Is 2019 a good year to sell a property in Spain?
The crisis that began in 2007 lowered the prices of the square meter built in Spain, resulting in many people taking advantage of the opportunity and buying properties, either to live in them or to rent them. Now prices have risen again and, with some experts predicting a new recession, it seems like a good time to sell at a good price. However, it is important to know how to sell a property in Spain before embarking on it.
How to sell a property in Spain
To sell a property in Spain you can use a classic real estate agency, which impose a commission on the sale price, or choose to manage the process yourself. Here’s how to sell a property in Spain in three steps:
Get your home ready for sale
Fix anything that doesn’t work, paint the walls and keep the house in a state that allows those who see it to be attracted to it. It is important to keep in mind that what is worth living is not worth selling: while in any house there is a certain disorder, when a potential buyer sees it, in a photo or live, it should be clean, tidy and, if possible, without things everywhere.
Put a proper price
There is a certain tendency to try to get more than what properties are really worth, which is very legitimate, but you have to understand that the market is what it is. It is recommended that an expert advise you, or at least make an appraisal of the house to know if what you want to ask is adjusted to what a buyer may be willing to give.
Know well what you will have to pay
In Spain, real estate transactions are subject to a series of expenses and taxes: the expenses are basically what the notary charges you for the deed, and the taxes are basically 3:
- IBI (Impuesto de Bienes Inmuebles) for the current year.
- Plusvalía de Hacienda or IRPF. It is paid to the Treasury and is a fixed percentage of the sale price. You only have to pay it if the sale price exceeds the price for which you bought the property.
- Municipal capital gain: this is a percentage of the difference between the appraisal price and the sale price, which is paid to the Town Hall. Each council establishes a different percentage, so they are the ones who have to guide you.