Javea is an incredibly popular destination in the tranquil and beautiful Costa Blanca region of Spain. It’s no surprise that so many people are flocking to there from the UK. If you are thinking of doing the same, we don’t blame you at all as there are plenty of apartments for sale in Javea. However, before you do decide to take the leap for a complete change of scenery there are many things you should consider.
For one thing, the changes that have been introduced in recent years to buying land and property in Javea. It is important that you take all the tax costs and fees properly into account when you are looking for a that dream property in Javea. As a general rule of thumb, it is a good idea to add around 10 to 20% onto the price of a property to make sure all relevant costs are accounted for. However, it can vary, obviously, depending on the actual final value of the villa or property sale. You can use those expenses as a factor to negotiate fees, however it is natural for each villa and sale to have its own unique differentials.
Below we outline the various additional costs involved with buying a house in JAvea that you need to account for, covering not just the standards like land registry, notary fees and stamp duty but also the more localised levies.
The Standard Costs Involved in Buying Property in Javea
- Land Registry Fees
- Notary Fee
- Administrative deeds costs
- Stamp duty of either a flat rate of 10% of the value of the property when it sells, or 10% of the value relatable and multiplied by 3.7. The larger the number equals to the complete amount of Stamp Duty that is due
- Buying garage spaces and land from private promoters or builders may be subjected to VAT charges rather than Stamp Duty. This could make a big difference to the total cost and it’s crucial that you work this out.
VAT is generally equal to 21%
If you are not buying with cash, and are buying property with the aid of a mortgage, you should expect costs including the following:
- Stamp Duty at the rate outlined above
- Bank surveyance costs
- Administrative costs
- Land Registry fees
- Notary fee
- Set-up fees and transaction fees for the mortgage
Other fees that you should also be aware of that are unavoidable when buying Javea property:
- Set-up fees for utilities
- Currency exchange/bank commissions
- House and life insurance
- Processing fees and NIE numbers
- Property surveys
- Solicitor fees
So, although it’s not cheap to buy property in Javea, there are a lot more charges and expenses you need to keep in mind. The last thing you want to do is start planning your new life in your new, dream home in your dream destination only to find that it is going to cost you a huge amount more than you had actually planned for. However, if you take these into consideration, you will be prepared and be able to budget properly for them.