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Posted: Sun Jul 3, 2022 12:55pm
12 replies661 views8 members subscribed
Steve Jones

Posts: 12

4 helpful points

Location: Villamartin

Joined: 26 Jun 2021

We watch All the tv programmes back in the UK about buying homes in the sun, they always show what the houses are on the market for BUT they don’t tell you ALL the costs(taxes/fees/etc etc). So my question is if say we bought a property for €150,000 what is our total outlay with Everything included, we understand that solicitor fees and insurances are difficult to accurately say but if we could get a clearer idea from you people who have done it rather than the tv who only give you the property price. Look forward to any replies as they will All help, thanks 

tebo53

Posted: Sun Jul 3, 2022 1:18pm

tebo53

Legendary helpful member

Posts: 3190

3399 helpful points

Location: Benidorm

Joined: 29 May 2018

Posted: Sun Jul 3, 2022 1:18pm

Steve Jones wrote on Sun Jul 3, 2022 12:55pm:

We watch All the tv programmes back in the UK about buying homes in the sun, they always show what the houses are on the market for BUT they don’t tell you ALL the costs(taxes/fees/etc etc). So my question is if say we bought a property for €150,000 what is our total outlay with Everything in...

...cluded, we understand that solicitor fees and insurances are difficult to accurately say but if we could get a clearer idea from you people who have done it rather than the tv who only give you the property price. Look forward to any replies as they will All help, thanks 

"A place in the Sun" gives out high expectations which cannot normally be delivered. The times I've read on this forum about TV programmes giving the promises of this and that which don't materialise,  just a joke really!!

Steve 

Herefordjack

Posted: Sun Jul 3, 2022 1:18pm

Herefordjack

Very helpful member

Posts: 573

670 helpful points

Location: Pego

Joined: 18 Dec 2017

Posted: Sun Jul 3, 2022 1:18pm

A very good rule of thumb is to allow and extra 15% (yes, 15%!) on the purchase price of a property over here to cover all taxes, legal fees, etc.

What makes me laugh on programs like 'A Place in the Sun' is when the presenter casually says "and the communal fees in this development are 140 euros a month" like it's nothing. 

WHAATTT!  That's nearly 1700 euros per annum that you are going to shell out which you wouldn't be if you were buying your own private property not on a development. That's an awful lot of bottles of wine or lunches out.

GrahamLynn

Posted: Sun Jul 3, 2022 1:35pm

GrahamLynn

Super helpful member

Posts: 1603

1521 helpful points

Location: El Raso

Joined: 9 Jul 2017

Posted: Sun Jul 3, 2022 1:35pm

This link should give you more information 

Lynn

John123456

Posted: Sun Jul 3, 2022 1:42pm

John123456

Helpful member

Posts: 294

253 helpful points

Location: Benidorm

Joined: 27 Feb 2021

Posted: Sun Jul 3, 2022 1:42pm

The following link may provide all the answers:

https://www.spanishpropertyinsight.com/buying-property-in-spain/costs/ 

Herefordjack

Posted: Sun Jul 3, 2022 1:55pm

Herefordjack

Very helpful member

Posts: 573

670 helpful points

Location: Pego

Joined: 18 Dec 2017

Posted: Sun Jul 3, 2022 1:55pm

Steve

In reply to your PM (the site owner won't let me reply privately), we pay a fully inclusive fee of 750 euros pa to a very good guy which covers absolutely everything, but we may be lucky. I hear from others fees ranging upwards of 1000 euros.

elinspain

Posted: Sun Jul 3, 2022 2:21pm

elinspain

Legendary helpful member

Posts: 2097

2723 helpful points

Location: La Mata

Joined: 4 May 2018

Posted: Sun Jul 3, 2022 2:21pm

Hello

 Ha! the TV programmes also say.... what good rental opportunities many of the properties have, for people who intend to do this. They never say that you need to apply for  a Tourist Licence & firstly,  permission from the Town Hall ,which is not necessarily given.

Can make quite a difference to peoples plans......

Cheers

Elinspain

Kimmy11

Posted: Sun Jul 3, 2022 11:17pm

Kimmy11

Legendary helpful member

Posts: 5638

10605 helpful points

Joined: 8 Aug 2017

Posted: Sun Jul 3, 2022 11:17pm

Hi Steve,

If you're planning to buy in the Comunidad Valenciana region, ITP (property transfer tax) is 10% of the value of the property, e.g. if you're purchasing a property at the price of €150,000, the ITP will be €15,000.  (As regional governments set the ITP percentage, it can vary, e.g. in Murcia it's 9% and in Andalucia it's 8%.)  Additionally, you need to assume a further amount of around 4% to cover legal fees, i.e. your lawyer, notary and land registry.  "Plusvalia" is a tax that should be paid by the vendor, but lawyers often agree to split this between vendor and buyer, so make sure you're aware of how that is being handled.

If you buy a property on a Community of Owners, with shared facilities such as a pool, you will have to pay monthly fees - ask the estate agent for this information; if they don't know, they can ask the vendor.

In Spain "home" insurance covers buildings and contents, so that's the one cost which it would be difficult for other members to accurately assess - if you could say what sort of property you're looking for, members should be able to give you a ballpark figure.  There are other ongoing costs, such as IBI (Council Tax) which, again, the selling agent can advise for a specific property.

Kind regards,

Kim

Kimmy11

Posted: Sun Jul 3, 2022 11:20pm

Kimmy11

Legendary helpful member

Posts: 5638

10605 helpful points

Joined: 8 Aug 2017

Posted: Sun Jul 3, 2022 11:20pm

Herefordjack wrote on Sun Jul 3, 2022 1:55pm:

Steve

In reply to your PM (the site owner won't let me reply privately), we pay a fully inclusive fee of 750 euros pa to a very good guy which covers absolutely everything, but we may be lucky. I hear from others fees ranging upwards of 1000 euros.

Hi HJ,

What is this fee for please?

Kind regards, 

Kim

Golandrina

Posted: Mon Jul 4, 2022 5:37pm

Golandrina

Very helpful member

Posts: 1168

921 helpful points

Location: Almoradí

Joined: 24 Mar 2018

Posted: Mon Jul 4, 2022 5:37pm

Kimmy11 wrote on Sun Jul 3, 2022 11:17pm:

Hi Steve,

If you're planning to buy in the Comunidad Valenciana region, ITP (property transfer tax) is 10% of the value of the property, e.g. if you're purchasing a property at the price of €150,000, the ITP will be €15,000.  (As regional governments set the ITP percentage, it can vary, e.g. in Mu...

...rcia it's 9% and in Andalucia it's 8%.)  Additionally, you need to assume a further amount of around 4% to cover legal fees, i.e. your lawyer, notary and land registry.  "Plusvalia" is a tax that should be paid by the vendor, but lawyers often agree to split this between vendor and buyer, so make sure you're aware of how that is being handled.

If you buy a property on a Community of Owners, with shared facilities such as a pool, you will have to pay monthly fees - ask the estate agent for this information; if they don't know, they can ask the vendor.

In Spain "home" insurance covers buildings and contents, so that's the one cost which it would be difficult for other members to accurately assess - if you could say what sort of property you're looking for, members should be able to give you a ballpark figure.  There are other ongoing costs, such as IBI (Council Tax) which, again, the selling agent can advise for a specific property.

Kind regards,

Kim

In a Community of owners the Community Fee is not necessarily paid monthly as you say.   I live in a Community and pay my annual fee in 2 x 6 monthly amounts.  

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