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property price plus tax ?

Posted: Sun Feb 25, 2018 9:59am
27 replies1892 views10 members subscribed
shanamat

Posts: 29

26 helpful points

Location: Camposol

Joined: 24 Feb 2018

When you see a property price some web pages say plus tax other web pages dont, do the ones that dont say it have the tax included into the price ? Also how much is the tax ? is it 10% ?

frequent flyer

Posted: Sun Feb 25, 2018 11:20am

frequent flyer

Super helpful member

Posts: 969

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Location: Camposol

Joined: 9 Feb 2018

Posted: Sun Feb 25, 2018 11:20am

I have never seen a property up for sale ..that included purchase Tax ....you should allow at least 10% on top of the price paid for Tax/solicitor's Fee's. Everyone has to pay these Fee's in Spain  (so it will go without saying).

shanamat

Posted: Mon Feb 26, 2018 1:32am

shanamat

Original Poster

Posts: 29

26 helpful points

Location: Camposol

Joined: 24 Feb 2018

Posted: Mon Feb 26, 2018 1:32am

I've read here there and everywhere that you should allow 10-15% above the asking price for certain things, but I wasn't so sure if this included the tax for the property, if it does and it is 10% is it safe to say that the other 5% is enough to cover solicitor fees and whatever else is involved in buying in spain? Please excuse the dumb blonde Q's I'm not always this bad lol

steve607

Posted: Mon Feb 26, 2018 10:14am

Posts: 31

38 helpful points

Location: Camposol

Joined: 6 Feb 2017

Posted: Mon Feb 26, 2018 10:14am

Hi Shanamat

There are no dumb questions when buying a property!  So don't be afraid to ask!  Typically you will need to allow 10 to 12% on top of the selling price.  This will cover tax and solicitors fees etc.  Your estate agent will tell you what to allow, Mercers are very helpful.

Good luck with your search.

shanamat

Posted: Mon Feb 26, 2018 12:08pm

shanamat

Original Poster

Posts: 29

26 helpful points

Location: Camposol

Joined: 24 Feb 2018

Posted: Mon Feb 26, 2018 12:08pm

Thank you both for the replies, and thank you for putting me at ease by saying there’s no dumb Q’s :-) 

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Jan1961

Posted: Mon Feb 26, 2018 6:15pm

Jan1961

Helpful member

Posts: 238

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Location: Sucina

Joined: 1 Jul 2017

Posted: Mon Feb 26, 2018 6:15pm

Yes would say between 10% 15% on top of Price.Dont forget the Connection Fees after Purchase for Services.

Dodgement

Posted: Tue Feb 27, 2018 12:51pm

Dodgement

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Posts: 441

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Joined: 22 Mar 2016

Posted: Tue Feb 27, 2018 12:51pm

The Tax (IVA) on a new property is 4% and on a preowned property it is 10%. Then you have your solicitors fees which can vary, the Notary fees and Land Registry. A friend of mine who has recently moved also had to pay €3500 for the Deeds. Add on the connection charges for utilities, phone etc. My local estate agent says budget for 18% in total.

CFC1905

Posted: Mon Mar 5, 2018 8:44am

CFC1905

Very helpful member

Posts: 732

558 helpful points

Location: Camposol

Joined: 25 Aug 2016

Posted: Mon Mar 5, 2018 8:44am

Think we allowed ourselves circa 10-12% and this was more than enough

Dodgement

Posted: Mon Mar 5, 2018 11:31am

Dodgement

Helpful member

Posts: 441

326 helpful points

Location: Camposol

Joined: 22 Mar 2016

Posted: Mon Mar 5, 2018 11:31am

You must have bought a new house at 4% IVA otherwise it would be 10% on a pre owned house.

shanamat

Posted: Mon Jul 30, 2018 8:55pm

shanamat

Original Poster

Posts: 29

26 helpful points

Location: Camposol

Joined: 24 Feb 2018

Posted: Mon Jul 30, 2018 8:55pm

I know I originally posted this but thought I’d reply as it may benefit others, we bought a resale in May IVA was 8%. The house we purchased was 74k total expenses including the IVA for everything was 83k so we were approx 13%.

I know it’s a little bit late but thanks for the great advice from you guys.

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