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Tax on buying a house

Tax on buying a house

Postby Glasgowbear68 » Thu Apr 28, 2022 7:49 am

We are planning to purchase a home in the area. Can someone advise on the tax . I have done my homework and basically for every 100k I spend I will be paying an extra 23k in tax

Thanks in advance
Ian
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Re: Tax on buying a house

Postby MichaelC » Thu Apr 28, 2022 7:56 am

Just add around 13% and that should cover everything incl taxes and solicitors.
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Re: Tax on buying a house

Postby Paul58 » Thu Apr 28, 2022 8:32 am

Glasgowbear68 wrote:We are planning to purchase a home in the area. Can someone advise on the tax . I have done my homework and basically for every 100k I spend I will be paying an extra 23k in tax

Thanks in advance
Ian



That doesn't sound right. Property purchase tax in Valencia region is 10%. There are other costs, solicitors, notary etc but they don't amount to an extra 13%.
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Re: Tax on buying a house

Postby Shiva » Thu Apr 28, 2022 8:52 am

23 % is definitely too high. Buying property in Spain is expensive in terms of transaction costs, but not THAT expensive. 13% on the property price is about the right amount to budget for. Yes the property tax on resales is 10%, but the other fees ( notary, solicitor, etc) have to be taken into consideration and allowing 3% for those is a safe margin. It might end up slightly less than 13% overall but it would be prudent to budget for that. That's assuming you are buying without a mortgage as if you need a mortgage I understand you may need to add another 1-2% for bank associated costs. You can ask your solicitor for a full breakdown of estimated costs in advance so you know what to expect and no nasty surprises.
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Re: Tax on buying a house

Postby DTR » Thu Apr 28, 2022 10:10 am

Maybe have a chat with my lawyers SGM in Benijofar, Esther is very good and knowledgeable about taxes, she will be able to give you a more accurate account even though 13% sounds about right.
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Re: Tax on buying a house

Postby Babu » Thu Apr 28, 2022 3:09 pm

12% for tax & fees when I bought 6 years ago.. The 10% tax is set by Valencia authority.. I believe murcia is 8%
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Re: Tax on buying a house

Postby MichaelC » Thu Apr 28, 2022 10:58 pm

Allow 13% total in Valencian Community (10% tax plus 3% solicitors etc).
In Andalusia or Murcua, allow 11% (8% tax plus 3% solicitors etc)
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Re: Tax on buying a house

Postby wilsonm10 » Fri Apr 29, 2022 6:15 pm

We bought last year July 2021, 10% tax and we agreed a 1% fee for the solicitor. Plus a notary fee, we also paid for a POA.

In total, just worked out the percentage and it came to 11.6% for the above
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Re: Tax on buying a house

Postby Shiva » Fri Apr 29, 2022 8:57 pm

So for the OP hopefully these comments have been helpful. If the OP is yet to contact an actual solicitor I would, like DTR
recommend SGM Abogados. Certainly SGM will give a clear breakdown of the costs involved in purchase and they are trustworthy. https://sgmlegalspain.com/
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