The Real Costs Of Building Your Dream House In Spain
Sometimes, the real estate market doesn’t offer us what we need in terms of housing. Moreover, our dreams have no limits but the offer in the market does. So, what if we can design and build the house of our dreams to the exact spec of what we want?
Sit tight and read on, because this is the ultimate guide to make your dream come true. Are you ready? Let’s go!
First Things First, Getting The Land
The land is the most important and expensive step in the process. Once you’ve located where you want to live, you can then move on to the following steps. Let’s take a look at things to bear in mind in this step.
Types Of Land
- Urban – Land with all the needed services and connections as a part of the framework of a city or community are ready to build on. This is great if you want some city action and start building right away.
- Buildable – This land is not ready to build on because it has no connections or services. That cost goes on to the buyer.
- Rustic – This type of rural land is not always available for building since it might not be part of a community. You should learn about this status before buying.
How Much Is The Cost Of Building Per m2 In Spain?
In Spain, just like anywhere else in the world, there is no fixed price but as a general idea, a less expensive area can cost you 600 euros per m2. On the other hand, a more expensive space can cost you up to 1,000 euros per m2. Also, bear in mind that the more m2 you build, the cheaper the cost per m2 will be.
Let’s Talk Structures
Building materials drastically change the price, durability, and looks of your new house. Here are the most common options in Spain
- Steel – The average price of a building in steel is 95 euros per m2.
- Concrete – Concrete costs, on average, 130 euros per m2.
- Wood – Depending on wood type, quality, and finish, it can cost up to 195 euros per m2.
Let’s Talk Architects
The usual maths is to calculate 4 to 6% of the overall budget for architect fees. That being said, Spain is world-famous for having some of the most extravagant and beautiful architecture in the world. The better the professional’s credentials, the higher the price will be.
What About Quantity Surveyors, Safety Coordinators, And Site Studies?
- Quantity Surveyors – These professionals manage the technicality of construction. Their services cost, on average, around 5,000 euros.
- Safety coordinators – Hiring these professionals is a must and their services, depending on the duration of the project, cost 4,000 euros on average.
- Site studies – These studies are a must before starting your project. Topographical studies cost between 250 and 400 euros while geotechnical studies cost around 725 euros.
Builders & Interior Designers
The builder and the architect usually work together; hence, it is mostly a choice they make. That being said, once the builder studies the plan and comes back to you with an execution budget is close to 19% of the budget.
Interior designers, on the other hand, are entirely your choice and can cost you (depending on reputation and experience) around 100 euros an hour.
Taxes & Insurance
The first tax you need to pay is the Tax on Construction (ICIO). It will vary depending on the municipality but is usually around 3 to 5% of the construction budget.
- First occupancy license fee – A tax to be paid to the town hall oscillates between 0.5 and 1% of the budget.
- Deeding the house – This needs to happen before a notary, it will cost you around 0.5% of the construction value.
- Stamp duty – You need to declare the new construction and pay 1.5% of its value.
- Water & electricity supplies – To get these services and applying for a certificate of occupancy you need to pay around 500 to 700 euros.
In terms of insurance, it is usually a part of the quantity surveyor and building company’s budget. That being said, paying for waste management and pavement occupation goes on the owner and costs around 1% of the budget.