How to Move to Javea for Under €200.000

Moving to Javea sounds costly, but even if you don’t have hundreds of thousands of euros in the bank it is possible. In this blog, we will show you how to move to Javea for less than 200.000 euros.

Buying a property in Javea

Property prices in Javea have been going up lately, as a result of the seller's market we are in. A lot of people still think that you can come here and put in an aggressive offer, as this is how it used to go years ago. These days there is so much demand that to find a house you almost have to offer the full asking price. However, it is still possible to find properties on a budget.

In Javea there are a lot of nice apartments that with a bit of work, could be turned into something amazing. Most of these apartments are found in the old town, the Port and the Arenal. A benefit of buying an apartment in one of these areas is that if you would ever decide to rent your property out, it is more than possible because of the location. In other words, it will give you a great return on investment either way.

In the areas I mentioned before, you can find an apartment with 2 bedrooms, 1 bathroom and a terrace for about 150.000 euros. On top of this money, you would have to pay the corresponding taxes.

Extra Costs for Buying a Property in Javea

1.     Property Transfer Tax

If you buy a resale property in Spain, or in other words a property that already existed and isn’t a new build, you are liable for the Property Transfer Tax (or Impuesto de Transmisiones Patrimoniales, ITP). This tax is different in each region of Spain. In the Valencian Community, where Javea is located, the amount is 10%.

2.     Estate Agency Fees

As a buyer, you won’t have to pay the estate agency fees, as this is already included in the sales price and will be for the seller to pay.

3.     Notary costs in Javea

To sign the title deeds of the property, you would have to go to the notary with the seller and your lawyers. The cost of this depends on the notary you will be using and the amount of work that comes with it (copies, clauses), which makes it hard to say how much this will cost exactly. In general, the percentage over the sales price lies around 0,1 and 0,5%.

4.     Spanish Land Registry Inscription Fees

As soon as you buy the property, your name must be added to the property in the Spanish Land Registry. This cost is almost always paid by the buyer and is also calculated as a percentage of the total sales price of the property. In general, the percentage will lay around 0,3% for a smaller property.

5.     Bank Costs in Spain

To be able to buy a property, you must almost always open a bank account with a Spanish bank to be able to make the transfer of the money. The fee Spanish banks charge to make the money transfer could either be around 0,5% of the amount transferred, or a one-off fee between 40 and 50 euros. The exact amount always depends on the deal you have with your bank, so we would advise talking with them about this beforehand.

6.     Lawyer Costs

Especially if it’s your first time buying a property in Spain, we recommend you to make use of a local lawyer. The lawyer will know about the (local) rules of buying a property and will check every step of the way for you. This way you make sure that you are not overlooking anything that could cause problems in the future.

Depending on the duration and complexity of the sale, a lawyer will also charge you a percentage over the sales price of the property you are buying. In general, the percentage will range between 1 to 1,5% plus the VAT.

Building Works in Javea

Once you have bought an apartment, you might decide to have some reforms done to give it a more up-to-date style. The good news is that the costs of reforms in Javea are usually lower than what we are used to in the north of Europe.

An example is reforming a bathroom. In Javea, this could only cost you about 5000 euros. A new kitchen can be as expensive as you want, based on the materials you are using. We could say that the total price of reforming a two-bed, one-bath apartment, could be as cheap as 20.000 euros. And the extra amount of rental income you could get by renting out a modern apartment, or simply the extra value of your property, will make sure you get the money back over time.

Conclusion

Adding up the different costs, considering buying an apartment of 150.000 euros, will give the following figure:

If you are looking to move to Javea for under 200.000 euros, don’t hesitate to contact us! We can find you the apartment you are looking for and have the connections in place to help you through the purchasing process. With our 25 years of experience in property sales and construction in Javea, we can advise you on professional lawyers and builders that can help you make your dream home come to reality while knowing you will get quality work for a good price.