Property Adviser · RE Asset Management · Luxury Development

Seller's Guide

Seller's Guide

Buying or selling a property is one of the biggest decisions anyone can make and, should it be a primary residence or an investment property. We want to make the process of selling your home as easy as possible, getting you the best price in the shortest time and with little stress.

Since the financial crisis hit, starting around 2008, the real estate market on the Costa del Sol has become competitive - it can take anywhere from several weeks to several years to sell a property, depending on size, location, amenities, etc, as well as the price you’d like to get from selling your property. This said, there is a high demand for properties that are live-in ready as well as low maintenance - especially as we are seeing a demand for investment properties, such a buy-to-let homes. Many people buying properties in the area are not looking for a primary residence, therefore, properties that are high maintenance and expensive are not selling so much.

Although the market is extremely saturated, you can prepare your property to be more competitive. Owners should make repairs to minor damages that are noticeable, as small fixes can go a long way. We also advise you to move as much of your personal belongings from the house as possible - many things in a room can make it look overcrowded and smaller.

Determining The Asking Price

Your next step should be to price your property - we advise you to discuss this with your real estate agent to ensure the best price possible for your property, takin determining factors into consideration.

How quickly you want your property to sell? If you’re not in a hurry to sell your property, then you are more likely to get a higher price for it. Of course, there are other factors, such as the size of the property, bedrooms, bathrooms, condition of the property, and also how other properties in the area are currently selling, which will also help determine the market value and how long they have been on the market, giving you a rough idea.

If your property has any individual features that other properties don’t, or something that other properties in the area lack, then this will make your property stand out from surrounding properties on the market, allowing you to obtain a premium price over a similar property in the area.

One of the most common mistakes people make upon putting their property on the market is either underpricing or overpricing their home. You should consult with your agent to obtain an asking price that is fair.

We recommend adding your agents fees to the asking price. For example, you could say you want a certain amount of money for the property, then you could end up having to pay a large amount of that to your agent. The way to go about this is to tell your agent what you would like for the property, then ask them to add their fees on top of that. However, this could lead to a difference in price if you decide to use several agents due to the difference in their commission fees - which could confuse a potential buyer. If you decide to use several agents, it’s vital to agree on an asking price with all of them to any confusion or changes in asking price can be avoided.

Preparing Your Property for Showings and Photographs

An important factor when selling a property is to show it in the most attractive way possible. As mentioned before, small fixes will go a long way, as well as clearing out personal effects to make a room look bigger. You also want to be taking advantage of any natural light.

Benefits of Using an Estate Agent on the Costa del Sol

There are many benefits of using an estate agent - for example, not needing to worry or occupy your time marketing the property you are choosing to sell, as most agents not only may have potential buyers looking for properties, but they also understand the market and have techniques that have been successful for them in the past.

Key factors when looking for an estate agent on the Costa del Sol are looking for someone who has a vast knowledge of the area and amenities in the surrounding area, such as schools and golf courses, as well as the local lifestyle, the current property market in the area, etc.

When you choose to use an estate agent, you should be aware of their commissions. Although most agents charge a standard percentage, you should specify with them what their commission percentage is. On the Costa del Sol, the commission is generally around 5% plus I.V.A. (VAT). This said, properties that cost less usually have a higher commission percentage, due to the amount of time and effort the agent will put into marketing your property and selling it.

Accepting an Offer and Completing the Sale of Your Property

When an offer is made on your property, consult with your agent to be sure that you’re getting the best offer possible. If your agent feels that you can get a better price, then it may be advisable to either counter the offer or turn it down, waiting until you get an offer for a better price.

Once the offer is accepted, you should bring in your lawyer - it is also advisable to consult an accountant so you are aware of all the taxes that must be paid following the sale. This way, you won't encounter any surprises later on. We advise involving all parties once an offer has been accepted and the buyer and seller come to an agreement. The lawyer will then take over to complete the sale, who will make sure that all legalities are met. During this stage, your lawyer will consult with your agent when necessary.

Should your property be a holiday home or an investment property and you find yourself out of the country on a regular basis, then it is advisable to appoint a close friend or your lawyer as your Power of Attorney - this way they can assist in the first stages of selling your property during your absence.