Cost of purchase exampleNote if purchased with the property a garage would be taxed at 8% . If purchased separately the charge would be 18%.
In some contracts the buyer is required to pay the “plusvalia” which is the capital gain on the property.
Case 1 - New building of 150,000€ |
||
| New building in Euros | Purchase Price | Mortgage |
| 150,000.00 | Costs | |
| 60%: 90k | ||
| Taxes: | ||
| on property: | ||
| VAT (IVA) 8% | 12,000.00 | |
| "Stamp Duty" (AJD) 1% | 1,500.00 | |
| on mortgage: | ||
| Stamp duty on capital and interest 1% | 1,278.00 | |
| Expenses: | ||
| on property: | ||
| Notary | 468.00 | |
| Land Register | 361.00 | |
| Purchasers' Lawyer 1% + IVA 18% | 1,770.00 | |
| on mortgage: | ||
| Notary | 463.00 | |
| Land Register | 301.00 | |
| Bank arrangement fee | 1.350.00 | |
| Appraisal | 200.00 | |
| Valuation | ||
| Information from the land register | 12.00 | |
| Gestor for Bank | 205.00 | |
| Surveyor for Bank | 178.00 | |
| Building insurance | ||
| TOTAL Taxes and expenses | 16,099.00 | 2,637.00 |
| Mortgage is 60% Fixed rate over 20yrs. | ||
| monthly repayment | 589,00 | |
| APR | Euribor+1.5% | |
Case 2 - New building of 250,000€ |
||
| New building in Euros | Purchase Price | Mortgage |
| 250,000.00 | Costs | |
| 60% :150k | ||
| Taxes: | ||
| on property: | ||
| VAT (IVA) 8% | 20,000.00 | |
| "Stamp Duty" (AJD) 1% | 2,500.00 | |
| on mortgage: | ||
| Stamp duty on capital & interest 1% | 2,280.00 | |
| Expenses: | ||
| on property: | ||
| Notary | 511.00 | |
| Land Register | 421.00 | |
| Purchasers' Lawyer 1% + IVA 18% | 2,950.00 | |
| on mortgage: | ||
| Notary | 469.00 | |
| Land Register | 361.00 | |
| Bank arrangement fee | 2,250.00 | |
| Valuation: | ||
| Appraisal | 260.00 | |
| Information from the land register | 12.00 | |
| Gestor for Bank | 205.00 | |
| Surveyor for Bank | 400.00 | |
| Building insurance | ||
| TOTAL Taxes and expenses | 26,382.00 | 6,237.00 |
| Mortgage is 60% Fixed rate over 20yrs. | ||
| monthly repayment | 981.66 | |
| APR | Euribor+1.5% | |
Case 3 -Resale Building of 150,000€ |
||
| Resale building in Euros | Purchase Price | Mortgage |
| 150,000.00 | Costs | |
| 60%: 90k | ||
| Taxes: | ||
| on property: | ||
| Transfer Tax (ITP) 7% | 10,500.00 | |
| on mortgage: | ||
| Stamp duty on capital & interest 1% | ||
| Expenses: | ||
| on property: | ||
| Notary | 468.00 | |
| Land Register | 361.00 | |
| Purchasers' Lawyer 1% + IVA 18% | 1,770.00 | |
| on mortgage: | ||
| Notary | 463.00 | |
| Land Register | 301.00 | |
| Bank arrangement fee | 1.350.00 | |
| Appraisal | 200.00 | |
| Valuation | ||
| Information from the land register | 12.00 | |
| Gestor for Bank | 205.00 | |
| Surveyor for Bank | 178.00 | |
| Building insurance | ||
| TOTAL Taxes and expenses | 13,099.00 | 1,359.00 |
| Mortgage is 60% Fixed rate over 20yrs. |
||
| monthly repayment | 589,00 | |
| APR | Euribor+1.5% | |
Case 4 - resale building of 250,000€ |
||
| Resale building in Euros | Purchase Price | Mortgage |
| 250,000.00 | Costs | |
| 60% :150k | ||
| Taxes: | ||
| on property: | ||
| Transfer Tax (ITP) 7% | 17,500.00 | |
| on mortgage: | ||
| Stamp duty on capital & interest1% | 2,280.00 | |
| Expenses: | ||
| on property: | ||
| Notary | 511.00 | |
| Land Register | 421.00 | |
| Purchasers' Lawyer 1% + IVA 16% | 2,950.00 | |
| on mortgage: | ||
| Notary | 469.00 | |
| Land Register | 361.00 | |
| Bank arrangement fee | 2,250.00 | |
| Valuation: | ||
| Appraisal | 260.00 | |
| Information from the land register | 12.00 | |
| Gestor for Bank | 205.00 | |
| Surveyor for Bank | 400.00 | |
| Building insurance | ||
| TOTAL Taxes and expenses | 21,382.00 | 6,237.00 |
| Mortgage is 60% Fixed rate over 20yrs. | ||
| monthly repayment | 981.66 | |
| APR | Euribor+1.5% | |
