Access to housing is one of the biggest problems that Spain faces in recent years, propitiated by the great demand, speculation and the increase of economic indicators such as IPC that directly affect the prohibitive prices they present. The prices of real estate are increasingly unattainable for the Spaniards, hence we see even retirees sharing a floor, because with their pensions you cannot allow to live alone.
The high prices also generate doubts in those who want to launch to buy a home, because they do not have a real knowledge of all the added costs that a house involves. How much total money is needed to buy a house of 150,000 euros in Spain? This issue wanted to answer Luis Romaguera, an expert financial advisor on mortgage expenses detailing each of the expenses that make up the purchase of a house.
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Buying a house costs 30,000 euros plus taxes
Acquiring a property is not as easy as going to a store and buying a soda, it is a fast process for nothing that also entails the payment of a series of taxes and fees that complement the main cost of the property. Romaguera is clear: “You must have saved 20% of the entrance, so speaking of a house of 150,000 euros you should have 30,000”, it begins by summarizing in the video of Tiktok (@Luis
Beyond this main cost, we must take into account other taxes that are also part of the process. This, according to the financial advisor, translates into that “in the mortgage you must pay the appraisal, which is usually around 250 and 600 euros depending on the home. In this case let’s put 300 euros plus the sale expenses.”
And the expenses and procedures are not there, to complete the purchase of a property it is necessary to have patience, since there are many expenses and taxes to be faced, always related to equally necessary procedures. Romaguera continues: “You must pay the notary fees, which are between 0.2% and 0.5% of the price of housing. Let’s put another 300 euros. Also the Property Registry between 0.1% and 0.25% of the price of the house, which are about 150 euros in the best case,” adds on the costs.
Normally the notary fees are 300 euros
The managing that accompanies us throughout the process and gives us their advice from the first day also takes a benefit. “The fees are about 300 euros,” he details. Other costs that increase the final price are sale taxes. “If the house is new, you would pay VAT that is 10% on the price of housing. That is, about 15,000 euros,” concludes the expert. These are all the costs that we shuffle, although in some cases they can vary depending on the type of housing.
“If you are going to buy a new house of 150,000 euros you must have saved about 30,000 euros plus all expenses and taxes. In total it would be about 46,650 euros,” confirms the expert. If we talk about a second -hand property, the situation is different. “There would be 30,000 euros to enter all the expenses and taxes that would add in total 39,750 euros.”
Of course, the expert himself clarifies that the financing times are not always the same, since these depend on the entity with which the sale of the house is being carried out. For Romaguera “in all banks they no longer give about appraisal value but on purchase price”, as happened in some cases two years ago.
And a house of 250,000 euros? How much is needed?
The economic situation of those who want to buy a home for 250,000 euros in Spain is not the same, although the legal procedures are the same. “First of all, you should know that when buying a housing with mortgage there are two types of expenses: those associated with the mortgage, which the bank gives you, and those associated with the sale, which are independent of the bank,” explains Luis in one of his publications. According to their calculations, “regarding the expenses of the mortgage, you need to have 50,000 euros saved for a house of 250,000.”
In addition, “you must pay the appraisal and, although it is already beginning to be said that the client should not be paid, we will assume that it costs between 400 and 600 euros, depending on the house. They are not left behind“ the sale expenses, fees of the notary and of the managery ”, already commented. In total, the expert estimates that we need about 66,700 euros counting all the expenses and taxes. For most of the Spanish population, but if you can increase your sources of income and your savings capacity, ”can be possible.