Are you about to sell your Marbella home? Below are 10 hot tips that you might want to consider to help sell your your property on the Costa del Sol.
1. Make sure that your property is looking its best and consider undertaking some refurbishment if needed.
Put away unnecessary items such as personal photos, and remove furniture that is not being used. Create a feeling of space and comfort and reduce clutter. The more neutral you can make the home look, the easier it is for the viewer to imagine filling it with their own furniture.
Maybe even consider using a professional staging company who will advise and make your property for sale look the best it can for viewings.
2. If you are not always available for viewing appointments, give a set of keys to Winkworth so that we can show your property if you are not there.
If you appoint a Costa del Sol real estate agent to list and show your property, it might be useful that you provide a set of keys. This means that viewings can still take place even if you are not able to be at the property yourself.
3. Ensure that you have all the paperwork related to the property at hand. This includes the escritura and nota simple.
Mush of this you would have needed for the listing with the real estate agent on the Costa del Sol. Also have at hand additional costs such as community fees, basura and even your last couple of electric bills. Many viewers also ask about the sizes of rooms and living space so again, be armed with as much information as possible.
4. Make sure all the utility bills are paid up to date. This includes property taxes, rubbish collection and community fees. You will have to provide original proof of payment at the time of signing the Escritura. Sellers have to pay the IBI (Council tax) for the whole year they are selling in.
Once you have a sale agreed and the process starts with the lawyers, they will need to check that everything is up to date. If it is not, you will either have to bring it all up to date or, reduce the selling price by the amount outstanding.
5. Understand the financial ins-and-out of selling your property. Every seller has to pay plusvalia, a tax based on the incremental value of the land which the property occupies over the amount of years you have owned it.
Your lawyer will be able to explain this in more detail. Also as non resident property sellers, you will also have withholding tax applied so make sure you have all the financial information to hand so you don’t have any nasty surprises.
6. If you have a mortgage remember that you will have to pay mortgage cancellation fees. Your bank will probably have anywhere from a 0.5% to 1% cancellation charge on the balance of your outstanding mortgage.
7. You should also ensure that your mortgage is cancelled at the Notary and Registry. This may cost anywhere from 600 Euros to 1000 Euros and is an amount that will probably be retained by the solicitor to ensure this is done.
8. If you are non-resident in Spain, the buyer of your property will also have to retain 3% of the Escritura Sales Price to pay directly to the Spanish tax man (Hacienda) on your behalf towards your Capital Gains Tax. Fiscal residents do not have any retention made on them, but they may have to pay tax on the sale in the following year through their tax returns.
9. Make sure that you use a good lawyer. Winkworth can recommend a local, reputable firm of lawyers.
10. Don’t forget to factor in our fees to your calculations.
Hopefully this will help you better understand the process. We are always on hand for additional advice as we are one of the leading real estate agents on the Costa del Sol.