Sometimes new property is not all that we hoped for. There can be teething troubles as the new build settles in. These might just be to do with the finish or, more worryingly, they might on occasion be structural. Either way, the good news is that there are laws in Spain to protect the new property purchaser.
“Spanish property market shrinks 28% in January”; “Bank of Spain warns of further house price fall” – If you are one of the people who has a home in Spain that you use, enjoy and want to keep for good, these headlines won’t really matter to you. The value of your property is in the pleasure you get from it. But behind these headlines are individual stories of people who need to sell for all kinds of different reasons and can’t. For them it’s not just a matter of pulling down the ‘se vende’ sign and riding it out.
The real sting to complimentary tax is that many Spanish house buyers don’t know it exists and it creeps up just when they think everything is paid for. After four years of living in a property you don’t suddenly expect to get a tax demand that dates back to when you bought it.
Complimentary tax often takes home buyers by surprise. It is an additional tax that can be levied any time up to five years after you bought a property. At a time when Spanish house prices have dropped considerably, an increasing number of purchasers are receiving this rather unpleasant bill.