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Are you looking for tips to sell property in Spain fast? It’s not for nothing that Spain is the hottest overseas property destination in the world. Spain has everything you could ask for – a first world country with a laid back lifestyle, sun-kissed beaches, friendly people, open culture, and a perfect Mediterranean climate throughout the year.
It’s no surprise then that Spain attracts a lot of attention from foreign buyers, especially cash rich, ultra rich investors from China and Russia. If you are looking to sell your property in Spain, it is important to market it relentlessly, especially on Chinese and Russian property portals, media outlets and online forums. Read on for more great tips on selling property in Spain quickly.
Tip #1: If you want to sell your property in Spain fast, the very first thing to do is to hire a UK estate agent specializing in overseas property, preferably one with extensive connections in China and Russia. Your estate agent should be a part of a large agent network that spans across Europe and Asia and should be skilled at marketing your property overseas.
The importance of marketing your property abroad cannot be emphasized enough. It is a specialist’s task, which why you should hire an estate agent who understands the nitty-gritty of promoting your overseas property to Chinese, Russian, or other rich buyers from emerging countries – as that’s the way to sell your property quickly.
Tip #2: Be very realistic about the price. There is no question that the Spanish housing market is on the up and you will certainly get a great price for your property. However, buyers have become highly sophisticated as well, and if you price your property at 10% or 15% higher than comparable properties in the same area, the buyer would know about it immediately and decide against the transaction.
Tip #3: Do you have the paperwork in order? It usually takes 6 to 8 weeks to complete a sale in Spain once you are able to find a buyer. But if you have all the paperwork ready with you, and you find a cash rich buyer from China or Russia, don’t be surprised if it takes less than 2 weeks to get your overseas property in Spain off your hands. You will need to make the trip to the notary’s office to complete the sale, unless you have given the power of attorney to someone.
Tip #4: Should you include the furniture and appliances with the sale of the overseas property? Well, yes, especially if your Spanish villa is located in Costa del Sol or in the Canaries. Here it is customary to include your furniture and appliances with the sale of a house as most people buy homes here stay only for a part of the year. For them, this represents their second home or a holiday home, so they would rather get the furniture and appliances along with the house as this saves them the trouble of shopping for the same. You will, as a matter of fact, get a premium for including furniture and appliances with the sale of the overseas property. Besides, the cost of transporting the furniture and appliances back home in the UK can be a bit too much.
Tip #5: Plan the repatriation of the proceeds of the property sale to the UK methodically. There are many hidden costs involved in transferring money from a Spanish bank to a bank in the UK. The only way to minimize this is to plan well ahead of the sale. There are many specialist currency firms that help you repatriate the proceeds of the sale to your bank in the UK at the lowest possible cost. You will do well to hire them.
Tip #6: Finally a word on capital gains tax. You will be charged capital gains tax on the property if you are not a resident of Spain. The current capital gains tax rate is 19 percent for non-residents. There is nothing you can do about that! If you need to sell your property in Spain fast and free from hassle contact us today.