The full cost of buying: a line-by-line checklist
On top of the purchase price a buyer in the Balearics should budget 10 % to 13 % for a resale and 12 % to 15 % for a new build, covering transfer tax or VAT, notary, land registry, legal fees and, where applicable, mortgage costs.
gelisted editorial team · Updated 15 August 2026
The short version
- Resale purchase costs run 10 % to 13 % of the price.
- New build costs run 12 % to 15 % because VAT and stamp duty apply.
- Legal fees are typically 1 % of the price plus VAT.
- A mortgage adds a valuation, an arrangement fee and insurance.
The price is the number in the listing. The number that leaves your account is 10 % to 15 % higher, and every line of that difference is predictable.
The line items
Transfer tax on a resale, or VAT plus stamp duty on a new build. Notary fees. Land registry fees. Legal fees, normally 1 % plus VAT. And where there is a mortgage: valuation, arrangement fee, a second notary and registry set for the loan deed, and the insurance the lender requires. Add a gestor for filing if your lawyer does not include it.
| Item | Amount | When due |
|---|---|---|
| Purchase price | 500,000 € | completion |
| Transfer tax at about 9 % | 45,000 € | within 30 working days |
| Notary | 900 to 1,300 € | completion |
| Land registry | 600 to 900 € | after tax filing |
| Legal fees at 1 % plus VAT | 6,050 € | staged |
| Gestor | 300 to 600 € | completion |
| Valuation if borrowing | 300 to 700 € | before offer |
| Total on top of price | 53,150 to 54,550 € | about 10,7 % |
What changes for a new build
VAT replaces transfer tax and documented legal acts duty is charged on top, which is why the total lands 2 to 3 points higher. Against that, a new build usually needs no immediate works, comes with the 10 year structural guarantee, and carries a current energy certificate. The developer must also hold the buyer's stage payments in a guaranteed account, a protection that does not exist on a resale.
The costs people forget
The community of owners handover, with the first quarterly fee due immediately. Utility contract changes, 60 to 200 € per supply. Insurance from day one, since a mortgaged property must be covered before the loan releases. A technical survey, 400 to 1,200 €, which is optional and almost always worth it on a property over 30 years old. And the first IBI bill, which may arrive months later for a period you already owned.
Furniture and immediate works are outside these figures and, on an older property, routinely add 15,000 to 60,000 € in the first year.
When each payment lands
Reservation of 3,000 to 10,000 € on agreeing terms. Deposit of 10 % at the arras contract, 2 to 6 weeks later. Balance of the price plus notary and gestor at completion, 30 to 90 days after that. Transfer tax within 30 working days of the deed. Registry fees once the tax is filed. Planning that sequence against a mortgage offer that takes 4 to 8 weeks is the practical core of the whole process.
Frequently asked
+How much should I budget on top of the price?
Ten to thirteen per cent for a resale and twelve to fifteen per cent for a new build.
+What are legal fees?
Typically 1 % of the purchase price plus VAT, covering the checks, the contract and completion.
+Why is a new build more expensive to buy?
VAT plus documented legal acts duty replace transfer tax and land 2 to 3 points higher in total.
+What costs are usually forgotten?
Community fees from day one, utility contract changes, insurance, a survey and the first IBI bill.
+When is each payment due?
Reservation, then 10 % at the arras contract, the balance at completion, then transfer tax within 30 working days.
Sources
- 1Govern de les Illes Balears, Govern de les Illes Balears (August 2026)
- 2Consejo General del Notariado, Notariado (August 2026)