Buying property in Spain the hidden costs you need to ask

Buying property in Spain. Be aware when buying property to ask for the full cost if possible. Not always easy when searching on the internet.
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When looking at property on the internet or even in the shop window. Always good to know how much money to will need when buying property here in Spain.

[@Paulo-wy3oe]

It’s not that much of a minefield it’s just different to the uk. In Murcia region the property purchase tax is 8% where you are filming (La Torre Golf Resort) In Murcia with your solicitors fees budget 10-12% in total. The community fees say in La Torre cover things like community ground maintenance, the amazing swimming pools, cutting your own hedges and grass whatever your property type, basic buildings insurance (in apartments anyway) 50 meg internet, TV channels etc etc. You pay very little council tax so if you compare it to the uk the community fees and council tax add up to similar in the uk. La Torre for instance is just immaculate. I found the solicitors as if not more professional than the uk. I find the whole system in Spain more bureaucratic than in the uk but it’s about surrounding yourself with the right professional people. For what it’s worth the running cost having an apartment in Spain are much lower than premium static caravan parks in the uk. Plus you have an appreciating asset. I can’t recommend it enough.

Many thanks for your comment and very helpful for others.

[@auldare7053]

The property tax Impuesto sobre Transmisiones Patrimoniales (ITP) is between 4% (Basque) to-10% (Valencia & others) dependent on region and house value in 2024.

Many thanks for the information and thanks for watching 👍

[@burtwallace5909]

Thanks for finally giving the truth . People falling for the three card trick when watching A Place In The Sun are just not informed of this very important information ,[ one thing I will say is that the transmissions were made long before Brexit ,hence the crazy low property prices ] At least we now know .

Thank you Burt, glad you enjoyed the video and many thanks for watching 👍

[@robnorris4770]

Here, it absolutely is the seller’s agent’s responsibility to disclose all the costs and known defects.

Very true Rob, something you need to say at beginning, so you know and him your budget. Many thanks for watching 👍

[@croc8998]

For me the worst thing is not the buying of the property, but needing to prove £28k yearly income to retire there.

Brexit has made things so much harder for those wanting to move to Spain. Many thanks for watching 👍

[@DigiLab360]

If you can't prove £28k yearly income, you're not ready to retire.

[@croc8998]

@@DigiLab360 ridiculous comment ! we have 4 years left on our mortgage before we own a house outright, mortgage payments less than you can rent for at just over £300. We have 3 cars owned outright, owe nobody nothing except the mortgage. Have what we want when we want (within reason) and don’t currently earn £28k a year working full time ! If you live to your means you don’t need to have £28k a year. I’m pretty sure if we bought a property outright on campasol we could easily live on around 1k a month.

[@yutubis]

Property tax is 8% of sale price in Andalucia/Murcia and 10% in Valencia/Alicante region. On top of that add another 3% to 4% of the sales price for completion fees, Notary etc.. Estate agents push for the top price and don't usually pass lower offers on to the seller, because they want to max out their 5% sales commission from the seller

Many thanks for the information in the regions Yutubis, good afternoon 👍

[@yutubis]

@a good afternoon to you Shaun, it's actually 19:00 pm here in Turkey 🙂

@@yutubis Top man

[@adrianalfordphotography]

Good heads up on those costs Shaun. No doubt about it, governments rip you off all around the world! We get that too here in Oz. Cheers mate 👍🙏

Thank you Adrian, glad you enjoyed the video and yes, can't forget the taxes Many thanks for watching

[@RalphGoldsmith]

Good information Shaun. That's also where good legal advice comes in before making an offer.

Thank you Ralph and yes good legal advice is a must. Many thanks for watching 👍

[@robertedwards868]

Hi there Shaun, we are in the process of buying an unfurnished apartment on La Torre, have you done any videos on the best way to furnish a property while still living in the UK. Many thanks Rob

Hi Rob, not done any videos on furnishing a property but there is a IKEA store in Murcia which is a good place to start. Many thanks for watching 👍

[@Upsticks]

Great vid Shaun

Thank you Chris, many thanks for watching 👍

[@glenparker8458]

Nice 1 Shaun bit late watching mate sound vid

Thank you Glen, glad you enjoyed the video. Many thanks for watching 👍

[@thebean4597]

Hello Shaun great information given. I have been looking myself…moving from the UK but have been told to be aware when you sell there is a 24% tax levy being a non EU citizen. Not how true this is. Was looking at a non lucrative visa if successful. But thank you again for your channel.😊

Thank you, glad the video was helpful. Not sure about when you sell your property with the tax, I think that’s a non-resident but better to check with someone legal and deals with those matters. Good luck with your new adventure 👍

[@lorenzomartinez5999]

Look, I am Spanish, and I am using the translator, in Spain when selling there is no 24% tax, this is false, there is only what is called the municipal pusvalias, and everyone pays it, Spaniards and foreigners, each city council of each locality sets its pulses to its liking or some municipalities may not impose these taxes, I mean they vary from one town to another, and it is the increase in value, I mean if you buy for 5 and sell for 7, you will have earned 2, right ? then they will calculate the inflation over the years to deduct it from the profit, then what you have earned is calculated and you will pay the city council the part of taxes that this town has set, just as if you work you also pay for what you earn, I hope my information has been useful to you

[@thebean4597]

@@lorenzomartinez5999 Muchas gracias. Eso tiene mucho sentido. Eso me hace sentir más positivo a la hora de comprar una casa en el futuro en España.

@@lorenzomartinez5999 many thanks for the information

[@nflreading]

Agent are not your friend ,their job is to make a sale

Many thanks for watching 👍

[@EamonnGray09]

Great bit of advice Shaun

Thank you Eamonn, many thanks for watching 👍

[@colinbishop1862]

Hi Shaun - I hope all is well mate!!!!

Good afternoon Colin, all well here, weather at the moment is pants! Many thanks for watching

[@johnhickey1326]

Wise words mate top man shaun 👍🏻

Thank you John, good afternoon and thanks for watching 👍

[@philkirby2465]

Hi Shaun, hope all is well. You’ve been missed with no daily vlogs. 👍💪

Good afternoon Phil, all well this end thank you. Many thanks for watching

[@JustMe-xf4xi]

Hi Shaun,we are looking to buy something maybe in Camposol. But i have seen video's of flooding? Can you give us maybe some more information about this? Is it still a problem our has it beeing solved? Best regards from Belgium.

Hi, I think the flood was in 2014, year before I moved here on Camposol. Happened on Sector D where they built over a old river bed and at the moment the local council are planning a new route if it ever happens again, when will that happen, no dates been given yet. Best thing to do is come and visit Camposol first and make sure it’s a place to live. Wish you good luck in your new adventure.

[@JustMe-xf4xi]

Thanks for the information, we are coming over this year in May to have a look around.

[@AllAboutSpainbyBarryHaylor]

Good information Shaun 🙏

Thank you Barry, many thanks for watching 👍

[@wethinkweknowitall]

Thanks for that information!

Thank you, many thanks for watching.

[@tamarasmyrnova1329]

Thank you. Very helpful

Thank you, glad it's some help. Many thanks for watching.

[@paulbarrett2538]

Morning Shaun good information 👍🏾👍🏾👍🏾

Good afternoon Paul, many thanks for watching

[@SharonMccarthy-cm9ud]

👍👍👍

Good afternoon Sharon, many thanks for watching.

[@SharonMccarthy-cm9ud]

Hope ur well Shaun .. and ur getting all ur bits & bobs sorted in ur villa for the summer..☺️☺️..