Costs beyond the purchase price
Build an itemised budget for the transaction and the first period of ownership. A single percentage cannot explain every property.
Request an itemised settlement estimate
Ask the notary for a dated estimate for your transaction and price. Separate transfer tax, deed work, registry and searches, disbursements, applicable surcharges and turnover tax. Ask what is included, what remains provisional and which circumstances may add work. Have the notary determine the correct tax base and any exemption; do not rely on an old online formula or a general percentage allowance as your final bill.
Add financing and professional checks
If borrowing, include lender charges, mortgage deed and security costs, valuation and required insurance. Budget separately for a technical inspection: a lender’s valuation is not a building survey. Other possible items include agreed broker charges, translations, certification and power-of-attorney work. Ask each provider for a written scope and quote so that the same item is not accidentally counted twice.
Check the property-specific obligations
Investigate leasehold canon, association contributions, special assessments, agreed prorations and any arrears allocated to the buyer. At auction, read the actual cost sheet and conditions together: one lot’s allocation of property tax arrears does not establish another lot’s treatment. Include repairs, lawful possession costs where relevant and a reserve for delay. Mark unknown amounts explicitly instead of entering zero.
Separate costs from timing of payments
A deposit may be credited against the price; it is not automatically an extra purchase cost. Record the date each amount is due, when a guarantee must be issued and when your funds are available. Ask the bank about currency conversion, transfer and correspondent charges. Confirm the currency the notary must receive and verify the account details independently before paying.
Budget for life after completion
Keep recurring costs separate from acquisition costs. Ask about annual property tax, insurance, utilities, maintenance, leasehold canon, association charges and management costs if relevant. Obtain current bills and actual quotations rather than assume a generic island-wide amount. Preserve a reserve after completion: paying the purchase price should not leave you unable to maintain the property.