Buying and selling property in Spain
Buying and selling property in Spain is governed by the Spanish legislation . In this context it is the purchase of individual housing costs that must be taken into account . In this issue of housing gap , we examine the costs to be reckoned with when buying property in Spain.
When you have found a property you want to buy in Spain, you must pay a deposit to reserve the property so that it is not sold to others. This is because in Spain there may be several agencies that offer the same residence – so-called ” multi- listing” . By signing the contract , it is common to pay from 10-35 % of the purchase price, depending on whether it is used or new housing .
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Purchases of existing homes
There is a large selection of homes on the Costa Blanca. Everything from simple apartments and fincas , to more expensive places directly on the beach and villas in the luxury class . The houses are generally more expensive the closer one gets sea and in the most distinctive tourist areas . It is certainly possible to make bargains on the Costa Blanca.
When buying used house incurs the following costs:
– Transfer tax ( ITP ), which today is about . 8%
– Official registration and registration fees as determined by a scale depending on how expensive accommodation is . ( Approximately 0.5-1 % of purchase price)
Buy new homes
It built many new homes in Spain. It can often pay to buy a home on the ” drawing board ” if you have time to wait as these tend to have a very good price trends . Generally , it takes 6-18 months to sign the contract for your home is ready for occupancy. In addition to the new buildings are often able to influence some of finalization as materials , tiles and colors.
In Spain, the law that all new houses should have a 10 year guarantee against any damage that occurs. This is an assurance that the developer is obliged to take , and that comes home. Although the developer for example to go bankrupt , your home still secured for building damage for the first 10 years.
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Costs new homes
When purchasing a new home incurred the following costs ;
– VAT (IVA ) at the new residence which is currently 4% and will increase to 10 % from 1.1.2013
– Stamp Duty 1%
– Official registration and registration fees as determined by a scale depending on how expensive accommodation is ( approximately 0.5-1 % of purchase price)
The quality in Spain has improved dramatically in recent years , and there is usually little difficulty with the building itself . Due to the large influx of building experts and craftsmen , one should be prepared for close monitoring of the craftsmen and the project might take longer than initially estimated.
When purchasing new plot / land incurred the following costs:
– VAT (IVA ) at the vacant lot / land 21%
– Stamp duty as determined by a scale depending on how expensive land is
– Land Registration in about 40 % of the tax document
For more tips and advice about buying and selling property in Spain, visit www.eiendomsmeglerspania.no . There you will be able to ask questions about everything buying and selling property in Spain.