Tax on the purchase of housing
When buying a house, plus the price of it, we take into account the expenses and taxes arising from the purchase, in order to have enough money to meet these charges and taken into account to determine how much Money has to apply for a mortgage.
As a general rule, expenses and taxes for the purchase of a home mean 10% of the cost of housing. If we also note that financial institutions generally accorded more than 80% of the floor, when we choose our ideal home, we must have enough money to afford the 30% of the floor at the time of writing.
That 10% of the costs could be reduced if you meet certain conditions and benefit from certain tax advantages. Let’s check each of these taxes that we pay at the time of purchase.
VAT (Value Added Tax): You pay only when buying a new home (first transmission). The rate applied to free housing is 7% and the VPO (social housing) is 4%.
ITP (Property Transfer Tax): This tax is levied on resale properties and its type is between 6% and 7% depending on the Autonomous Communities.
AJD (Stamp Duty Tax (AJD): Gravel notarial documents, in this case is the deed of sale and the rate applied is 0.5%.
Besides these taxes, generated costs that will complete the 10% and are mainly:
Attorney costs for the deed of the house.
Gestoría costs in home purchase
Registration costs of ownership.
Expenditure on property valuation
We also know that if the property is acquired is a residence, we will have some tax benefits and deductions:
Before the purchase we will deduct the 15% up to € 9,015 that contributions to a housing and / or promoter before delivery.
In the year of purchase, we can deduct the expenses, taxes and money paid for the acquisition of housing.
If we have requested a mortgage, you can also deduct 15% of the fees paid (Capital + Interest) and a maximum of 9,015 €.