# Total house price



## Guest (Sep 18, 2010)

Perhaps this is a question for Veronica as a real estate agent but the answer can perhaps interest many thinking of buying house or apartment in Cyprus.

So my question is:
What will be the final price for a house including all taxes and fees that comes on top of the buing price.

Lets calculate on a resale villa with 500 000 euro as buying price to make it simple

Regards

Anders


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## Veronica (Apr 5, 2008)

Vegaanders said:


> Perhaps this is a question for Veronica as a real estate agent but the answer can perhaps interest many thinking of buying house or apartment in Cyprus.
> 
> So my question is:
> What will be the final price for a house including all taxes and fees that comes on top of the buing price.
> ...


Just give me a few minutes to calculate it


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## Veronica (Apr 5, 2008)

Ok got it.

Based on a couple which effectively halves the rate of stamp duty.
For a house of €500.000 stamp duty is around €450, lawyers fees will be around €2.000 (maybe a little less)

If title deeds are available they will cost around $30.000

If title deeds are not available at the time you will need to buy them when they become available and it is based on what you paid for the property so that is the amount.


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## Guest (Sep 18, 2010)

Veronica said:


> Ok got it.
> 
> Based on a couple which effectively halves the rate of stamp duty.
> For a house of €500.000 stamp duty is around €450, lawyers fees will be around €2.000 (maybe a little less)
> ...


Thanks a lot. I think you mean 30000 € 

And what is the normal fee for the Real Estate Agency?

Anders


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## Veronica (Apr 5, 2008)

It should be noted that for less expensive properties it is all a lot less as the percentage of stamp duty and title deeds goes up with the value.


Stamp Duty

The contract of sale must be duly stamped and the stamp duty is 1,5 per thousand for the first € 170.860,14 of the purchase price and 2 per thousand for the balance of the purchase price. The stamp duty should be paid within 30 days of signing of the contract

Transfer Fees

On transfer of the title deed into the name of the Purchaser, the Purchaser must pay transfer fees to the Land Registry Office.

Transfer fee rates are as follows: 

VALUE OF PROPERTY (EURO) TRANSFER FEES
up to 85,430.07 3%
between 85,430.08 - 170,860.14 5%
over 170,860.15 8%
However, if the purchase is made in joint names the effective value for calculation is halved.

Actually based on that the title deeds should also be halved if bought in joint names.


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## Veronica (Apr 5, 2008)

Vegaanders said:


> Thanks a lot. I think you mean 30000 €
> 
> And what is the normal fee for the Real Estate Agency?
> 
> Anders


Yes sorry I meant €30.000 not $ 

You should not be charged a fee by any agent you use. The vendor pays the agent an introduction fee for a buyer.
If an agent tries to charge you, walk away.


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## Guest (Sep 18, 2010)

That is how it is in Sweden also, the seller pay the Agency. But here in Germany where we now live it is the buyer who pay. Normally 5,95% inkl VAT 19%


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## MrB (Jun 2, 2010)

I have been budgeting at around 8% extra for buying a somewhat more expensive house, with joint title deeds. I think I had higher estimated legal fees than Veronica.

With selling costs probably at least 7%, it certainly makes you think twice before buying as opposed to renting (and I am not estimating any future capital gains in the current market . 

With some slippage, buying and selling costs might reach 20%: that's 100,000 Euros on a 500k house. 8 years rentals or so?? Unless, of course, you think property will go up 

The problem is finding a house you would want to rent, and then not having the freedom of ownership. 

cheers

MrB


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## Veronica (Apr 5, 2008)

MrB said:


> I have been budgeting at around 8% extra for buying a somewhat more expensive house, with joint title deeds. I think I had higher estimated legal fees than Veronica.
> 
> With selling costs probably at least 7%, it certainly makes you think twice before buying as opposed to renting (and I am not estimating any future capital gains in the current market .
> 
> ...



What planet are you on? There is no way in the world that it would cost you that amount to buy and sell a house.
Sorry you are talking nonsense.


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## Veronica (Apr 5, 2008)

'I think I had higher estimated legal fees than Veronica.'


Some laywers will charge you more on more expensive properties. The solicitor we use says it takes no more work to sell a million euro house than a 100K so he does not inflate the price for more expensive properties.


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