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Added cost on buying a property
Posted: Mon Nov 13, 2023 10:20am
What are added costs on top of the property price?
Posted: Mon Nov 13, 2023 1:01pm
We recommend 12% to our clients, worse case scenario.
In general, you should allow 12-13% of the purchase price for additional costs.
The chief cost will be the property purchase tax - similar to Stamp Duty in the UK, but 8% in Murcia; then you also have legal fees, notary fees, land registry fees, possibly translation fees.
This is assuming that you are buying without a mortgage - if you are then there will be additional bank fees, etc.
Hope this helps!
RichT wrote on Tue Nov 14, 2023 4:06pm:
In general, you should allow 12-13% of the purchase price for additional costs.
The chief cost will be the property purchase tax - similar to Stamp Duty in the UK, but 8% in Murcia; then you also have legal fees, notary fees, land registry fees, possibly translation fees.
Read more...
This is assuming that you are buying without a mortgage - if you are then there will be additional bank fees, etc.
Hope this helps!
Thank you I wasn't sure how much extra to budget for
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