Extra costs for purchasing apartment in Barcelona

When purchasing a residential property in Catalonia one should have in mind that asked price is just the beginning of the spending… In general term we can say that the total extra costs, are about 10 – 12% of the net value of the property.



Here is a breakdown of the extra costs involved in such an investment:

  1. Spanish government purchase tax, which is called in Spanish “ITP” (Impuesto de transmision Patrimonial) and as for the date of July 2013 it is 10% of the net value of the property.
  2. Notary fee for preparation and certification of the apartment title deeds. This is an amount that is calculated using an esoteric formula which only Notaries know how to apply… but in general terms we can say that the notary fee can vary between 600 Euros and 1200 Euros, depending mainly on the value of the property.
  3. Public register office: for inscribing your property in the local public property register office (“Registro de la Propiedad” in Spanish), in Barcelona they charge between 200 Euros and 300 Euros.
  4. Handling fee: this fee is paid to an agency that collaborates with the Notary and moves your purchase paperwork from one office to another… They ensures that all payments and certifications are done properly. They are the responsible for paying in your name the ITP tax, the register office fee etc. In our case, Homesearch Barcelona clients are paying 250 Euros for this important service.
  5. Agency fee: can vary between 2% and 5% of the net value of the property. This fee is paid only when you use an independent advisor or a buyer agent. Homesearch Barcelona clients are paying an adjusted fee of 2.5% and which includes the legal advisor fee as well!

You shouldn’t expect any other “strange” cost or fee. Many real estate agents are including in the purchase some creative fees invented by them in order to increase revenue – be aware!

Extra costs for purchasing apartment in Barcelona

Note: when you purchase a property using a bank loan or a mortgage, you should expect additional fees, which might be quite significant to your calculations, such as “mortgage study commission” (anything between 0,5 and 1,5% of the mortgage valus), AJD tax which is 1.5% in Catalunya, Notary fee for the mortgage deeds, Register office fee for the mortgage inscription, handling fee…

 

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