Buying Costs – Financial Summary

Finding your dream home begins with knowing your budget and what you feel comfortable with. When buying in Spain you also need to factor in your taxes and other fees before you start so as you have a realistic idea of where to begin.

Buying Costs

When buying in the Costa de Sol always allow around 11.5% for a cash purchase and between 14% to 16% for a purchase using finance from a Spanish bank. Although it varies, a typical Spanish bank will loan 60% to 70% of the purchase price to non-residents. This does not include the buying costs.

Land Registry

In Spain, the cost of the land registry is 8% on properties up to €400,000, 9% on properties up to €700,000 and 10% on any amount over that. You should also allow another 0.5% for Notary fees and another 0.5% for registration fees.

Currency Transfer

If you need to transfer money over to Spain in order to complete your purchase please bear in mind that fluctuating exchange rates can have a huge impact on your overall cost. It is important to factor this in. You can also fix the cost of your currency exchange a few months in advance plus save up to 4% on transfer fees if you use a good Currency Exchange company. We can supply you with a list of reputable companies that we know and trust.

Loan Documentation

We can help you to get your finances in place before you even book your flight. If you provide us with all the documents that the bank requires we’ll package it for you and have pre-approval from them within 3 days. This can save you disappointment and distress because you will be fully aware in advance of what budget you can work to and what your options are.

Legal Fees

The cost of legal representation has to be factored in as well. The charge varies from company to company but you can expect to pay around 1% of the purchase price – usually with a 1,500€ minimum charge. You will also need an NIE number – a foreigners number – and your lawyer will help you to attain that ahead of completion as well.

Free Legal Advice

At any time during or after the process you can speak to a lawyer or bank representative free of charge. We highly recommend that you take advantage of this opportunity so as you are fully informed of all the legal and financial information you need.

For more information and a comprehensive guide to buying a property in Spain please download our

If you have any questions < click here > to send us an email letting us know what your query is and we will be happy to do whatever we can to help.