The calculator below gives you a first overview of the hidden costs behind closing a property in Madrid.
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Key Notes
- You can find details on each of the costs in our article “The real cost of buying an apartment in Madrid“.
- Refurbishment in Madrid costs between 500€ and 1000€ per square meter depending on the extend of the work and the level of quality you seek
- As a Spanish resident you can finance up to 80% of the price of the property you are going to live in
- As a non Spanish resident or investor you can finance up to 50% of the purchase price.
- You can find more info on how to apply for mortgage as a non resident here.
- Use our Mortgage affordability calculator to see what kind of mortgage you can get.
Limitations
Our closing cost calculator tells you how much money you need for the purchase of a property in Madrid. However, this is not the full story!
You will most likely have to invest in some level of refurbishment and applying for mortgage has a cost too. On top of that as a non resident you will be facing overheads like:
- Applying for a Nie
- Opening a bank account
- Flying in and out of Madrid
- Dealing with language barrier when negotiation or even viewing properties
- Finding capable professionals such as lawyer and architect who more often than not are key to a safe purchase
At Moving2Madrid we provide a comprehensive service for foreigner who look to buy or invest in Madrid saving them time and money along the way.
Book a free consultation today to kickstart your investment or lifetyle project in Madrid!