Can anyone tell me what the costs are in selling property in Spain - I know that in buying one should add 10% to purchase price.
Thank you
Can anyone tell me what the costs are in selling property in Spain - I know that in buying one should add 10% to purchase price.
Thank you
Posted: Mon Sep 6, 2021 4:52pm
Super helpful member
Ignoring all the taxes and fees - these can differ enormously depending on your status (pensioner, sole home or second home, tax resident for 5 years etc) - rather than the normal 1.5% commission charged by agents in the UK I have been unable to find anyone willing to sell a property for less than 5% - normally plus IVA!
Angie19 wrote on Mon Sep 6, 2021 3:34pm:
Can anyone tell me what the costs are in selling property in Spain - I know that in buying one should add 10% to purchase price.
Thank you
If you're buying, you should add 12%-13% to the purchase price to cover costs, and more if you need a mortgage.
The selling costs / commission can be negotiated with the agent - I know the people from whom we bought our property were charged 3% by their agent, but I have heard others advise that 3%-5% is the norm.
You then need to consider your legal costs and potentially Capital Gains Tax, depending on your circumstances.
Hope this helps!
Posted: Mon Sep 6, 2021 9:31pm
PeterC wrote on Mon Sep 6, 2021 4:52pm:
Ignoring all the taxes and fees - these can differ enormously depending on your status (pensioner, sole home or second home, tax resident for 5 years etc) - rather than the normal 1.5% commission charged by agents in the UK I have been unable to find anyone willing to sell a property for less tha...
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...n 5% - normally plus IVA!
Thank you PeterC. We are not selling through an agent, so just solicitors - but I don't know who pays Notary and I also have heard that a certain amount is taken and kept by solicitor until the Revenue are satisfied (no doubt take a while!)
Angie
Posted: Mon Sep 6, 2021 9:34pm
RichT wrote on Mon Sep 6, 2021 7:29pm:
If you're buying, you should add 12%-13% to the purchase price to cover costs, and more if you need a mortgage.
The selling costs / commission can be negotiated with the agent - I know the people from whom we bought our property were charged 3% by their agent, but I have heard others advise that 3%-5% is the norm....
Read more...
...
You then need to consider your legal costs and potentially Capital Gains Tax, depending on your circumstances.
Hope this helps!
Hi RichT. We paid approx 10% when we bought so it's obviously gone up - but as it was 15 years ago not surprising.
Thank you
Angie
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Posted: Mon Sep 6, 2021 11:52pm
Very helpful member
Angie19 wrote on Mon Sep 6, 2021 9:31pm:
Thank you PeterC. We are not selling through an agent, so just solicitors - but I don't know who pays Notary and I also have heard that a certain amount is taken and kept by solicitor until the Revenue are satisfied (no doubt take a while!)
Angie
The seller also has to pay the Plus Valía on the property, the cost of which can be obtained in your Ayuntamiento.
Posted: Tue Sep 7, 2021 5:28pm
Helpful member
Angie19 wrote on Mon Sep 6, 2021 9:31pm:
Thank you PeterC. We are not selling through an agent, so just solicitors - but I don't know who pays Notary and I also have heard that a certain amount is taken and kept by solicitor until the Revenue are satisfied (no doubt take a while!)
Angie
Unsure if anything has changed in the last few years but when we sold our apartment 5,000 euros was retained until all taxes and bills were settled, anything remaining was returned. Don’t bank on the return being a great amount!
Ginger wrote on Tue Sep 7, 2021 5:28pm:
Unsure if anything has changed in the last few years but when we sold our apartment 5,000 euros was retained until all taxes and bills were settled, anything remaining was returned. Don’t bank on the return being a great amount!
Usually 3% of the sale price is retained until it is verified that all outstanding taxes, etc. have been settled.
Posted: Tue Sep 7, 2021 8:03pm
Helpful member
RichT wrote on Tue Sep 7, 2021 6:43pm:
Usually 3% of the sale price is retained until it is verified that all outstanding taxes, etc. have been settled.
We cleared 150,000 euros when we sold and I seemed to think it was 5,ooo euros or maybe 5%. By the time portions if rates, taxes, services and non residents tax had been paid very little was left.
Posted: Tue Sep 7, 2021 8:53pm
Ginger wrote on Tue Sep 7, 2021 8:03pm:
We cleared 150,000 euros when we sold and I seemed to think it was 5,ooo euros or maybe 5%. By the time portions if rates, taxes, services and non residents tax had been paid very little was left.
Hi Thank you to everyone for all your advice. This is a great place to get answers - but only because people take the time to reply. Thank you all
Angie
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