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Purchase Costs to Buy a Property in Marbella
Today we will talk to you about all the purchase cost that a buyer has to pay, when buying a an apartment or a villa in Marbella. Plots are a little bit different, we will do a separate blog about that.
Buying a propety in Marbella, you have to pay Transfer tax or VAT and Stamp Duty.
So first of all, what you need to know is that any property prices that you see no matter where, in a brochure, on the internet or anywhere else, it’s all net price to the vendor, and the purchase taxes and costs go on top of that price.
And most of them are paid by the buyer, unfortunately, so if you don’t want to get into details, you have to keep in mind something around 13% on top of any price that you see anywhere. So if that’s the case you can stop reading this blog, you’ve got the main information. But if you want to get into details and this blog is about details, let’s get to it.
We’ve got brand-new properties and second-hand properties. So once again, let’s split it into two different parts:
- In case of properties from developers (brand-new houses) you’ve got to add on top of the purchase price, the VAT (10%) and the stamp duty (1.5%).
- In case of second-hand houses you have transfer tax, only one, but it is a progressive scale of 8, 9 and 10%. How does that go? The first 400.000 Euros are taxed with 8%, the following 300.000 Euros are taxed with 9%, and the rest of the purchase price if such exists is taxed with 10%.For example, for buying a 300,000 Euro Apartment you pay 8% tax. That’s easy but for example, if it’s a 900,000 apartment then what happens is that the first 400.000 is taxed with 8% so 32.000 Euros, the next 300.000 is taxed with 9% so that is 27.000 Euros, and the rest of the purchase price, that is 200.000 is taxed with 10 percent. So that is 20,000 plus 27.000 plus 32.000. So in total 79.000 Euros.
The rest of the costs are the same both for the new properties or second-hand properties.
Lawyer fees (depends on each lawyer). A lawyer can charge you from let’s say 0.5% to 1% plus VAT from the purchase price. This depends on the lawyer and the agreement you have with them if you are a new client, or you come from a recommendation, etc. Personally, I know clients who don’t use lawyers sometimes to reduce their cost of acquiring a property in Spain and I really think that its a mistake. Even myself with all the knowledge I have on the purchase process. I would still use a lawyer if I was going to buy a property.
Notary and registry fees. Depends on the purchase price. Even on the number of papers of your purchase contract in the notary, but more or less you its going to be a couple of thousands for both of them. Let’s say from 2 to 4 thousand euros.
Then there are some smaller costs to keep in mind like for example, the bankers draft. Almost all purchases in the notary happen with a bankers draft, not transfers and the bank for issuing such a draft charges a small commission depending on the amount. So once again, it’s not a fixed amount but around 200 to 1000 euros. Also if you are an older client with the bank and you have other business with them you can always negotiate the commission and if you’re a brand new client, well you can negotiate the next deal once they get to know you very well.
Technical Due diligence of a property in Marbella
Another small detail to keep in mind when you’re acquiring a second-hand property. We always recommend to our clients to do a technical due diligence just to double-check that the air conditioning works that the heating system works, the floor heating if such exists, the status of the marble, the finishing, the qualities, and everything else. To have a good understanding of what exactly you’re buying. Because there is a lot of things behind the walls that you really want to know what’s happening there before buying the apartment. And even more, we recommend doing this due diligence prior to negotiating with the vendor because if there’s something wrong with the apartment, you want to know that before you negotiate and close the price with the vendor. The cost may be from 300 to 1500 Euros depending on the size of the property and the amount of work to be done.
Getting a Mortgage to buy a property in Marbella
Also, if you want to get a mortgage that’s possible nowadays for non-residents buying a property in Marbella. You are talking about 50 percent of the purchase price and an interest rate of about 2.5% more or less. There’s also an increment slightly on cost if you’re getting a mortgage, but it’s very brief. For resindents the percentage of the mortgage can be higher.
Thinking about buying a property in Marbella?
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