New York, NY (PRWEB) September 25, 2013
In a September 4th article, “Buyers of Bargain Property in Spain Can Face Unexpected Extra Tax,” (published in PropertyWire.com) the premier global property news source reported that people who are purchasing second hand homes, that is to say not newly built houses, are subject to paying a tax directly to the Treasury that could be as much as 10% or more of the purchase price.
RoadFish.com men’s lifestyle and finance magazine are advocates for taking advantage of good housing prices, especially for those Americans and Europeans who have the money to spend and desire to own property abroad, and Spain’s housing market right now is notoriously low. The online magazine advised that consumers interested in purchasing property in Spain follow up on the taxing laws and regulations so that they are prepared for the final cost of the house after taxes.
RoadFish.com is quoted as saying, “Imagine the excitement of finding a property at an excellent price, in Madrid or Valencia, and getting your offer approved. Okay, then there’s a 7-10% tax on top of that to pay, which certainly adds up. But you’re thinking you’re done, that’s it, the place is yours. So what happens if you’re taxed by the Treasury on top of that? Your bargain villa all of a sudden becomes a pricey venture that you find yourself apprehensive about.”
In the above-mentioned PropertyWire article it states that buyers of Spanish homes could pay more than 10% of the purchase price if the sale price falls under the minimum value of the property, as listed on the deed to the property.
RoadFish.com recommends doing some serious homework before making an offer on a “bargain” home in Spain. Otherwise, consumers might pay the 10% tax on their purchase price, and then get stuck paying even more to the Treasury. RoadFish.com advises that consumers considering making a foreign purchase research the differences in tax across the country, as well as up-to-date Spanish property values. Roadfish.com believes that TerceroB.com is a good place to start when looking for a source for property values. RoadFish.com states the more research one can do, the better informed they will be and the fewer surprises they will be faced with.
RoadFish.com is a men’s lifestyle and finance magazine that can be found online, dishing out the latest in dating advice, restaurant reviews, real estate information, and general lifestyle updates for men in their 30’s and 40’s.