Apartments for Sale in Guardamar Costa Blanca Found 43 Properties

Apartments for Sale in Guardamar Costa Blanca

Basic Guide to the expenses for when you buy property in Spain

Buying a home is an investment in our lives. It is important to calculate all expenses have. In this article we report on the various costs of sale in Spain.

In Naranja Spain we know that when making the important decision of buying and investing in a home, we must be clear and sure what this entails. Expenses, as you may know, not only include the price of the property, payment of the mortgage (if any) and expenses generated from the sale. Keep reading if you'd like to find out more expenses you might of never heard of:

Expenses prior to the sale

1. Appraisal costs:

When applying for a mortgage, after the sale contract, the bank needs to make an appraisal of the property to determine the price that adjust with its value. The cost of this appraisal can go from 100 to 400 euros, depending on the type of property and square meters.

2. Pre contract notary expenses

When making the purchase is normal that before the deed, a preliminary contract between seller and buyer is signed. This is a private contract that ensures the transaction and that it forces both parties to comply with what's been agreed, always terms and conditions withing the law. So it's very common (although not mandatory) the use of a notary. Why people do it? Because it prevents future problems.

Expenses during the sale.

1. Public deed at the notary:

The deed for the sale certifies the change of ownership and, although it is not required to grant a sale, it is very advisable, since its effect is regulated by law so therefore is more valid than the clauses included on the preliminary contract. To be regulated by law. All notaries in Spain charge the same amount for this service and the cost varies if it's new property or second hand.

2. Taxes.

There are diverse taxes that applies when you purchase a home. We list the main ones:

- VAT: Only when a house is new construction and purchase directly from the promoter. In this case, buyers have to pay 10% VAT over the value of sale.

- Transfer Tax: Only for second hand properties. If it is a resale home you'll have to pay the Transfer Tax Heritage, accounting for between 5 and 8% of the deed price, depending on which Spanish region you are .

- Stamp Duty Tax: You pay for signing at the notary and to log in the Register. Its base calculation on mortgages is the mortgage liability and, although the amount varies depending on the type of housing and the Autonomous Community, so it can range from 0.1 to 1.5%.

- The Tax on the Increase in Value of Urban Land, previously known as a municipal capital gain, taxes the increase in value that a land experiences from acquisition to transmission. Unless both parties agree to pay half, this tax is borne by the seller, which has 30 working days from the date of the deed to file the tax return or settle the declaration to the settlement office at the City Hall.

3. Registration in the Land Registry

The cost of being recorded in the Land Registry is not fixed and it varies according to the value of the property, their location and characteristics. Rates are approved by the Government, they can be found at the Official Gazette and rarely excees 1%.

In the event that this inscription is made by agency, you must pay the fees of the agency. Contrary to what happens with notaries, managers rates are not fixed and, therefore, should be well informed before hiring one.

Naranja Spain, properties for sale in Guardamar.

In Naranja Spain we are specialized in selling new build and resale properties as well as rentals for long stays and short vacations. We also offer a full consulting real estate service and excellent after sales service such as interior designing to accompany you and help you throughout the entire process of buying your new home.

Check out our online catalogue of properties for sale and rent. You can find a variety of apartments, houses, flats and bungalows.

Please contact us if you like any of the houses you see. You can call us, write us an email, fill out the form on our website, or stop by our offices in Guardamar del Segura.