When selling your Spanish property, there are a number of things that you will need to consider and one of the most important of these is the price that you will receive for your property. Judging the market is key here, but then it is also very important to ensure you make your money back. If you set your property price too high then it may not sell, but too low and it may be snapped up straight away and lose you money.
We recommend enlisting the help of the estate agent who helped you find your property in the first place. In theory, your property will be attractive to other British expats, so they should know the best ways to get their attention. They should also be an expert in the local area, meaning you can trust their advice on a variety of subject about the local area and the price that you should receive. To sell your property, it will be in their interest to advise you well so that they receive your commission, so it’s important to trust them.
There are also a number of things that you can do yourself to ensure that you set the right price for your property:
- Research the market: assess market reports for properties in the area, and any trends. Your agent should be able to make sure you understand your options and how the market is looking.
- Get to know the local area: conduct research online, and see what else is available in the area. Look at the similar properties that are currently for sale, along with their expected prices, as well as those similar properties that have already sold – and how much they went for. This will enable you to make sure your asking price is competitive.
- Think about how your buyer will look at your property: does your property offer good prospects to the new buyer? Are there particular features that you think would be attractive that you could highlight; equally, are there features that you think you need to change to ensure a sale?
- Understand all costs: make sure you are fully aware of all the costs that you will need to pay, including all taxes, fees and expenses. If you look at the eventual selling price as a gross amount, you will be able to able to deduct these costs to understand your net return.
- Make sure you are happy to sell right now: you may get more money if you wait to sell the property… although of course, you may get less! It’s a good idea to weigh up your options in the market to see if if you can afford to stick around.