If you have been thinking about buying a new home for some time, in addition to the price of the property itself, it is important to take into account the full costs of the purchase process, which tend to be around 9%-12% more than the value of the property.
We have to take into account that the Mortgage Law of 2019 has reduced the costs of the purchase of a newly built property in favour of the buyers, with the financial entity assuming all the costs related to the registry, the notary's office and the stamp duty (AJD). However, there are still some compulsory costs that you will have to pay when signing the title deeds to your new property.
For all new-build homes, the compulsory taxes that must be paid during the purchase and sale process are as follows:
Value Added Tax (VAT): this is 10% of the value of the new free-standing property, and 4% in the case of protected housing (although this may vary depending on the type of protection and the Autonomous Community).
If you have decided to subrogate to the developer's loan, you do not have to pay for the appraisal of the property, because this cost was already assumed by the developer when he took out the mortgage for the project.
If, on the other hand, you want to take out the mortgage with a bank other than that of the developer, then you will have to pay for the appraisal, which in 2022 will cost between 250 and 600 euros, depending on the entity that carries out the appraisal, the type of property and its valuation.
This cost is also assumed by the bank with which the mortgage is to be taken out. Registering the deeds signed by the notary has a cost of between 0.1% and 0.25% of the price of the property, approximately.
The granting of a mortgage involves a series of costs imposed by each financial institution. In the past, there was an arrangement fee and a study fee. However, now everything has been combined in the arrangement fee, which can vary depending on the bank, although it usually amounts to up to 2% of the capital loaned.
This amount is deducted directly from the money given to the mortgagor. However, there are many banks that no longer apply this fee.
If you use the services of an agency to carry out the pre-purchase formalities, then you should be aware that you will have to assume costs that generally range from 300 to 500 euros.
With the Mortgage Law of 2019, the notary fees are assumed by the financial entity in the case of mortgages. However, if the buyer wants copies of the documents, they will have to assume the cost.