Additional Costs

You must take into account that there will be more costs than just the purchase price when you buy a second home in Spain. Please see below for examples.

• Buyers costs It is difficult to estimate the amount you will incur over and above the purchase price. The buyers costs will be approximately 10% of the purchase price. You will have to pay taxes, registration costs and the notary’s fee. As well as these costs there is the solicitor’s fee and the gestor’s fee that you will need to take into account. Their fees are not fixed. You will spend more or less money than average, depending on your personal circumstances
• Insurance costs. It is customary in Spain to buy an all-in-one insurance policy that includes buildings insurance, contents insurance and liability insurance (seguro de hogar). It is possible to buy your contents insurance and buildings insurance from Spanish insurance companies as well as foreign insurance companies with Spanish offices. Ensure that you check coverage and the terms and conditions when you buy insurance, as insurance policies for second homes will be more expensive than those for properties with permanent residency.
• Utility services. In most cases new owners take over the existing utility contract from the previous owner. It could take some time before you are actually set up for utilities. If the previous owner has not paid his bills for a while or when you need a completey new connection. It is advisable to check this during the buying process, as you can be faced with unexpected high costs if you need a new connection. Applying for utilities or taking over an existing utility contract is best left to the gestor.

The average electricity costs are 13% below the European standard. The gas prices are approximately 17% above European standards