Read this important information
Are you thinking of buying a dream house in Spain?
Costs on top of the purchase price
You should take into account certain additional costs on top of the purchase price when buying a property.
Additional costs
- VAT or transfer tax: 10% for new-build properties
- Notary fees, stamp duties, registration fees: 3.1%
- Lawyer’s fees (Translations, NIE number applications, utility transfers, and more.): 1.2%
The total additional costs for a new-build property are therefore approximately 14.3%; however, we always recommend calculating 15% to be on the safe side.
Furniture
The cost of furnishing a property depends greatly on personal taste, quality, and level of finish. The amounts below provide a realistic estimate for a complete basic furnishing package.
- Apartment with 2 bedrooms:
- ± €8,000 – €15,000*
- Apartment with 3 bedrooms:
- ± €12,000 – €20,000*
- House with 2 bedrooms:
- ± €10,000 – €20,000*
- House with 3 bedrooms:
- ± €15,000 – €30,000*
*These amounts are indicative and may vary depending on the chosen style, furniture quality, and any additional extras.
Annual costs
Yearly costs
Living in Spain involves certain annual costs. These can differ from the costs in Belgium so read our information carefully.
A selection from the annual costs:
- Community fees (if applicable)
- Insurance (fire insurance, home contents insurance)
- Non resident tax
- Suma (land charges)
- Consumption of water and electricity
- Internet
Management apartment building
The management of an apartment building is not 100% the same as in Belgium.
A reserve fund is not set up immediately, if there are major costs ahead this will then be discussed at the annual meeting and it will be decided by means of a vote whether or not this cost will be executed.
The maintenance of swimming pools and gardens is done by a local company, if one is not satisfied with this company, this is also presented at the general meeting.
There is also usually a chairman present, that is someone from the residents of the building who is resident or is very often. And here the same rule applies, if one is not satisfied by the chairman this can ‘voted out’ to become.
If not all apartments are sold, the co-owners will NOT pay for the common costs of the vacant apartments, these costs are always paid by the builder until everything is sold.
Purchase procedure
Step by Step Through the Spanish Property Purchase Process
1. Property Reservation
Once you have found your ideal property, it is secured through a reservation agreement. A reservation fee (depending on the project and property price) is paid, and the property is then removed from the market.
2. Legal Assistance and Power of Attorney
Next, we arrange an appointment with an independent lawyer. During this meeting, a power of attorney can be granted, allowing the law firm to represent you throughout the process.The lawyer carries out a thorough legal review of the reserved property, including building permits, bank guarantees, the purchase agreement, and ownership documents.
3. Purchase Agreement
Following the reservation, the purchase agreement is drafted and signed, clearly and transparently outlining all agreed terms and conditions.
4. Payments During Construction (New Builds)
For new-build properties, payments are made in several installments until completion. The payment schedule varies depending on the project and developer. For resale properties, the purchase process proceeds directly after payment of the reservation fee.
5. Final Transfer Before the Notary
The purchase is completed before a Spanish notary, where the final transfer of ownership takes place.
Who are we?
Who Are We?
Ritamar Properties S.L. was founded in 2016 and is built on more than 10 years of experience in the real estate sector. What started as Rita's personal business has grown into a family company with a dedicated team of professionals.
We offer an extensive and carefully selected portfolio of new-build developments on the Costa Blanca, Costa Cálida, and in Almería. Thanks to this diverse portfolio, we can provide our clients with a wide range of opportunities tailored to their wishes and budget.
Ritamar Properties guides you personally and professionally throughout the entire purchase process of your dream home. From the first introduction to the final key handover, we stand by your side with tailored advice and complete transparency. For your security and peace of mind, we work with an experienced team of lawyers and consultants, ensuring that every legal and administrative aspect is handled correctly.
What sets us apart is our professionalism, reliability, and personal approach. These values form the foundation of our service and are among the highest priorities of our company.
Our slogan: Buying a house is not like buying a loaf of bread! That's why we are here for you! We listen to you!
Rent out
Would you like to rent out your property when you are not using it? We are happy to help.
Through our partnership with a professional rental and key-holding company, you can enjoy a completely hassle-free rental experience. They take care of the promotion and rental of your property, manage the keys, welcome your guests, carry out check-in and check-out inspections, and, if desired, arrange cleaning and property maintenance.
Of course, you remain fully in control of your property. Together, you decide when and during which periods you would like to make your home available for rental.
We are pleased to connect you with the right partners and guide you every step of the way, allowing you to make the most of your investment with complete peace of mind.
