Fixed costs when buying a house in Fuerteventura
Legal representation
Opening a Bank Account
ID (DNI or NIE)
It is mandatory and is requested prior to the purchase of your home.
Registry Note
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Variable costs in the purchase of a house in Fuerteventura
Notary
Transfer tax and stamp duty
- habitual residence destined to a large family,
- buyers under 35 years of age,
- physically handicapped persons,
- acquisition of subsidized housing
- the house is the taxpayer’s habitual residence.
- the amount of the taxable base, including the garages and annexes located in the same building that are jointly transferred, is less than or equal to 150,000 euros.
- that at the time of the accrual of the delivery of the new dwelling, the taxpayer is not the owner or bare owner or usufructuary of another dwelling.
In the case of large families in certain cases, as well as for people with disabilities or single-parent families with low income, a super reduced rate of 1% is established.
Documented legal acts (AJD) has a fixed and a variable fee.
- in the case of a new home, both the fixed and variable installments are paid, whether or not the purchase is financed through a mortgage.
- for a second-hand house, if it is purchased without financing, only the fixed AJD will be paid. On the other hand, if it is financed, the variable AJD (bank) fee will have to be paid. In general, a rate of 0.75% is applied.
IGIC
- 5% for the purchase and sale of a principal residence, when the taxable base is equal to or less than 150,000 euros and the person is not the owner or bare owner or usufructuary of another residence.
- 3% if any of these requirements are also met:
- 35 years old or younger.
- being part of a large family.
- Have a disability equal to or greater than 65%.
- Be a woman victim of gender violence (with a protection order in force or a firm court sentence).
- Being a member of a single-parent family.
- The income of the family unit of which the acquirer is a member is (in the tax period of the calendar year prior to the accrual of the supply) up to 24,000 euros (with an additional 10,000 euros in the case of joint taxation).
Land Registry
- Value of the house less than 6.010,12€: 24,04€.
- Between 6.010,13 and 30.050, 61 : 1,75 additional Euro for each 1.000 more cost.
- Between 30,050.62 and 60,101.21: 1.25 additional Euro per 1,000.
- Between 60,101.22 and 150,253.03: 0.75 additional euros per 1,000.
- Between 150,253.04 and 601,012.10: 0.30 additional for each 1,000.
- For exceeding 601,012.10€: 0.20€ additional for each 1,000.
To the resulting amount must be added the registration of the deed, 0.2% of the value of the property.
Deposit, reservation or earnest money
Home insurance
Real Estate Office in Corralejo, Fuerteventura. Destiny Home
Purchase financing costs: the mortgage
In the event that you had to take out a mortgage, the costs are:
Opening Commission
Amount charged by banks for handling the mortgage loan.
The amount is negotiated with the financial institution, which may not exceed 2%.
Valuation
It is an amount for the official valuation of the house, which is determined according to the value of the property, its type and surface area. The amount can vary, starting at 300€.
Management
These are payments made by the buyers in exchange for the processing of the deeds and the settlement of taxes.
Negotiation with the financial institution.
Notary
The mortgage deed must be converted into a public document in order to be registered in the land registry.
Notary fees are usually between 600 and 1500€.
Notarial mortgage deed
Registration of the mortgage, so that the financial entity has guarantees against third parties. Since it is a real right, it is mandatory. Its cost usually exceeds 600€.
At Destiny Home we help you find the house in Fuerteventura you are looking for, by calculating the costs of buying the house.
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Fuerteventura Home Buying Guide
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