What are the costs associated with an apartment purchase in Tenerife?

[kingbaker]

Hi can anyone tell me what way the costs associated with apartment purchase? I was told a long time ago to allow about 8 - 10% That was when properties were a lot dearer than they are now. A builder bought a building and refurbished it. Is it regarded as new property or not when this builder sells this apartment? Thanks :wave: :wave: :wave:

Added after 4 minutes:

Hi can you tell me what the town of Tamaimo is like......as I've only passes through when everything's closed
Any info would be helpfull. :wave: :wave: :wave:

[Loaded]

10% is still roughly right

[CIM]

The costs are between 8% and 10% with a mortgage and between 9% and 11% with a mortgage. An example costs breakdown would be as follows:

Mortgage 210,000 €
Purchase Price 300,000 €

IVA 6.5% 19,500 €
Mortgage deed tax 3,780 €
Notary & registry fees Mortgage deed 1,730 €
Notary & registry fees Purchase deed 1,520 €
Bank arrangement fee 2,100 €
Valuation fee 375 €

Total costs 29,005 €
Total costs including purchase 329,005 €
Mortgage amount 210,000 €
Estimated cash deposits required 119,005 €

Those are approximate figures based on a 300,000€ purchase price with a 70% mortgage.
The building would only be classed as new if it had not been sold previously with the same property registration details. e difference for you would be slightly less tax to pay overall (around 0.75%) although if it was being bought as your primary residence a further tax saving would be made if the purchase took place between now and the 31st of December as tax on new build properties has been halved until then.

[kingbaker]

The costs are between 8% and 10% with a mortgage and between 9% and 11% with a mortgage. An example costs breakdown would be as follows:

Mortgage 210,000 €
Purchase Price 300,000 €

IVA 6.5% 19,500 €
Mortgage deed tax 3,780 €
Notary & registry fees Mortgage deed 1,730 €
Notary & registry fees Purchase deed 1,520 €
Bank arrangement fee 2,100 €
Valuation fee 375 €

Total costs 29,005 €
Total costs including purchase 329,005 €
Mortgage amount 210,000 €
Estimated cash deposits required 119,005 €

Those are approximate figures based on a 300,000€ purchase price with a 70% mortgage.
The building would only be classed as new if it had not been sold previously with the same property registration details. e difference for you would be slightly less tax to pay overall (around 0.75%) although if it was being bought as your primary residence a further tax saving would be made if the purchase took place between now and the 31st of December as tax on new build properties has been halved until then.


Hi thanks for your reply
Maybe I didnt ask the question properly as I only understand one of these costs --- IVA 6.5%. Where did the other figures come from? :wave: :wave:


I should have said purchase costs .ie -- survey --notary -- solicitor
not banking or mortgage costs thanks

[CIM]

Notary and registry costs and bank charges if you have a mortgage.

[kingbaker]

OK Thanks........