What you need to know!
How does the property market in Spain work?
Unlike in Spain, there is virtually no 'exclusivity': almost all properties are shared by the various brokers in order to find a suitable buyer more quickly. So you don't have to go to multiple brokers to find your dream home, you just have to find the right broker who will look for the property of your dreams within your budget.
What are the taxes and costs of purchase?
This is different from region to region and different for new construction or resale. In Andalusia the following rates apply 'now' : New construction (and buying on plan): + 10% VAT + 1.5% stamp duty Resale : + 7% VAT + 1.2% stamp duty Notarial Fees + registration in the land register : depending on the sale price and the chosen notary, but varies between 850-3,000 € Lawyer Costs : a lawyer is not a legal obligation, but is nevertheless recommended in practice. The usual rate is 1% + VAT, but Immo-G² negotiates better conditions for its customers. Transferring utilities: some brokers ask amounts of up to 500€ for this service. Immo-G² guides you through this without having to pay extra costs, you only pay the real costs of the suppliers.
What else do I need?
- to buy a property in Spain you need a NIE number which you have to apply for in person at the local police station or sometimes the town hall.
- you must also open an account with a Spanish bank.
- would you also like a Spanish loan or mortgage?
Immo-G² guides and advises you with all of the above at no extra cost.
What are the annual costs of a property?
Many brokers are silent about this in all languages... but you know what you're getting into, so we'll give an overview of the annual costs that you should take into account:
Taxes :
- IBI : property tax : this is known at the time of purchase (usually fluctuates somewhere around 1% of the selling price)
- IRNR : income tax for non-residents. This is calculated on the cadastral value of your property. You must pay this regardless of whether you rent out your home. If you rent it out, you must also declare the 'net' rental income (so minus your expenses) and pay an income tax of 19% on it. You must indicate all this yourself or have it done by an accountant or lawyer, but that also has a cost. Immo-G² guides you how to organize this in the simplest and cheapest way.
- garbage tax (depends from region to region and the value of your house.
Other annual costs :
- the most obvious costs are of course water and electricity (gas is rather exceptional in Spain) + possibly internet and/or cable television. There are many providers. We guide you through the choices.
- if you buy in a common building or urbanization, there are always common costs: these differ from property to property but are known in advance.
- insurance (fire / contents): this is not an obligation, but it is still recommended. Immo-G² advises you which company offers a very solid and the cheapest insurance.
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