Selling your property, Costa del Sol
If you are thinking about selling your home on the Cosa del Sol, there are things you must remember and things you must consider. The current feel of the market is an important aspect to making a decision, as well as, how badly and fast you might want to sell.
Are you in a hurry to sell your property in Marbella? If you want to sell your Marbella property super-fast, we’re here to tell you that won’t likely happen. Not to say we can’t properly market your property and get it in front of the right people, but according to the property valuation company TINSA, through their research they found that typically it takes almost 10 months to sell and go through the entire process.
There is good news though, and if you are careful in preparation which includes following the right steps and advice, you can speed up the process and ensure a good transaction. First, it’s a good idea to start by asking the right questions, then you can start following the process.
Get in touch with us today, and let us sell your property in Marbella!
Is now the right time to sell your property on the Costa del Sol?
First, what is your motivation for selling? Are you looking to upgrade your home? Starting a family? Moving back to your homeland? Looking to make a profit? These are important questions worth asking and discussing.
Here’s what we know – property prices in Spain are on the up. Many foreigners are looking to the south of Spain to buy holiday homes, second homes or just to relocated for all that sunshine. By first establishing the reasons, you will then be able to set expectations.
Establish the asking price
One of the first steps to selling a property in Spain is deciding how much to sell your property for. One thing is certain, and that is the property market on the Costa del Sol is very competitive, so getting a property valuation will help secure the right asking price. At Mibro, we provide property valuations and can list your property for sale.
Getting your Property 'Market Ready'
We always help in the process, whether it be the buying process or selling process. We recommend getting your property market ready – this means fixing and sorting any repairs or cosmetic changes your home might need. Once your property is market ready, it’s time to get the camera out. Take photographs, but make sure they are in high definition; ideally, we always use a professional property photographer ensuring the best possible images are marketed to potential buyers.
Before listing a property, clients will be asked to send us the required documents (link to FAQ) which will be kept on file so they can be easily accessed when a potential buyer shows an interest in the property.
Choosing the Right Marbella Estate Agency
It is always recommended that you use an estate agency locally to help in the selling process. This would include the agency listing your Marbella property directly on their website. Then utilising the same marketing and advertising techniques used to promote other properties via social media or direct advertising and more.
Finding the right Marbella agent can simply start by asking for recommendations. You can also search yourself and look for client testimonials. You should also know that there is no law against using one estate agent on the Costa del Sol, in fact, you should be listed in a few places.
Something else to consider is the estate agent fees or commissions. Estate agent fees can be anything from 3% to 6% or even higher when the market is particularly buoyant and in the more upmarket areas. Make sure there’s clear agreement about any other charges you may be expected to pay on top of the fee.
Contact Mibro today and find out how we can help sell your property on the Costa del Sol
The Selling Process
When it comes to selling your Marbella property, the process is a bit easier than buying a property. That’s because the buyer and their solicitor will end up doing most of the work. After having conducted the necessary due diligence checks, the lawyer for the buyer will prepare a deposit contract for you and the buyer to sign. Paying this deposit will ensure each party is committed to the deal and will specify a date for the full purchase.
One super important thing to remember as the seller is if you renege on the commitment, you might find yourself obliged to pay your would-be buyer twice the amount of the deposit by way of compensation.
When it finally comes to closing the transaction, you must meet with the buyer and their legal representatives at the notary. If for some reason you cannot attend, you will need to grant power of attorney to a legal representative so they can go to the notary on your behalf. The notary will then inform the Land Registry of the sale and send them a copy of the title deed.
The Costs Involved with Selling your Property in Marbella
When selling your house in Spain, generally the costs and taxes are between 10 and 15% of the sale price. Here are the main costs to consider when selling your property in Spain:
Plus Valia Tax
A municipal tax based on the official increase in the value of the property since the last transfer. The town hall will assess the value.
Mortgage redemption charges
It is common to find early cancellation fees of 1% (or more) of the value of the mortgage if a loan is still outstanding at the point of sale.
Retention Tax (only for non-residents)
If you are a non-resident seller, then the buyer will keep 3% of the property value to pay the Spanish Authorities retention tax on your behalf.
Capital Gain Tax
Capital gain tax is set at 21% on to all properties that are sold at a profit from the original purchase.
Notary & Registry Fees
Notary and registry fees are generally calculated at 1% of the purchase price, although sometimes they can be considerably lower.
Estate Agency Fee
The agent’s fee will be agreed on when first listing your property and it depends on the price of property and service required.
The Documents Needed to Sell Your Property in Spain
Copy of NIE, Passport or residencia
Nota Simple of the property
Copy of last community fee receipt
Copy of last IBI payment receipt
Copy of Energy Performance Certificate
Latest utility bills: water, electricity, gas and telephone
Interior floor plans
Paying the Estate Agency Fees
When selling a property in Spain, the general rule is that the seller will be responsible for paying the estate agent’s fees, unless otherwise agreed prior to the sale. The fee will be built into the sale price, unless the buyer has agreed to cover the cost prior to sale.