Anybody can sell their Spanish property with a few easy steps. Seeing things from a buyer’s perspective and being aware of the most typical hazards are two of the most important elements. This blog will enlighten you on 7 important steps to get your Spanish property sold.
De-clutter and Organise your property environment
You would think a thorough cleanup is apparent, but you’d be surprised how many houses are left in a full state of disarray.
Get rid of everything, but the essentials, your estate agent in Spain, tells you. If you’re lucky, all you’ll receive is the faintest of hints. Most people, however, are afraid of upsetting you and hence refrain from saying anything.
A crowded home filled with your personal belongings makes it difficult for potential buyers to feel a connection to the home (other than you). That the property is not yours is made abundantly evident by the presence of a for-rent sign.
Don’t assume that everyone likes the things you do. The preferences of each individual are unique. In the end, it’s better to provide a blank slate to prospective purchasers.
Give away some of your furnishings as a bonus to the buyer
The property market in Spain draws a largely foreign audience, particularly in the country’s coastal regions.
In other words, if you’re planning on selling to an international buyer, the inclusion of furniture may be a significant selling point for them.
Many people downsize or move back home and discover that their old furniture doesn’t fit in their new home.
Shipping furniture back to the UK for British expatriates comes at a price. The cost of overseas delivery may end up costing more than the item itself is worth! Moreover, if you’ve ever tried to sell used furniture on eBay or Gumtree, you’ll know that second-hand goods don’t usually sell for much.
As a result, provide some free furnishings to entice the customer. As a negotiation tool, it might be better than cutting the price.
Perform the most basic maintenance tasks first
Even while it may seem like a burden, the seller, not the buyer, is responsible for making any evident repairs.
Put yourself in the buyer’s shoes and see things from their perspective.
It’s important to note that they don’t want to deal with many cleanups after moving in. After spending a lot of money on your home, people don’t want to worry about having to hire a local plumber, electrician, or builder when they are already feeling a lot poorer.
As a secondary effect of failing to address the obvious flaws, people may conclude that several other issues need to be addressed.
Since the seller has spent a significant amount of time in or visited Spain, they are typically better equipped to answer questions about the country than the buyer. Sellers should correct things rather than buyers who overestimate repair costs or walk out of the sale entirely.
Keeping your home in good condition is important to prevent buyers from changing their minds or lowering the asking price.
Prepare the documentation as soon as possible
Spain’s real estate market can be slow to change hands. You may speed things up by having the necessary documents ready.
To sell your house in Spain, you will have to deal with a lot of tedious paperwork. The buyer or someone acting on their behalf will probably request a copy of every document in question.
You should expect many of the same questions and papers you requested when purchasing the property to arise.
Request a checklist from your realtor if you purchased your Spanish home a long time ago or, like me, have no clue where you’ve stored the documentation.
Your Spanish real estate agent will be able to advise you on the kinds of details you’ll need to obtain. Keep in mind that purchasers will always have some lingering doubts about whether your home is ‘the one.
As more properties come on the market, they’ll continue to keep an eye out. And other real estate agents in Spain will still be contacting them with new homes to show them.
A speedy sale in real estate is a good sale. Don’t allow a lack of organisation to put out the fire. In the long run, a drawn-out sales procedure might cause your customer to lose interest and look elsewhere.
Negotiate a fair price for the agent
There is a wide range of fees charged by estate agents in Spain. In general, the charge ranges from 3 to 6 percent of the property’s value, so it pays to shop around.
Even though these percentages are far higher, Spanish real estate brokers charge a greater percentage to make up for the lesser amount of transactions than their British counterparts.
When it comes to selling a home, whether it is a low- or high-value property, the agent will need to get paid for their time and marketing efforts; thus, the higher the price, the better.
Some agents suggest they won’t charge you (the seller) anything since they will instead charge the buyer.
Be aware that if you agree to work with only one agent, you can obtain a better deal. For multi-agent rates in Spain, the fees are often divided across all agents.
For complete transparency, the agents’ bill includes a 21 percent IVA (similar to VAT in the UK), which is tacked on.
Get in touch with a forex trader (the exchange rate is important)
Selling real estate in Spain is a common practice, but most individuals don’t consider the impact of the fluctuating currency exchange rate. An expensive one, maybe. Your UK bank account’s balance will be affected by the Euro to Pound conversion rate.
Prices fluctuate every few seconds. For huge sums of money, even the smallest shifts in the exchange rate may have a major impact. (Good) Reconciliation brokers can provide better exchange rates than banks and monitor daily swings in exchange rates to alert you when the rate moves in your favour.
Avoid banker’s draft charges
Is there anything more frustrating than having to pay a bank charge after selling your home in Spain? In the end, it’s what many people have to pay.
Selling a home in Spain often involves receiving a banker’s draught for the profits of the sale from your Notary. After that, you’ll need to get your money into a bank account, so you may spend it.
When it comes to depositing your own banker’s draught, Spanish banks take advantage of the circumstance and demand an additional cost.
The banker’s draught fee might range from €500 to €1,200 for a €100,000 Spanish home transaction. That’s a serious blow to anyone’s ego, regardless of how you look at it.
