Costs of Buying a Used Apartment: Taxes, Notary Fees and Hidden Costs

Buying a used apartment costs more than the listing price. As a rule of thumb, add 10% to 13% in extra costs. The biggest item is the ITP (property transfer tax), which usually runs around 6% to 11% depending on the region; then there are notary fees, registry costs and, if you use one, an administrative service. For resale homes, you pay ITP, not VAT. And if you take out a mortgage, the appraisal is on you. Add it all up before you decide whether the apartment fits your budget.

The price you see on the portal is never the final price. Anyone who forgets these extra costs gets a nasty surprise at the notary’s office or, worse, ends up with no cushion right after buying. Let’s break down the real cost.

How much does it cost to buy an apartment on top of the price?

For a used home, the practical rule is to set aside between 10% and 13% of the price for costs and taxes. On a $200,000 apartment, that means an extra $20,000 to $26,000 on top of the price (and on top of the down payment if you take out a mortgage). The breakdown is roughly this: ITP takes the biggest share, and notary, registry and administrative fees make up the rest.

ITP: the big tax

The property transfer tax is the most important cost in the whole transaction. The buyer pays it, and it only applies to resale homes (new homes pay VAT, not ITP). Three things you should know:

• The rate is set by each region. It usually ranges from about 6% to 11% depending on where you buy, so check the exact rate in your area before you do the math.
• There are reductions. Many regions apply reduced rates for young buyers, large families, people with disabilities or a primary residence below a certain price. Check whether you qualify.
• Watch the taxable base. ITP is not always calculated on the purchase price: the tax office uses at least the Cadastre’s reference value. If you buy below that value, you may end up paying tax on the reference value, not on what you actually paid.

Notary, registry and administrative services

These are the costs of making the purchase official. As a rough guide:

• Notary. The notary signs the public deed. Fees are regulated and depend on the price of the apartment; for an average home, they usually range from a few hundred euros to just over a thousand.
• Property registry. This is where the apartment is registered in your name. Fees are also regulated and are usually a bit lower than the notary’s.
• Administrative service. It is not mandatory, but it is very common when there is a mortgage: it handles the taxes and registrations for you. It usually costs a few hundred euros, depending on the case.

If you take out a mortgage

Since the 2019 Mortgage Act, the split of costs has changed in your favor: the bank pays the notary, the registry, the administrative service and the mortgage tax (AJD). What’s left for you? Basically the property appraisal, which the bank requires to grant the loan and usually costs between $250 and $600. Keep in mind: these are the mortgage costs; you still pay the purchase costs yourself, especially ITP.

What the listing doesn’t show

Beyond taxes and notary fees, there are costs the listing never mentions and that you should include in your budget from day one:

• The renovation. If the apartment is not move-in ready, renovating a used apartment costs between 600 and 900 €/m² at a mid-range quality level. In many resale homes, this is the second biggest expense after the purchase price.
• Pending special levies. A project already approved by the homeowners’ association (facade work, elevator replacement) can land on your lap right after you buy. Ask for it in writing before you sign.
• Utility setup and moving. Changing the account holder for electricity, water and gas, setting up internet, possible new utility fees, and the move itself.
• Property tax and homeowners’ fees. Annual property tax and condo fees, which you start paying from the first month.

A real-world example

A used apartment priced at $200,000 in a region with an ITP rate of 8%. ITP alone comes to $16,000. Add notary, registry and administrative fees (easily $1,500 to $2,500 in total) and, if there is a mortgage, the appraisal (about $400). Total extra costs: roughly $18,000 to $19,000 on top of the price, not including renovation or moving. That’s why the 10% to 13% rule is a solid starting point.

How Pancho helps you see the real cost

The point behind AskPancho is exactly this: the listing price is not the real cost. When Pancho analyzes a property, it combines the price with the condition of the apartment and the area before you buy an apartment so you can see the full outlay — price, taxes, fees and renovation — before you commit. With that figure in front of you, you can really tell whether the apartment fits your budget and how much room you have to negotiate.