Costs Of Selling Your Spanish Property

Are you ready to sell your property in Spain? Perhaps you want to upgrade to a bigger Spanish home, or move back to the UK. This concise guide to selling costs will give you an overview of everything you need to know.

Property sale in Spain can be a complex process, and is highly regulated, which is why it’s so important to be fully equipped with all of the right knowledge and information in advance.

The Costs Involved in Selling Property in Spain

One of the main questions that most people have when it comes to selling a property in Spain is ‘how much will it cost’. The first fee that you will need to consider is your Estate Agency fee: with the average fee in the Costa Del Sol sitting at 5 percent, plus IVA (which is what it will cost if you choose to work with the local experts at Right Casa). The good news though is that you do not have to pay these fees up front: your agent will take their free from your sale price, which means that you won’t have to pay a penny of your estate agency fees until we've done our job!

Secure Services Of a Good Lawyer

You’ll also need to secure the services of a lawyer to take care of the paperwork and advise you on all of the stages of the selling process. For a whole sale service such as this, the average fee you can expect to pay is 1% + IVA on the sale price, however this figure could be higher or lower if the lawyer you choose applies a minimum or maximum service charge. If you choose to sell your home then we would advise that you secure the services of a lawyer at the earliest possible stage, and that is something we are more than happy to help with, as we work with a hand selected panel of excellent lawyers.

Energy Performance Certificate

Another cost to consider is ensuring you have an Energy Performance Certificate. This has been compulsory in Spain since 2013, and you will have to ensure your home has one before you can even place it on the property market for either rent or purchase. The cost of your certificate will depend on the size of your home, but as an estimate you can expect to spend between 80 and 180 Euros for an apartment and between 180 and 300 for a villa. If you choose to list your property with us, then this is something we would be happy to organise for you.

Mortgage Repayment

If you have a mortgage on your property, or have ever had a mortgage on your property, then you will also have a budget for any mortgage cancellation costs. The mortgage details need to be removed from the property registry before the property can be sold, and there is a charge associated with this process: You should allocate 800 euros for this.

Plusvalia Tax

If you’re selling a property in Spain then it’s important to consider the tax implications of this decision. There are two main taxes that you will generally be expected to pay:

The first and perhaps most contraversial of these to consider is Plusvalía. This is a municipal tax payable to the local council, based on the increase of the official value of the land that you are selling between the purchase and the sale dates. The problem is that, when calculating the official price of land, it is always deemed to have increased in Spain. For this reason, it is worth discussing this with your lawyer from the beginning of the sale process, to see if there’s any room for negotiation on this. Because it is such a controversial law, the Spanish government is expected to pass a new law modifying this tax in the future, but at this point it remains in place.

Capital Gains Tax (CGT)

Capital Gains Tax (CGT) is a tax that is paid based on the value of the profit you make when you sell you property. If you are not a Spanish resident (but are from an EU member state) then you will be expected to pay 19% of the profit from your property sale as CGT. As a non resident, if you are selling a property but won’t stand to make any profit at all, then the buyer of your property will have to retain 3% of the property sale price to cover any tax liability. To understand the rules surrounding this more fully, we recommend consulting with your lawyer about the tax implications when you put your property on the market.

Let Us Help You to Sell Your Spanish Property Quickly

If you’re thinking of selling your home and would like to find out more about the expert services we can offer to make the process as easy and painless and possible, then why not get in touch with our local property experts today.

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