property in this beautiful region.
The Allure of New Development Properties
You’ve found it in our Marketplace – a brand new, modern apartment with panoramic sea views and state-of-the-art amenities. Here’s what you need to know about the costs involved in bringing this dream to life, with Reviero guiding you every step of the way:
1. Notary Fees: Picture a sleek office where you sign the final documents. We ensure this vital step is handled smoothly, costing between €600 to €1,000, roughly 0.6% to 1.0% of your purchase price.
2. Legal Fees: Reviero's lawyers guide you through the maze of paperwork, ensuring everything is in order. Expect to pay around €1,000, or 1.0%, for their expert legal support.
3. Stamp Duty (AJD): This is the government’s fee for formalizing the legal documents. Reviero helps you navigate this cost, which adds up to €1,500, about 1.5% of the purchase price.
4. VAT (IVA): The government’s tax on your shiny new property is a significant cost, 10%, or €10,000 on a €100,000 purchase. Reviero ensures that you’re well-prepared for this expense.
5. Property Registration Fees: The final step to officially record your ownership costs €400 to €600, or 0.4% to 0.6%. Reviero’s team ensures a seamless registration process.
Total Costs: Between €13,500 to €14,600, or 13.1% to 14.6% of your property price.
The Charm of Second-Hand Properties
Maybe you’ve fallen for a charming, rustic villa with character. Here's a look at the costs for second-hand properties, with Reviero managing all the details:
1. Notary Fees: Similar to new properties, signing the deeds costs between €600 to €1,000, or 0.6% to 1.0%. Reviero’s notary service takes care of this for you.
2. Legal Fees: Reviero’s lawyers provide essential expertise, with costs around €1,000, or 1.0%.
3. Transfer Tax (ITP): This replaces VAT for second-hand properties, costing 7%, or €7,000 on a €100,000 property. Reviero helps you understand and manage this tax.
4. Property Registration Fees: Recording your ownership costs between €400 to €600, or 0.4% to 0.6%. Reviero’s team handles this final step with precision.
Total Costs: Between €9,000 to €10,500, or 9.0% to 10.5% of your property price.
The Big Picture
To summarize your journey buying in Spain:
|
Property Type |
Total Costs (€) |
Percentage of Purchase Price |
|
New Development |
€13,500 - €14,600 |
13.5% - 14.6% |
|
Second-Hand Property |
€9,000 - €10,500 |
9.0% - 10.5% |
As a helpful guide:
- New Development Property: Plan for approximately 13.5% of the purchase price.
- Second-Hand Property: Anticipate about 9.5% to 10.5% of the purchase price.
- New Development Property Costs:
• 10% VAT
• 1.5% Stamp Duty
• 1.0% Legal Fees
• 1.0% Notary & Land Registry - Second-Hand Property Costs:
• 7.0% Transfer Tax
• 1.0% Legal Fees
• 1.5% Notary & Land Registry
Epilogue: Your Path to Paradise with Reviero
By understanding these costs, and with Reviero's support, you’re well-equipped to embark on your journey to owning a piece of paradise on the Costa del Sol. Each step of the process, from initial consultation to final registration, is managed by Reviero’s experienced team, bringing you closer to that dream terrace with a sea view, knowing that your investment is well-planned and financially sound.
So, whether you’re drawn to the allure of new developments or the charm of a second-hand property, your adventure on the Costa del Sol is ready to begin. With Reviero by your side, here’s to your future home – and to making informed, confident choices along the way!
We do not provide any forecasts or predictions. The information we share is purely based on statistical data visualization and the computational results of our Al. It's essential not to approach this data as definitive projections. The company takes no responsibility for the accuracy and advises any buyer to see third party verification of the information provided. To know more please read our investment agreement Service agreement
