The moment we decide to buy an apartment, a thousand questions spring to mind. Naturally, the first thing we ask ourselves is how much it will cost to buy an apartment, and the VAT on a new-build property is one of those initial questions.
One of the most important things is to ensure that the so-called ‘deeds’ for your new-build property are up to date. This procedure is carried out before a notary in order to complete any sale. The deeds serve as legal proof of ownership of the property. The deeds for a new-build property set out all the important and relevant information regarding your new-build property.
This document sets out the terms of the sale, whether the apartment is subject to any encumbrances, the technical details, the property’s characteristics, the taxes (property tax and capital gains tax), the method of payment and the price. And, as we mentioned, one of the sections details all the costs, including VAT.
We’ve all heard of VAT, haven’t we? That tax that’s added to everything we buy, and if we’re buying a new-build property, the VAT payable will be no exception.
The acronym VAT stands for ‘value added tax’; this payment is made to the seller, who is obliged to pay it to the tax authorities.
- In the case of new-build properties or first-time sales in Spain, VAT amounts to 10 per cent of the purchase price.
- In the case of parking spaces and storage rooms, if you also purchase them with the property, VAT is 10 per cent; otherwise, it is 21 per cent.
- For commercial premises, VAT is 21 per cent.
New-build homes at Inseryal by Marina d’Or
Inseryal by Marina d’Or offers new-build homes right on the beachfront at Oropesa del Mar, next to Marina d’Or. Our apartments are fully furnished, fitted out and decorated, ready for you to move straight in.
We offer you every facility to help you buy a new-build property by the beach. The deposit can be tailored to suit your needs. Simply contact us by clicking here, and we’ll be delighted to provide you with further information.
One of the most important things when buying a new-build property is the specifications document. In this, you’ll find all the necessary information in detail, covering both the building’s specifications and those of the apartment itself, as well as the furniture and appliances; as mentioned earlier, our new-build apartments are handed over fully equipped – that is, decorated, furnished and fitted with all appliances, ready to move into. This way, we take all the hassle off your hands; we simply want you to focus on enjoying your new-build home right on the beachfront.
When buying a new-build, the money paid during construction is protected by law. The details are in a separate guide: arras contract and guarantees on new-builds.
When buying a finished new home, there are documents the law requires to be handed over, including the one that authorises occupation. The details are in a separate guide: cédula de habitabilidad in the Valencian Community.