Selling a house in Spain : tips & tricks
Jos Deuling, Sunday, 26 May 2013
This article is part of a series of seven articles about selling a property in Spain. The other articles in the series cover the following topics:
Reduce Capital Gains Tax
In Spain, you pay a substantial amount of capital gains tax. You may, however, deduct any costs that you have made for the maintenance and renovation of your home. So keep all invoices of maintenance and renovation work. You can also deduct agent and lawyer fees.
Recover overpaid property tax
You have to pay the Spanish property tax a year in advance. After the sale of your home, you can recover the amount of overpaid tax from the Spanish tax authorities.
Plan the transfer of the property at the beginning of the week
Your mortgage is repaid after the registration of the sale at the Registro de la Propiedad, the property register. If you plan the property transfer at the end of the week, then you run the risk that the property will be registered in the following week. Over the weekend, the money from the buyer will be in the account of the notary. You will pay mortgage interest during the weekend. That's a shame. Plan the transfer of the house at the beginning of the week.
Maintenance and renovation carried out by experienced professionals
Make sure that you hire experienced professionals for maintenance and renovation work. If you can show invoices from companies that have a good reputation, then the buyer will be reassured that the house is well looked after.
Forced sale
If you are forced to sell the property at short notice, it is wise to offer the house well below the market value. Keep the minimum sale price as recommend by the estate agents. You may expect them to know the local market and the current market value. If you want a price higher than the market value, then there’s little chance of selling your home. At present, the Spanish housing market has collapsed. It is even questionable whether you can sell your home at the moment. No matter which price you ask.
Wait for better times
At the moment, it is difficult to sell your property in Spain. You can keep your home for a few extra years and wait for better times. Many owners will probably do this at the moment. Perhaps forced by a looming outstanding debt on their mortgage.
Additional selling points
Try to collect as many as possible additional selling points prior to the sale. Tell about the neighborhood, the events, the environment, the shops, how far it is to the airport etc. If you have a character property in a unique environment, then use these features in your pitch.
Presenting your home
The presentation of your home is essential, it is the first impression that counts. Give the house a makeover.
Reduce Transfer Tax for the buyers
The buyers pay a transfer tax of 7% of the selling price. If you sell the movable property separately, then they have to pay less tax. Make it as easy as possible for potential buyers. These little things can tip the balance.
This article is part of a series of seven articles about selling a property in Spain. The other articles in the series cover the following topics:
Reduce Capital Gains Tax
In Spain, you pay a substantial amount of capital gains tax. You may, however, deduct any costs that you have made for the maintenance and renovation of your home. So keep all invoices of maintenance and renovation work. You can also deduct agent and lawyer fees.
Recover overpaid property tax
You have to pay the Spanish property tax a year in advance. After the sale of your home, you can recover the amount of overpaid tax from the Spanish tax authorities.
Plan the transfer of the property at the beginning of the week
Your mortgage is repaid after the registration of the sale at the Registro de la Propiedad, the property register. If you plan the property transfer at the end of the week, then you run the risk that the property will be registered in the following week. Over the weekend, the money from the buyer will be in the account of the notary. You will pay mortgage interest during the weekend. That's a shame. Plan the transfer of the house at the beginning of the week.
Maintenance and renovation carried out by experienced professionals
Make sure that you hire experienced professionals for maintenance and renovation work. If you can show invoices from companies that have a good reputation, then the buyer will be reassured that the house is well looked after.
Forced sale
If you are forced to sell the property at short notice, it is wise to offer the house well below the market value. Keep the minimum sale price as recommend by the estate agents. You may expect them to know the local market and the current market value. If you want a price higher than the market value, then there’s little chance of selling your home. At present, the Spanish housing market has collapsed. It is even questionable whether you can sell your home at the moment. No matter which price you ask.
Wait for better times
At the moment, it is difficult to sell your property in Spain. You can keep your home for a few extra years and wait for better times. Many owners will probably do this at the moment. Perhaps forced by a looming outstanding debt on their mortgage.
Additional selling points
Try to collect as many as possible additional selling points prior to the sale. Tell about the neighborhood, the events, the environment, the shops, how far it is to the airport etc. If you have a character property in a unique environment, then use these features in your pitch.
Presenting your home
The presentation of your home is essential, it is the first impression that counts. Give the house a makeover.
Reduce Transfer Tax for the buyers
The buyers pay a transfer tax of 7% of the selling price. If you sell the movable property separately, then they have to pay less tax. Make it as easy as possible for potential buyers. These little things can tip the balance.
Spanish property for sale. Appartements, villas and houses for sale on the Costa del Sol, Costa Brava and Costa Blanca. For sale by owner and by agent.
We regularly receive the assignment to carry out technical research reports, which give the prospective buyer the certainty that there are no hidden
defects hidden in his home. In many of these houses we encounter problems in the area of moisture and condensation nuisance, which are usually
revealed rather quickly by a typical stale smell in the house, especially if this has been uninhabited for some time.