Costs Of Buying Property In Javea
There have recently been some changes in the laws regarding buying property and land in Javea, and is important that all of these fees and tax costs are accounted for when searching for a property. As an approximate rule of thumb adding in the region of 10-12% on top of the property price ought to ensure that these costs are all covered, but that does vary of course upon the value of the sale. These expenses can be used as a factor when negotiating fees, but naturally every property and sale has it’s own differentials.
Here we’re going to take a look at the variety of extra costs that will need to be accounted for when buying property in Javea and the surrounds, from standard fees such as land registry, stamp duty and notary fees all the way down to local levies.
Standard Costs When Buying In Javea – A Quick Checklist
- Stamp Duty is charged either at a flat 10% of the sale value – Or – 10% of the rateable value multiplied by 3.7 – the higher the number equals the total Stamp Duty that will be due.
- Notary Fee
- Land Registry Fees
- Administrative costs for deeds etc.
Buying land or garage spaces from a private builder/promoter may however be subject to VAT instead of Stamp Duty This can make a substantial difference in overall cost and it’s imperative to ascertain this.
* VAT is typically 21%
If you aren’t a cash buyer and will be using a mortgage to fund the purchase, you can expect to be subject to the following costs:
- Stamp Duty set at the price outlined above
- Notary Fee
- Land Registry Fee
- Administrative costs
- Bank survery costs
- Mortgage set-up and transaction fees
Everyone should also be aware of the following who will also require payment for their services:
- NIE numbers and processing fees
- Property survey
- Solicitor fees
- Life & house insurance
- Bank commissions/currency exchange
- Utility set-up fees