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- Mortgage options<\/b>: Spanish banks (60\u201370% LTV for non-residents) or financing from your home country (US, UK, others).<\/span><\/li>\n
- Down payment<\/b>: 30\u201340% of property price for non-residents.<\/span><\/li>\n
- Closing costs<\/b>: 10\u201315% of purchase price (taxes, notary, registry, bank fees).<\/span><\/li>\n
- Documents required<\/b>: Passport, Spanish NIE, proof of income, recent bank statements.<\/span><\/li>\n
- Main steps<\/b>: Define budget \u2192 choose financing \u2192 prepare application \u2192 appraisal (tasaci\u00f3n) \u2192 notary signing and registration.<\/span>
\n<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div><\/div><\/div>Budgeting Your Property Purchase<\/h2>\n
Combine Property Price and Closing Costs<\/h3>\n
When planning your purchase in Spain, don\u2019t stop at the advertised property price. Buyers should add <\/span>10\u201315% in closing costs<\/b>, which include property transfer tax (ITP) or VAT (IVA on new builds), notary and registry fees, bank charges, and mandatory insurance.<\/span><\/p>\n
For example, a <\/span>\u20ac250,000 apartment (~$270,000)<\/b> can quickly reach <\/span>\u20ac280,000 (~$300,000)<\/b> or more once all costs are included.<\/span><\/p>\n
Use Simulators to Estimate Borrowing Capacity<\/h3>\n
Spanish banks, international mortgage brokers, and even specialized expat platforms provide <\/span>online mortgage calculators<\/b>. These tools allow you to simulate monthly repayments based on the loan amount, interest rate, and duration. Running several scenarios helps you compare Spanish bank offers with potential financing options in your home country.<\/span><\/p>\n
Anticipate Ongoing Ownership Costs<\/h3>\n
Beyond the initial purchase, homeowners face regular expenses. The main ones include:<\/span><\/p>\n
- Down payment<\/b>: 30\u201340% of property price for non-residents.<\/span><\/li>\n