There are a number of additional costs involved, including taxes and stamp duty. These vary according to the type of property and region.
Once you know what you're buying, where, we can help you budget more accurately for these. In our experience, as a rule of thumb you should allow for an extra 10% on top of the purchase price.

Here are a few of the costs you'll need to allow for:

• New properties: VAT* (Impuesto sobre el Valor Anadido/IVA) of 7% plus the Stamp duty of 0.5% of the declared price
• Second hand properties: Transfer tax (Impuesto de Transmisiones Patrimoniales or ITP) - usually 6% or 7% plus Tax on 'documented legal acts' (Impuesto sobre Actos Juridicos) of 0.5% - a fee charged for transferring the property to your name
• Notary fees - these are fixed by law and based on a sliding scale
• Property Register fee - fixed by law and based on a sliding scale
• Administrative agency fees
• Valuer's fee, if you decide to use a property surveyor. If you finance your purchase with a mortgage, your lender will insist on an independent valuation

Local tax on property sales "Plusvalía municipal" according to Law, this is paid by the seller.

Example costs
give you a better idea of how much this may come to, we've put together an example of costs for buying a €150,000 property (new built).

Note: €/£ exchange rate used at 1.4 (sterling figure rounded off)

Note: €/£ exchange rate used at 1.4 (sterling figure rounded off)

Please note:
The conveyancing expenses and mortgage origination fees are indicative. It is best to check these with your lender. Figures used here are for illustrative purposes only