What are the expenses associated with buying a home?

There are several expenses associated with buying a home. When deciding to buy a house, it is essential that you know and take into account, at least, the four types of basic expenses:

House Value: It is the price that you agree to pay to the seller. Initially, you will have to pay a part of the amount of the house in the initial payment (private contract), usually about 10%, and the rest at the time of raising the public deed of sale in the notary.
Mortgage expenses: Since mid-2019, in Spain, mortgage expenses must be paid by the entity that gives the credit. Therefore, the only thing you have to pay is the appraisal cost and, depending on the bank, the opening and study commission, although many no longer charge it.
Real Estate purchase and sale expenses: At this point, you have to differentiate the taxes from when it is new construction (First transmission) or if it is second-hand housing. New homes are taxed throughout the territory in the same way since they are subject to VAT, a national tax at 10%. On the other hand, a community tax is paid for second-hand housing. This tax is called I.T.P. (Property transfer tax) and can range between 4% and 10%, in addition to having bonuses for the first home, for V.P.O., large family, etc.
Real estate consultant fees: This varies depending on the area and if you hire the service of a real estate personal shopper.

All these expenses must be paid before or at the time of signing the deed of sale. With another part of your monthly payment, interest on the loan will be paid if needed.

Because there are several costs associated with buying a home, you must speak with a professional real estate agent who can advise you on everything related to expenses and debt capacity.

This article is for informative and informative purposes. For this reason, it is essential, before making any decisions, you visit or contact a certified specialist in the field, as the expert's opinion is what should be considered.

Equipo Inmo-Platinum

After more than 15 years of experience in the real estate sector working in the province of Madrid and the Costa del Sol, Maribel Bautista and Inmaculada Ruiz launch the Inmo-Platinum project in 2019.

Maribel Bautista is a real estate lawyer, and head of the Legal and Mortgage Department.

Inmaculada Ruiz has a degree in Law and is responsible for the Department of Coordination and Administration.

Together with commercial specialists in each area, at Inmo-Platinum we try to build solid relationships with our clients, always based on credibility and trust so that, throughout the process of sale or rental, we respond effectively to their demands. Together, with our team, we consider ourselves fellow travelers capable of guiding, guiding and dispelling doubts. We will be by your side from the first moment to help you make a good decision about your home.

Since our origin we have helped many families and legal entities to function in the real estate world. Specialized in the new construction market, we pride ourselves on the one hand, on knowing the market well, and on the other, on training ourselves day by day in this complex scenario. Maribel Bautista is ETI (Real Estate Technical Expert), Master in Real Estate and Urban Law, specific training as Real Estate Agent, Civil and Commercial Mediator, Prevention of Money Laundering and Master in Quality Management, specializing in Owners' Associations.

Currently, he is training on Mortgage Management, approved by the Bank of Spain, and a master's degree in business management. Inmaculada Ruiz has a Master's Degree in Real Estate Business Administration and Management, Real Estate Judicial Expert and Real Estate Accounting. Services we offer: - Real Estate Advice - Real Estate Personal Shopper - Real Estate Legal Advice - Mortgage Advice - Home Staging - Advice on Decoration - Asset Management - Rental Management - Free registration of supplies in new acquisitions - Golden Visa Currently we are 4 agents and several external collaborators who manage the offices of Majadahonda (which covers the northwest area of the community of Madrid) and the Costa del Sol.

OUR ADDRESSES

C/ Vaguada del Arcipreste 2 bis, 28220, Majadahonda (Madrid), Telephone: +34 911-599-706

Calle Virgen del Rocío s/n, Marbella, Málaga 29670, Telephone: +34 951-419-974

What are the expenses associated with buying a home?

Equipo Inmo-Platinum

More about our services

You may also like