TOP 10 TIPS FOR SELLERS
Are you looking to sell your property here on the Costa Del Sol? Here are ten valuable tips to consider that can help streamline the selling process and ensure a quick sale!
1. Ensure that your property is looking its best and consider undertaking some refurbishments or renovations if needed.
Declutter the space by removing any personal items and aim for a neutral décor to help potential buyers envisage their furniture in your space. You could also consider using a professional staging company that will advise and make your property look the best it can for viewin
2. If you’re not always available, consider giving a set of keys to Winkworth so we can show your property if you’re away.
When you appoint a Costa del Sol real estate agent to list and show your property, this means that viewings can still take place even if you’re not available, as well as maximising your availability.
3. Ensure that you have all the paperwork related to the property in hand. This includes the escritura and nota simple.
Much of this you would have needed for the listing with the real estate agent on the Costa del Sol. It’s also great to have at hand any 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 your utility bills are paid, including property taxes, rubbish collection and community fees. You will have to provide original proof of payment at the time of signing the escritura, and be aware that sellers have to pay the IBI (Council Tax) for the whole year they are selling.
Once you have a sale agreed upon and the process starts with the lawyers, they’ll need to check that everything is up to date. If it isn’t up to date, you’ll either have to bring it all up to date or reduce the selling price by the amount outstanding.
5. Understand the financial ins and outs of selling your property. Every seller has to pay plusvalia, a tax based on the incremental value of the land that the property occupies over the number of years that you have owned it.
Your lawyer will be able to explain this in more detail. Also, as non-resident property sellers, you will have withholding tax applied, so ensure 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 to 1000 euros and is an amount that will probably be retained by the solicitor to ensure that this is done.
8.If you’re a non-resident in Spain, the buyer of the property will also have to retain 3% of the Escritura Sales Price to pay directly to the Spanish tax authorities on your behalf, for your Capital Gains Tax.
Fiscal residents do not have any retention made on them, but they may need to pay tax on the sale in the following year through their tax returns.
9. Make sure that you use a trusted and reputable lawyer
Winkworth can recommend a local, professional firm of lawyers to you.
10. Don’t forget to factor in our fees to your calculations.
We trust that these tips will provide you with a clearer understanding of the process. Feel free to reach out for further guidance, as we pride ourselves on being among the top real estate agents on the Costa del Sol, available to assist you at any time.
