THE COST OF BUYING PROPERTY IN SPAIN 🇪🇸🏡 Taxes, Fees and Cost of Ownership

[@MillennialsWithMoney]

What else do you want to know about buying property in Spain? Leave a comment and let me know!

[@AlejandroRodriguez-pn2ci]

Comunidad is called Hoa in the USA… home owners association

[@MillennialsWithMoney]

Thank you Alejandro, I thought it was something like this

[@tgts]

Liked and subscribed. Fantastic info in a very well laid out manner.

[@MillennialsWithMoney]

Thanks for watching Tyler!! Glad you found it helpful 😁

[@JoshIsOnAMission]

Your Spanish is really good. Great info for anyone looking to move.

[@MillennialsWithMoney]

Appreciate that mate!! Thanks for watching 😁

[@danieljames6497]

This is helpful. It would be good if you have a video, unless you have made it already, for a step by step guide from the point of finding the apartment to starting the process, if one decides to involve their attorney when, advice for negotiating the final cost of the apartment. What to watch out for in contracts and registration. Thanks for sharing

[@MillennialsWithMoney]

Thanks Daniel!! I have a video from December last year where I covered the high level buying process which should address some of your queries 😊

[@danieljames6497]

@@MillennialsWithMoney ok great I will take a look. Starting the process and getting educated!

[@MillennialsWithMoney]

@@danieljames6497 all the best with your Spanish property journey!! 😁🇪🇸

[@mannye]

This is excellent information! How much have these numbers gone up in the last two years? In the USA costs have risen a ridiculous amount from only two years ago.

[@MillennialsWithMoney]

Thank you for watching!! If looking at the price per m2, across the country it's about 20%. Have a look at some of my other property videos and I talk about specific areas of the country and challenges when investing in property here. I see the US house prices have been going crazy over the last few years too.

[@mannye]

@@MillennialsWithMoney Indeed. the only difference is that ironically, the taxes in the USA are much MUCH higher annually. One of the biggest myths about the EU vs the USA is that the EU has a ridiculously high tax burden when in reality our property taxes and sky high insurance costs actually are more of a burden adding up to way more out of pocket expense to owning property in the USA vs. EU (well at least from what I am seeing in Spain)

[@mannye]

SUBSCRIBED!!!

[@ijaen]

Extremely useful Jonny. Thank you. We are still two years ahead of our plan but knowledge never stops.

[@MillennialsWithMoney]

Thank you Ivan!! Indeed, learning never stops and never to early to get a head start!

[@VivionPowney]

Great, clear advice. Very helpful,

[@MillennialsWithMoney]

Thanks for watching!! 😁

[@howard51723]

Really clear and straightforward explanation, I hope to semi retire to Spain in the next few years as I have a pain in my hole in unaffordable Ireland lol.

[@MillennialsWithMoney]

Thanks for watching Howard!! All the best with your move 😁

[@arcabuz]

Stay away from my country. Go be a load to someone else’s social welfare!!

[@angiestarlette8738]

Hi, would you be able to make a video about property in Turkey. If it's worthy in recent economic conditions or its buble 🙏

[@MillennialsWithMoney]

Hi Angie, would love to! Probably need to do some extensive research though but will add it to the list of videos ideas 😁

[@angiestarlette8738]

Thank you so much. Prices in Turkey have gone up since 2022. Now, for some people, it's impossible to buy property in the Istambul or Antalya region. But there are regions with lower prices. Those are the ones middle income people consider buying because they simply can't afford popular Antalya region property. What about regions with prices at its pick? Are the prices going to come down any time soon to make condominiums at the beach more affordable for middle income with less than 85 K ?

[@anai1895]

Hello. When buying an obra nueva I understand I pay VAT and AJD which is a percentage depending on the community I choose. to live in. When closing the transaction with the notary do I have to pay again 10% for the escrituras. Someone told me that. I have no clue. I will appreciate your answer. Thank you so much!!!!

[@mr-vet]

What do home purchasers get for this ITP? There must some some personal or public benefit…. My entire closing costs (taxes and other fees) for my home in Virginia USA was less than $25K for a $950K home purchase (newly built).

[@MillennialsWithMoney]

Yeah Europe is a bit different in that respect, generally taxes related to purchases are higher but property values are also generally a lower (depending on where and what kind of property you are buying). The ITP also applies to (for example) a second hand car purchase and is just common practice in Spain on second hand purchase. Not much you can do about it tbh… thanks for watching the video!!

[@glennrichardson2966]

Very helpful

[@MillennialsWithMoney]

Thanks Glenn!!

[@Thereishope664]

You forgot to mention the 7% charge that most estate agents charge for selling. A real rip off and very difficult on the Costa Del Sol to find any competition. You'll get rinsed.

[@MillennialsWithMoney]

Yikes… this can depend on the agency though, some charge commission only to the seller whereas others charge to both buyer and seller. Thanks for pointing that out!

[@Thereishope664]

@@MillennialsWithMoney I recently sold in Calahonda Nr Marbella. It's common practise for the seller to pay the agents fees. It's near impossible to get anything lower than 7%. It's a closed shop. It was a terrible investment. Had it 15 years and lost a shed load. I would not recommend.

[@MalcolmBrownson]

Thats why RENT 2 BUY!! for the Seller is Commission Free!!@@Thereishope664

[@MONICAANICA]

Johnny thank you for the info. How about of someone buying without being Spanish citizen...... And maybe another topic..... To become a Spanish citizen you have to renounce at your citizenship from another country... Just asking😘😍

[@MillennialsWithMoney]

Hey Monica, in the Spanish mortgage video and the video talking about my own property purchase I discuss a bit about buying as a foreigner, though if you are resident in Spain the process is largely the same. The Spanish citizenship topic is interesting, though there are some exceptions I believe 😊 thanks for watching!

[@ijaen]

Monica, depends on your country of origin. I have family members with 3 and 4 different citizenships as their countries allow this. Other countries don’t. I’ll have 2 soon and 3 long term. Maybe 4 when I move back to Spain 😂

[@lorraineblake2652]

Hi where is cheapest place to buy a holiday apartment near beaches, restaurants etc . Thanks 😊

[@MillennialsWithMoney]

Hi Lorraine, it really depends as there are more expense and cheaper places in each autonomous community in Spain. If I were to look for a property on the coast perhaps start searching in the Comunidad Valenciana, Catalonia (outside of Barcelona), Murcia, Andalucia, Galicia and Asturias 😊 Hope this helps!

[@kinesauzumaki9080]

Hi! I am from Spain, I will recomend the place where I live :) it is a touristic area, I speak from Galicia, in the north cost, there are a lot of beaches and beautiful villages and also a large city named Vigo, I live just in front of Vigo city, we move in passenger ship, or car or bus from town to city. So, if you want to take a look and would became interested in buy here, I offer myself for translate, be sincere, deep search in spanish, contact with the real-agent or with the owner, go to the property and send to you fotos or videos and explain to you whatever detaills do you want to clarify, anything while I am able to do it. I will continue in another coment

[@kinesauzumaki9080]

By the way I recomend you to take a look in a real-agent web called "lares inmobiliaria" and you can see prices in this zone. So, if you want to ask me something, please answer to my coment here, because youtube doesn't let me put my email, thankyou if you are reading this and anyway good luck!

[@MillennialsWithMoney]

@@kinesauzumaki9080 thank you for recommending Galicia, it’s a very beautiful region of Spain!! 😊

[@lorraineblake2652]

@@kinesauzumaki9080 ok thanks

[@fivestar000]

In America we don’t pay itp taxes as buyers the sellers normally pay sales taxes does the seller in Spain pay sales taxes as well? Since as bites will pay buyers tax’s taxes which I didn’t even knew existed. And how about down payment and closing costs for the buyer since those are the two major factors we need to purchase a house in America?. We have escrow for property tax and insurance, is it the same in Spain?

[@MillennialsWithMoney]

Hey, yes the seller with pay capital gains tax if applicable. For the down payment it depends if you’re a resident (typically 20% down) or non-resident (30-40% down typically). Escrow doesn’t really exist in Spain as far as I’m aware, as any transactions are made directly between the two parties and/or the real estate agent. Hope this helps!

[@fivestar000]

@@MillennialsWithMoney how about property taxes and home insurance you pay it monthly or annually directly to those parties

[@MillennialsWithMoney]

@@fivestar000 property tax is paid annually, time of year depends on where you are in Spain, and the insurance can be paid either yearly or monthly, it can be agreed with the insurer.

[@jolantagora3128]

How about Canadian buying house ??

[@edwardwoods3340]

if the landlord gets a benefit for keeping the utilities in their name do they gain if your bill is high?

[@MillennialsWithMoney]

Hi Edward, I'd say it's a numbers game really since you'd probably set your rent price with same basic energy use assumptions. Keeping the bill in the owner's name gets them the tax deduction but the tax benefit is probably not worth if the final bill is really high.

[@Milan4Ever-q2z]

❤❤❤

[@steven1515]

Hi Johnny, I watch you on Spain speaks with Stuart👍🇪🇸. Wondering whether you can help me ? . I have a property in southern Spain Andalucia and I've had it for the last 4 years. The question I have is in relation to the Spanish bank account which I'm thinking of dumping as they're charging me lots of fees.👎 Is it possible for me to pay my non-resident Spanish tax with a internet banking system? or is there another way I can pay my non residents tax as the bank usually pay this for me. My wife calculates the amount and sends the paperwork to my Spanish bank , which is sabadell. Any help with this Johnny will be much appreciated cheers mate ,Steve from Wales👍🏴󠁧󠁢󠁷󠁬󠁳󠁿.

[@MillennialsWithMoney]

Hi Steve, perhaps look into a service like N26 that has a commission free offer or Wise (formerly TransferWise) that allows you to hold/convert multiple currencies? I’ve heard of people using the latter to pay bills on their properties in Spain as non residents. Perhaps double check with the tax authorities/a tax specialist but my understanding is that you may be able to pay money owed to Hacienda from a non Spanish bank account (from Hacienda in Spanish): sede.agenciatributaria.gob.es/Sede/deudas-apremios-embargos-subastas/pagar-aplazar-consultar/pagos-transferencias-especial-extranjero.html Hope that helps and thanks for watching!! 😁

[@steven1515]

@@MillennialsWithMoney cheers Johnny for your help👍 it's much appreciated👍 I'll look into what you advise and I'll let you know whether I was successful👍 happy Easter🐣 have a good one cheers 🍻 keep up the good work. Steve 🏴󠁧󠁢󠁷󠁬󠁳󠁿

[@steven1515]

Hi Johnny, hope you're well👍 a quick question, would you recommend that I look at a Santander Spanish account for non-residents or would you go with a internet bank like N26 ? To deal with my payments in Spain? I do realise there is a small charge for the Santander non-resident account. Once again thanks for any advice and help with this. Keep up the good work Cheers Steve👍🏴󠁧󠁢󠁷󠁬󠁳󠁿

[@MillennialsWithMoney]

@@steven1515 Hi Steve, for N26 you might need a local address to open an account I'm not sure. Depending on what you're using the acount for perhaps a solution like Wise or Revolut would serve you better as a non-resident? Hope that helps and thanks for the support!

[@steven1515]

Hi Johnny, thanks for the reply it's appreciated👍 I do have a Spanish address, my home is in Andalucia sabinillas, so do you think that will work with N26, I've also found out the information with regards to paying my non-resident tax, from the information that you give me thanks again, So I'm nearly sorted👍 once again thanks for all your info cheers Steve.🏴󠁧󠁢󠁷󠁬󠁳󠁿

[@Scottmbs]

What's the process to get a mortgage? I have heard that down payments for mortgages and interest rates can be negotiated, even putting banks against each other? How true is this

[@MillennialsWithMoney]

Hi Marcus, down payments are hard to negotiate on as most banks will typically only give 80% of the property value. Interest rates may be easier to negotiate. If you have a good profile for the banks and can get several mortgage offers then you can indeed effectively end up with a situation where lenders "fight over you". I did a video with a mortgage expert which you may find helpful: kzbin.info/www/bejne/poqkhYSDqJmNoK8

[@stocksmarts_]

Hello! May I interview you in my channel to talk about property prices, rent and living in barcelona altogether? Saving, Budgeting and everything else in spain?

[@MillennialsWithMoney]

Hi Marvin, yes of course!! Please send me an email (you can find it in my channel info section), and we can discuss details!

[@jimboyle6974]

I think I'd just rent...

[@MillennialsWithMoney]

Fair enough! Less hassle for sure 😉

[@nickthequick]

"one of .." = "is" 😉

[@nomanalam7274]

Bro, I want a job in any field and in any company please help me in obtaining a job offer letter

[@ahthisisgood]

It would be interesting to hear about using cryptocurrency to buy a property. Basically, a foreigner going for a Golden Visa via property purchase of min. US$500,000

[@paulgillespie9855]

Sweetheart your video very informative but that God awfully nerve wrecking ticking background music is gonna cause a seizure please make it stop ✋

[@adielstephenson2929]

10-15% of the property? Forget it!!

[@CerebralThinking]

Another beautiful property here: kzbin.info/www/bejne/fJKWeJqFZ75mi5o

[@MalcolmBrownson]

No costs, on RENT 2 BUY Homes, plus many are Interest FREE!! over the Life-time Repayments

[@kinesauzumaki9080]

Hey! Johnny, I am trying to respond to a coment here and it just desappeared two times very quickly, I wonder if you are deleting them? maybe something did not seem right to you, in that case sorry, I did not think there was anything wrong with trying to get in touch with people who may need someone local in the place where they would like to buy, maybe it is not you? who knows :(

[@kinesauzumaki9080]

ok, I just tried it a third time and it doesn't take a minute to disappear, I assume it's youtube thinking I'm spam, maybe I'm a little spam but I don't think it's annoying for anyone, I think a lot who I answer, I don't copy and paste like "spam" well anyway, it's life

[@MillennialsWithMoney]

Hey Kinesa, really sorry about that, sometimes KZbin hides/deletes comments before I ever get to see them, I only remove them myself if they are genuine spam comments and I can assure you I haven’t removed any of your comments. Of course you can reach out to me via the comments or via my contact email with any questions you have 😊 thanks for watching and supporting the channel!!

[@kinesauzumaki9080]

@@MillennialsWithMoney Glad that you answer! maybe my comment will manifest at some point in the next few days haha ​​I hope to pass the filter then, thanks!

[@kinesauzumaki9080]

@@MillennialsWithMoney I think I just found out why youtube deletes them immediately, it only deletes them if I put my email, which seems pretty bad to me, but well, it seems that they recently changed their policies in this regard, perhaps more towards being able to censor properly and put obstacles for people to get in touch... so excuse me Johnny for putting all this under your video, but hey, maybe someone is going through the same thing and finds this comment, thanks for being so kind and greetings from the north of Spain (Galicia)

[@nomanalam7274]

Bro I am Indian and ready to do any job cleaner, waiter or helper. Please response