What other costs may arise when buying a home?

When buying a home in Spain, there are different costs you will have to take into consideration such as national taxes, like VAT and Stamp Duty which are the standard levies on all new-build property acquisitions in this country. VAT or IVA, as it is known in Spanish, represents 10% of the buying price for any residential home. Stamp Duty, or AJD, is usually 1% of the real estate’s value. These rates are set at a government level and are the same throughout the country, although they may be altered depending on the general economic climate and the prevailing fiscal policy at any time. 

Another added charge you will have to pay are notary costs, which are based on a percentage of the price of the development. All notary fees are also set by the government but may vary depending on the type of home you are acquiring. Lastly, make sure to include the Land Registry Inscription fee to your budget. In Spain, for a property to be officially under your name, you have to enter it in the corresponding Land Registry. The price of this fee will also depend on the cost of your property.