As a rule we recommend allowing 10% of the agreed purchase price to cover all your buying fees and taxes, around 2% more if you are obtaining a mortgage.
The costs are generally:
The Transfer Tax in Andalcia is currently set at 7%. There is no Transfer Tax for new homes, instead they are subject 10 % Value Added Tax (known as IVA in Spain) plus 1.5% stamp duty (reduced temporarily to 1.2% following Covid-19) . The purchase of plots, commercial premises and garages remains subject to 21% VAT (IVA).
Notary and Land Registry fees:
Fixed by law on a sliding scale, around 1% to 1.5%.
Typically 1% of the purchase price (plus VAT (IVA) of 21%) however for larger transactions we can usually negotiate a reduction from one of our recommended panel firms.
An arrangement fee of around 1% of the advance is typical. In addition mortgages are taxed at around 1.5% of the advance.
Estate agencies in Costa del Sol, unlike in many other areas of the world, collaborate on the majority of both property viewings and property purchases.
Almost all listings in Marbella are shared on an inter-agency portal. Our recommendation to you is: Rather than visiting multiple offices and going over the same specifications with lots of different real estate agents, to use your time more effectively and research the agency you’d like to guide on purchasing your dream property.
The answer for this one varies widely – Some people fall in love with the first property they see, others may need to see 12 properties before they even have a clear idea of what they are actually looking for. Much like trying on wedding dresses, or viewing holiday hotels online, there is no minimum requirement here.
You may also find that your priorities change once a property tour commences – Maybe seeing an area in person makes location become a higher priority or maybe be wowed by a panoramic view makes a penthouse become preferable over a townhouse.
We, at Marbella Living, are proud to have a large choice of both direct and shared listings, as well as a team that now the Marbella area very well. With a great local expertise and a good knowledge of our best listings, we always endeavour to guide you in the properties to view as best we can.
To make a purchase offer on a property, you can contact your estate agent in whichever way you wish – Some prefer to make a written offer by email, sometimes we receive purchase offers by phone and now some even arrive by Whatsapp!
The reservation deposit can vary depending on the size of property and it’s selling price. You will usually be expected to pay a minimum of 6,000€.