Hidden Costs of Buying a Home in Spain: What You Need to Know

Buying a Home in Spain: Hidden Costs and How to Avoid Them Buying a home is a significant financial decision, and in Spain, there are often hidden costs that can surprise first-time buyers. A recent video by lawyer Pablo Ródenas highlights these often-overlooked expenses. Ródenas uses the example of a 150,000 euro property to illustrate the point. He explains that beyond the purchase price, buyers must account for the Impuesto de Transmisiones Patrimoniales (ITP), a significant tax on property transfers. This alone can add 10-15% to the cost. Furthermore, notary and registry fees add another 3%, which can be substantial. "People often underestimate these additional costs," says Ródenas, "and it's crucial to factor them into your budget from the beginning." Ródenas's video is a valuable resource for anyone planning to buy property in Spain, offering a clear and concise explanation of the additional costs involved. By understanding these expenses upfront, buyers can avoid financial surprises and make informed decisions. The video's popularity suggests a strong public interest in this crucial information.