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:

1. 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.
2. 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.
3. 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.
4. 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.

LOLY GARCIA Servicios Inmobiliarios

Con más de 20 años de experiencia en el sector inmobiliario, he dado un paso adelante para unirme como Agente Asociada a eXp Global Spain, una de las compañías inmobiliarias de mayor crecimiento a nivel mundial.

Mi especialidad es la gestión y comercialización de propiedades en Almería, Huércal, Aguadulce, Roquetas de Mar y sus alrededores. Trabajo con un equipo de expertos en asesoría jurídica, fiscal, tecnología y marketing inmobiliario, lo que me permite ofrecerte un servicio integral y personalizado. Además, gracias a herramientas innovadoras y formación continua, garantizo que cada operación se realice con la máxima seguridad y eficiencia.

Mi compromiso se basa en la transparencia, la cercanía y un asesoramiento personalizado, asegurando que tomes decisiones con total confianza y tranquilidad.

Ser parte de eXp Global, una compañía con presencia en más de 25 países y una comunidad de 90.000 profesionales, me permite acceder a una plataforma tecnológica de vanguardia y a un modelo de negocio innovador basado en la nube. Esto se traduce en un servicio más eficiente, ágil y con un alcance global para mis clientes.

Si buscas vender o comprar una propiedad con la seguridad de estar en manos de una profesional comprometida y cercana, estaré encantada de acompañarte en cada paso del proceso.

¡Hablemos y hagamos realidad tu proyecto inmobiliario!