Costs

Hi

I am due to complete on a Menta apartment at the end of this year/early next year and am trying to get my head around what additional costs have to be paid upon or around completion time. Sadly, probably like a lot of others, the rate of exchange has meant I will need to raise some finance which wasn't initially expected. I know that tax on the property has already been added to the cost so therefore the 70% outstanding is as stated on the paperwork I have. What I am unclear on however is what other costs there will be and how much approx they will be. I seem to remember the figure of 10% of the property price was quoted. Can anyone advise me please so I can organise my finance accordingly?? 

Thanks

Hi Coxa,

I have just completed in Corvera, and am just in the middle of getting the furniture etc installed.

From my experience you'll need to budget for around 13% of the purchase price to cover IVA, stamp duty, bank fees, solicitors, notary fees, valuations, snagging etc etc. This is before your furniture costs which will obviously depend on the size of your apartment and to what level you want to go to in terms of the furniture standard/ decor of your property.

Some of the fees initially charged may be refundable, some will not be. For instance, I have been charged over €1000 by the bank  for something to do with the builders mortgage, I have been told this will be refunded to me in about 3 months when the property is fully registered in my name. Bizarre, but true!

If I can be of any further help please let me know. Best of luck!

Ian

I'm puzzled - why does it take 3 months for the building to be completely registered in your name?  I wouldn't want to complete on a property that did not fully belong to me from the word go.  After all 3 months can quite easily turn into 3 years in Spain!

In Spain, with property volumes and the system it is normal that it takes 2 - 3 months for the land registery department to register the property but this is normal and nothing to worry aboutç

You will immediately receive a copy of your deeds with The Notary stamp registering the proerty in your name

Hi Anjinsan

Thanks for your response regarding approx costs - I have sent you a PM . Could you or anyone else possibly give me some ball park figures for each of the different expenses? I appreciate it will probably vary depending on the cost of the actual property but if you have any %ages for each element i.e. INA is 7% etc that would be extremly useful.

Thanks again

Mandy 

Hi Coxa, Have sent PM..

Regards

Ron.