International Estate Agents in Tenerife
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Clear Blue Skies Group S.L.

Address (link to the map):
C/. Bruselas, C.C. Fañabé Plaza 129,
38660, Adeje,
Santa Cruz de Tenerife, Spain.

Phone: +34 922 71 47 72, .

Opening times:
Mon – Thu: 9.30 – 17.30
Friday: 9.30 – 17.00
Saturday: 10:00 – 13:00


 

Property buying costs in Tenerife

Question:

I have been told to set aside 10% for costs above my purchase price. This seems an awful lot, is this correct?

Answer:

The amount of 10% is often used as a rough guideline to keep in mind when looking at property, it is helpful because it is easy to calculate, however your final costs will depend on what you buy and if you have a mortgage with a Spanish bank or not.

If you buy a new property direct from the constructor, you will have to pay 7% igic (VAT), then 1% transmission tax over and above the agreed price. After this you will be responsible for the payment of the Public Notary who will transact your purchase, and the registration of the property at the land registry. This is not a fixed cost but could be in the region of 2000€ for an average purchase. In addition we always recommend the use of a lawyer of the purchasers choosing which will incur additional fees.

For a resale property, the costs differ in that there is no igic to pay but the transmission tax applicable is 6.5% of the agreed price. Again you will have to pay the notary, land registry and legal fees.

If you require finance in order to buy your Tenerife property and decide to process this via a Spanish bank this also has to be signed at the office of the Notary office and registered as a deed, and will incur additional costs. This of course depends on the value of the mortgage but banks normally charge around 1% to open a mortgage, and there will be taxes around 1% also, plus notary and registration costs.

 

All in all the standard fees on top of the agreed price can be in the region of 8% - 10% however a reputable estate agent will provide you with an estimate of costs tailored to your own situation and based on the property you with to purchase.

 

» » Property Buying Costs


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