What are the costs of buying a second-hand property in Spain?

The costs of buying a second-hand property in Spain can vary depending on various factors such as the region, property type, and purchase price. Here are some of the costs you may need to consider:

1. Property Transfer Tax (ITP): This is a tax paid by the buyer and varies depending on the region where the property is located. It can range from 6% to 10% of the purchase price.

2. Notary fees: The notary fees in Spain are set by law and depend on the purchase price of the property. On average, it can cost between 0.1% and 0.5% of the purchase price.

3. Registry fees: These fees are paid to the Land Registry for registering the property in the buyer's name. The fees can range from 0.1% to 2% of the purchase price, depending on the region.

4. Legal fees: It is advisable to hire a lawyer to oversee the purchase process, review the contract, and ensure that everything is legally in order. Legal fees can vary but typically range from 1% to 2% of the purchase price.

5. Bank fees: If you are obtaining a mortgage to buy the property, the bank may charge fees such as arrangement fees, valuation fees, and early repayment fees.

6. Other costs: Other costs may include the cost of a survey, home insurance, and utility connection fees.

It is important to note that these costs can add up, and you should budget accordingly when considering the purchase of a second-hand property in Spain.