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Once you have selected your dream home, we will explain to you all the costs associated with buying a property in Spain. These depend on various factors related to the property itself ( If it´s new or second hand, If it’s a plot etc …) is the purchase being done in the name of a company or a person, If a mortgage is required, what is the Buyers age, their financial status etc …) It is very important that you know all the related costs before you make a final decision to buy.
On this web site we have installed various calculators to help you be more informed depending upon your personal data, however a conversation with our professional staff will make sure that you are completely informed.  Here is a general outline:

The costs you need to know about:

You must budget around 10% above the asking price of the property to cover the following:

• 7% purchase tax on the property (VAT or ITP),
• Stamp Duty at 1% (only if it is a brand new property purchased direct from the builder)
• Notary fees - payable to the person who legally confirms the deed of sale as authentic and certifies the operation (around 0.5%).
• Land registry fees - an updated registration showing that you now own the property (around 0.3%)
• Accountants fee at the Notary
•  Lawyers fees at 1% - 2% if you choose to appoint an independent lawyer

NB: if you are buying land or an independent garage, which is not included in the price of the property, the purchase tax payable is 16%.
In the case of buying a local (shop, bar, office, commercial premises the purchase tax payable is 7%, however most people choose to pay 16% so that they are in a position to off-set overheads / expenses and costs in running the business against their business tax obligations.
 

The prices of most of the properties Garu has for sale have been negotiated by our sales department to make sure thay are in line with market prices, so we can offer you properties priced at their true value. We start by carrying out an initial valuation of the property based on the area where its located, its size and the price of similar properties in that area. Once the property is listed for sale, we feedback the opinions you make as a client to the Vendors, thus allowing us to always have control of the price being asked.