Selling your Spanish Home
Pointers for selling your Spanish property quickly and at the right price.
It is important that your agent is active in the area where your property is located. Choose an agent that has a registered, public office in a prime location and make sure the agent is a member of a regulating body such as AIPP. It is essential that they actively market your property in a variety of ways such as their own website, on property portals and exhibiting internationally to maximize the exposure of your property.
Make sure commission rates are agreed from the outset and choose an agent that makes no advance charges or applies a no sale, no fee arrangement. It will be in their interest to promote your property extensively or they won’t get paid.
2) Be realistic about price, especially if you want a quick sale, and remember that as a private vendor, your property could be competing with bank repossessions on price.
Anticipate completion to take 6-8 weeks from the point of accepting an offer, however if you have a cash buyer who is happy with the paperwork, you could have a sale wrapped up within two weeks.
If you are not residing in Spain, it’s likely you’ll need to make a trip to be at the notary’s for completion if you haven’t granted power of attorney.
Try to remain available to make a trip out to Spain if it means keeping a sale opportunity alive.
3) It is not unusual to include all furniture and appliances in the sale of your property.
If you are moving back to the UK, the cost of transporting furniture, and possibly having to store them, isn’t usually worth it.
4) Don’t waste money unnecessarily when repatriating the proceeds of your property sale to the UK.
Too many vendors are not aware of the hidden costs that come with transferring money to a UK bank from a Spanish one, until it’s too late. For starters, just paying the banker’s draft from your buyer into a Spanish bank account usually incurs a charge.
Once the draft has cleared, asking your Spanish bank to exchange the euros into pounds and deposit them in your UK bank account will mean you get stung again – firstly, by a transfer fee, typically around one per cent of the value of the transaction, then by a poor exchange rate.
Fortunately, you can eliminate these unfair extra costs by working with a specialist currency firm that provides very competitive exchange rates when exchanging and depositing clients’ money back in the UK.
5) Be mindful of any fees and capital gains tax that will be deducted from the proceeds of your sale
Even if no capital gain tax is owed, as a non-resident vendor your notary will take a 3 per cent withholding tax. You will also require an EEC (energy efficiency certificate) which cost on average 150€. You may also need to pay Plusvalia tax and a solicitor’s fee.