Expenses and Taxes when buying a home in Menorca: Everything you need to know
Buying a house or apartment in Menorca is an investment, an exciting project, but it's essential to understand all the expenses and taxes associated with the transaction.
Expenses and Taxes When Buying a Second-Hand Home in Menorca: Everything You Need to Know
Buying a house or apartment in Menorca is an investment, an exciting project, but it's essential to know all the expenses and taxes associated with the transaction. In addition to the purchase price, there are a number of costs that the buyer must assume.
Below, we explain the expenses and taxes you will have to assume when buying a second-hand house or apartment in Menorca and how they affect your budget.
1. Taxes to Pay
Property Transfer Tax (ITP)
If you buy a second-hand home in Menorca, you must pay the Property Transfer Tax (ITP). In the Balearic Islands, this tax is progressive and ranges between 8% and 11% depending on the property's value.
2. Notary and Registry Fees
Notary
The notary's fees depend on the price of the property and the complexity of the deed. Generally, they range between €600 and €1,500.
Property Registry
The registration of the deed in the Property Registry also entails a fee, which is usually between €400 and €1,000.
3. Agency Fees
If you decide to hire an agency to handle all the administrative procedures, this service can cost between €300 and €600.
At Som Menorca, we offer this service to our clients at a very reduced rate. For more information, contact us.
4. Mortgage Fees (if applicable)
If you finance the purchase with a mortgage, you should consider the possible fees associated with the mortgage.
These fees will depend on the terms agreed upon with the bank and are:
• Property appraisal
• Bank opening fee
• Notary, registry, and agency fees
• Home insurance: Mandatory if you take out a mortgage and recommended in all cases.
Some banks require life insurance linked to the mortgage to cover the outstanding principal in the event of the death of the holder.
Buying a second-hand house or apartment in Menorca involves assuming several additional expenses beyond the purchase price. Planning ahead and knowing all the associated taxes and costs will help you avoid surprises and enjoy your new home with peace of mind.
If you need personalized advice for buying your home in Menorca, at our real estate agency, SOM Menorca, we will be happy to help you every step of the way.
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