What are the costs of buying a home? Calculate your mortgage expenses

You find a property you love. The price fits your budget, you start doing the maths and imagine yourself living there. But there's something that's often overlooked at first: the price of the property isn't the only cost involved in buying it. 

On top of the transaction costs, you also need to consider taxes, the property valuation and other expenses that depend on where you buy and whether the property is newly built or second-hand. 

So, how much does it really cost to buy a home? These are the main expenses you need to take into account. 

What expenses are involved in buying a home? 

In addition to the property price, there are several costs associated with the purchase. The main ones are: 

• Notary: handles the public deed of sale. Notary fees are calculated according to regulated fee schedules and the characteristics of the transaction. 
• Land registry: registers the property in your name, with fees that are also regulated. 
• Administrative services: a specialised administrative services provider can handle the administrative and tax documentation related to the property purchase. 
• Property valuation: if you apply for a mortgage, the financial institution requires a property valuation carried out by an approved valuation company. 

As a guide, these expenses can add up to between 1.500€ and 3.000€ for an average-priced property, although the final amount depends on the characteristics of the transaction and the services contracted. We help you calculate your expenses.

There is another significant amount to add to these costs, which can make a substantial difference to your budget: property purchase taxes.

What taxes do you pay when buying a home? 

The tax you need to pay mainly depends on whether you're buying a second-hand property or a newly built home.

Both the location and the type of property can significantly affect the final amount. That's why, before doing the maths, it's important to check which tax rates apply in each case. 

Before making a decision, it's important to understand both the purchase costs and the mortgage financing options available. At aFinance, we assess your situation to help you determine which mortgage, considered as a whole, could be suitable for your financial profile.

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Are there any tax reductions or exemptions available? 

Yes. Some autonomous communities offer reduced tax rates or tax relief for certain groups, such as young buyers, large families or people with disabilities, as well as for specific types of protected housing. 

These tax benefits have specific eligibility requirements and, in some cases, property price or wealth limits. Checking whether you qualify for any of them could help you reduce the taxes associated with your purchase. 
 

Calculate how much buying a home would cost you 

Now that you know the main expenses, the most important question remains: how much would you have to pay in your particular case? 

This will depend on the property's price, the autonomous community where it is located and whether it is newly built or second-hand. That's why two properties with the same price can have different purchase costs. 

To get an initial estimate, you can use our calculator. Enter the property price, select the autonomous community and choose the property type. You'll receive an estimated breakdown of the taxes and expenses associated with the transaction: 

The result will help you understand the cost of buying a property beyond its advertised price. Keep in mind that this is an estimate: the final amounts will depend on the applicable regulations and the characteristics of each transaction. 
 

And how can you finance your purchase? 

Understanding the expenses is the first step in planning your purchase. The next is to explore how much mortgage financing you could obtain and which conditions best suit your situation. 

At aFinance, we assess each application individually and negotiate with financial institutions to find a solution tailored to your financial profile. Depending on the viability and approval of the transaction, we can secure up to 100% financing of the property's purchase price.

Every case is different, and financing is subject to the assessment and approval of the application. In addition, property purchase taxes and expenses must be calculated separately, as they are not automatically covered by financing the property's purchase price. 

Are you thinking about buying a home? 

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