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Tips for expats selling their Spanish properties
| Published: | 12 Feb at 6 PM |
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If you’re thinking of selling your home in Spain, what’s the best way to get the best price?
Whether you’re selling your Spanish property in order to move back to your home country or simply because you need a change of scenery, getting the best price can be tricky. Resident expats in Spain’s Costa del Sol are aware that selling takes time as the region basically caters for those wanting a holiday home rather than a long-term base, whilst real estate agents in the region often recommend taking the first offer, providing it isn’t too far under the asking price. Owners, however, often wonder whether it’s just to get their commission as soon as is possible.
In this region, the well-known mantra ‘location, location, location’ could well be twinned with a new saying – ‘the first offer is the best offer’. It’s quite normal to get an interested buyer after a week or so, but why shouldn’t the homeowner just wait until a better offer is made?
Three scenarios might answer the above question, starting with accepting the offer and getting on with your new life elsewhere. The second involves more time, as you refuse the offer, wait a while and eventually sell to another buyer at a higher price or even to the original buyer.
The third option is the worst, involving refusing the first offer after negotiation, then waiting for more interested buyers. None arrive, the original buyer has now moved on and bought another property and you’re forced to accept a far lower offer from another buyer. To avoid the above, real estate agents recommend putting off your decision until you know more about the original buyer. Questions to ask include how long the buyer has been searching for a property and whether he or she has made other offers, thus indicating familiarity with the local property market.
Accepting the first offer under these circumstances is sensible, as the offer itself is usually on the money. Also, knowing your market is essential, as is remembering the longer your home is for sale, the less chance it has of finding a buyer, especially if it’s upscale, large and expensive.
Whether you’re selling your Spanish property in order to move back to your home country or simply because you need a change of scenery, getting the best price can be tricky. Resident expats in Spain’s Costa del Sol are aware that selling takes time as the region basically caters for those wanting a holiday home rather than a long-term base, whilst real estate agents in the region often recommend taking the first offer, providing it isn’t too far under the asking price. Owners, however, often wonder whether it’s just to get their commission as soon as is possible.
In this region, the well-known mantra ‘location, location, location’ could well be twinned with a new saying – ‘the first offer is the best offer’. It’s quite normal to get an interested buyer after a week or so, but why shouldn’t the homeowner just wait until a better offer is made?
Three scenarios might answer the above question, starting with accepting the offer and getting on with your new life elsewhere. The second involves more time, as you refuse the offer, wait a while and eventually sell to another buyer at a higher price or even to the original buyer.
The third option is the worst, involving refusing the first offer after negotiation, then waiting for more interested buyers. None arrive, the original buyer has now moved on and bought another property and you’re forced to accept a far lower offer from another buyer. To avoid the above, real estate agents recommend putting off your decision until you know more about the original buyer. Questions to ask include how long the buyer has been searching for a property and whether he or she has made other offers, thus indicating familiarity with the local property market.
Accepting the first offer under these circumstances is sensible, as the offer itself is usually on the money. Also, knowing your market is essential, as is remembering the longer your home is for sale, the less chance it has of finding a buyer, especially if it’s upscale, large and expensive.
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