The Purchase of a second -hand home It is one of the most common operations in the Spanish real estate market, especially in coastal areas such as the Costa Blanca. But in addition to the price of the property, It is essential to know what taxes and expenses This transaction entails. In this article we explain clearly what the taxes for the purchase of a second -hand house, how much you should pay and what you should take into account to avoid surprises.
What taxes are paid when buying a second-hand home??
When purchasing a used property, The buyer is obliged to pay mainly two tax concepts:
Property Transfer Tax (ITP)
It is the main tax in this type of operations. It is paid by the buyer, and its percentage varies depending on the autonomous community. In the Valencian Community, For example, The general ITP is 10% on the purchase price.
💡 If you buy for €150,000, the ITP would be €15,000.
In some cases it can be reduced (until the 8% or even 6%) If the buyer is under 35 years, acquires habitual residence and meets certain requirements. At Mayrasa we inform you in a personalized way if you can access these bonuses from our service. real estate consultancy.
Municipal capital gains (IIVTNU)
This tax is paid by the seller, but It is important that the buyer takes it into account, as you can negotiate with the owner if there are doubts about your calculation. This tax taxes the increase in the value of the land since the last transfer, and the city council collects it.
Are there other expenses when buying a used home?
Yeah. In addition to the ITP, The buyer must assume the following sale expenses:
Notary
By the public deed of sale. Between €600 and €1,200, according to value.
Property Registration
To register the home in your name. About €400–€600.
Management (if you buy with a mortgage)
To process banking documentation.
TASSATION OF THE PROPERTY (if a mortgage is requested)
Between €300 and €500.
Agency fees (in some cases).
You can consult all these steps in our guide real estate services and ask us for an estimated quote without obligation.
What if I buy a home with a mortgage??
In case of financing the purchase with a mortgage, you will have to pay in addition:
- Appraisal expenses, as mentioned before.
- Opening Commission (and apply).
- Mortgage writing expenses (currently the majority are assumed by the bank).
If you are considering this step, You can check our article on Minimum entrance to finance an apartment or contact directly to resolve your questions.
How much money do I need in total?
A practical rule is to add between a 10% and a 12% additional to the price of the home to cover taxes and associated expenses.
For example:
| Housing price | ITP (10%) | Other expenses approx.. | Total necessary |
|---|---|---|---|
| 120.000 € | 12.000 € | 3.000 € | 135.000 € |
Having a clear appraisal from the beginning will help you better plan your investment. You can request yours here.
What is the difference with a new construction home??
The main difference is the type of tax:
- new construction paid IVA (10%) y Documented Legal Acts (AJD).
- Second hand paid ITP (6–10%), but does not pay VAT.
Both processes have different advantages. At Mayrasa we offer advice for both new construction as for second -hand housing.
What documentation is needed to pay taxes?
To make the ITP payment you need to present:
- Authorized copy of the deed of sale.
- DNI or NIE of the buyer.
- Model 600 completed (is presented to the Treasury of the autonomous community).
- Proof of tax payment (transfer or payment letter).
This procedure can be carried out in person or electronically., and from Mayrasa we will accompany you throughout the entire process if you decide to count on our team..
What happens if I don't pay the ITP on time??
The usual period to pay the property transmissions tax is 30 business days since the signing of the deed. If you don't pay on time:
- They apply Recharges and delay interests.
- You could have problems registering the home in the Property Registry.
- The administration could initiate a sanctioning file.
That is why it is essential to have good financial planning and leave these procedures in the hands of a Real estate agency with experience, that ensures that no details are missed.
How to reduce the tax impact of the purchase?
There are legal ways to optimize the taxes to pay:
- Leverage regional bonuses if you are young, large family or first home buyer.
- Negotiate certain expenses with the seller (as a notary or IIVTNU).
- Choose best real value ratio / market price, something you can get with the help of our selected properties.
Our team can help you evaluate each case to maximize your investment and reduce the tax burden in the process..
Conclusion
Buy one Second -hand housing implies paying taxes such as ITP and bear some additional expenses. Knowing this information will allow you to plan better and avoid surprises in the process..
If you are thinking of buying a used home in Torrevieja or on the Costa Blanca, You can contact us from the page contact or know each other better in the section of us. You can also work with us If you are interested in being part of a leading team in the sector.
