- D2009 Ref
- 4 beds
- 4 baths
- 240 m²Built
- 1.109 m²Plot
Purchase Costs to Buy a Property in Marbella
Hello everyone, today we’re going to be following up on our previous blogs that you’ve already seen, and I will talk to you about all the purchase cost for a buyer to acquire an apartment or a villa in Marbella.
So first of all, what you need to know is that any property prices that you see no matter where the brochures 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 anyway. So if that’s the case you can stop reading this blog, you’ve got the main information there but if you want to get into details and this blog is about details, let’s get to it.
So once again, let’s split it into two different parts. We’ve got brand-new houses and second-hand houses. So with the brand-new houses you’ve got the VAT 10% and the stamp 1.5% with the second-hand houses you have got a 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 it easy but for example, what 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, 700.000 minus 900.000 and you’ve got the other 200.000 which 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 from here all the same both for the new apartment or the second-hand apartment. You have lawyer fees that depend on each lawyer. They will charge you from let’s say 0.5% to 1% plus VAT of course and 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 the property in Spain and I really think that is a mistake even myself with all the knowledge I have on the purchase process. I would still use a lawyer myself if I was going to buy a property.
Okay, then. You got notary and registry fees which are very small. It depends on the purchase price. Even on the number of papers of your purchase contract in the notary, so it depends, but more or less you get to throw in there a couple of thousands for both of them. Let’s say from 2 to 4 Thousand Euros it depends on the apartment as well or if it is a villa, the size and so on.
Then there are some smaller costs to keep in mind like for example, the bankers draft almost all the purchases in the notary happen with Banker drafts, 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, something like that also if you are an older client with the bank and you have other business with them you can always negotiate if you’re brand new client well you can negotiate the next deal once they get to know you very well.
Another small detail to keep in mind when you’re acquiring a second-hand property. We always recommend to our clients to do 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. 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 and actually well use it to defend your position or your offer as if I’m offering you so much because of the market situation, because of your neighbour’s prices, and also because well we did the technical due diligence, and we found out this, this and this, and it costs a certain amount to repair. So, therefore, this is the offer. Because if you do that after the negotiation it is very complicated to talk about prices once you have closed the negotiation, no matter what you found afterward.
So we do recommend doing that and the costs are maybe from 300 to 1500 Euros depending on the size of the property and the amount of work to do that.
Mortgage for non-residents
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.
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