Property Sales in Torrevieja and Orihuela Costa

Selling a property can be a complex process, but with the right information and strategies, you can achieve a successful sale and get the best value for your investment. The goal of this guide is to provide homeowners in Spain with a comprehensive and detailed reference on the steps to take in order to achieve the desired sale. The guide offers key information and practical tips to maximize the chances of success in the selling process.

Proper preparation is essential to achieve the best results in selling a property. This section highlights the importance of having everything in order, both in terms of documentation and property preparation, to attract potential buyers.

Find an experienced and trustworthy real estate agent:

Having an experienced real estate agent can make a big difference in the selling process. A professional in the real estate market will provide personalized advice, promote your property, negotiate on your behalf, and guide you through every step of the sale. It is recommended to seek references and select someone you feel comfortable working with.

Verify all the documentation of the property:

It is crucial to ensure that you have all the necessary documents and certificates to carry out the sale of the property. Each transaction is unique, and different circumstances may arise, such as social housing properties (VPO), extensions, inheritances, mortgages, or even properties in a "Under Construction" state that have not been registered as completed. To ensure a smooth process, it is recommended to seek the assistance of a good real estate agent or a specialized lawyer.

Set the right price and evaluate the real estate market:

Offering your property at a fair price is essential to achieve a successful sale. To do this, it is crucial to evaluate the real estate market in your area. This involves examining the average price of comparable properties and understanding the current demand in the market. Additionally, you should take into account the unique characteristics of your property, such as its location, size, and any improvements you have made.

At AGRUCASA, we can offer expert advice in this aspect. We have professional valuation tools that allow us to guide you on the appropriate price ranges to list your property for sale. Setting a competitive and realistic price will significantly increase the chances of receiving attractive offers and getting a fair return on your investment.

Remember that an excessively high price can deter potential buyers and prolong the time on the market, while a price that is too low can result in a loss in the value of your property. By working hand in hand with real estate professionals and taking market analysis into account, you will be in a better position to set a price that is attractive to buyers and profitable for you.

Consideration of seller expenses and taxes:

When selling a property, it is important to take into account the associated expenses and taxes that can affect your net profits. Below are some of the most relevant aspects to consider:

1. Capital gains taxes: If you are a tax resident in Spain, you will need to consider capital gains taxes. This involves paying taxes on the difference between the sale price and the acquisition price of the property. It is essential to understand how this tax is calculated and the applicable tax rate.
2. 3% tax for non-residents: In the case of sellers who are non-residents in Spain, a 3% tax is applied to the sale price of the property. This tax is withheld at the time of the sale and is submitted to the Tax Administration.
3. Mortgage cancellation expenses: If you have a mortgage on the property you plan to sell, it is important to consider that you may incur additional expenses when canceling it in advance. The removal of this burden from the property registry incurs notary and registration fees. Make sure to take these expenses into account when calculating your net profits.
4. Tax on the Increase in Value of Urban Land (municipal capital gains tax): In some locations in Spain, a tax known as municipal capital gains tax, or "plusvalía municipal," is applied. This tax is calculated based on the increase in the value of urban land since the last transfer and can vary depending on municipal regulations. It is important to verify if this tax applies in your case and consider it when setting the sale price.

Evaluating these expenses and taxes is crucial to have a clear understanding of the financial impact of selling your property.

Marketing strategy:

Create an effective marketing strategy to reach a wider audience. Use digital tools such as advertisements on recognized real estate portals, social media platforms, and a dedicated website or blog for your property. Make sure to highlight the unique features of your property to capture the attention of potential buyers. To showcase it in the best light, use high-quality photographs and offer an interactive Virtual Tour.

In coastal areas like Torrevieja and Orihuela Costa, where the real estate market tends to be driven by foreign buyers, it is important to tailor the marketing strategy to this audience. Keep in mind that, in a bullish market, Spanish buyers may show some reluctance to purchase properties, which increases the importance of focusing on foreign buyers. It is essential to use specific marketing strategies for this target audience, as they are likely to not speak Spanish. Make sure to provide accurate and appealing translations in multiple languages in your promotional materials.

By implementing this strategy, you will maximize your chances of success by attracting a greater number of potential buyers.

Property preparation and presentation:

A well-maintained property with small improvements can generate more interest and increase its value. To achieve this, follow these tips:

• Make necessary repairs and improvements.
• Depersonalize the property.
• Perform a deep cleaning.
• Organize the spaces and highlight the property's strong points.
• Enhance the lighting and create attractive curb appeal.
• Use aromatic elements to create a cozy and pleasant atmosphere that makes buyers feel welcome and comfortable, such as scented candles, air fresheners, or aroma diffusers.

Handling inquiries and showing the property:

As potential buyers show interest in the property, it is crucial to respond to their inquiries promptly and provide them with the necessary information. Additionally, scheduled visits to the property should be arranged and conducted, highlighting its key features and addressing any additional questions they may have.

It's important to note that potential buyers may contact you at any time, and they may want to visit the property at times that may be inconvenient or when you need to organize your schedule. Be prepared to accommodate their schedules and make an effort to provide them with a positive experience during the visit.

Negotiations and offers:

When you receive offers, it's important to maintain a flexible attitude and be willing to negotiate. Carefully analyze the terms and conditions of each offer and evaluate if they are acceptable to you. Striking a balance between the needs of the seller and the buyer is crucial. At this stage, having the assistance of a real estate agency like AGRUCASA can be very helpful as they will offer guidance on the received offers and help you secure the best possible deal.

Once an agreement is reached with a buyer, it is common to sign a contract called "contrato de arras" or reservation contract. This contract establishes the terms of the sale, including the property details, conditions, price, and deadline for completing the property transfer at the Notary. In this contract, the responsibilities and protections for both the seller and the buyer will be highlighted.

The final step in the selling process is the signing of the "escritura de compraventa" or the deed of sale before a notary.

During the closing process, it is essential to ensure that all details are in order. Coordinate with the buyer, real estate agents, and lawyers involved to complete the property transfer efficiently.

Here are the steps required to prepare for and attend this signing, including collecting the necessary documents, coordinating with the buyer and notary, and verifying that all legal and financial aspects are in order.

During the closing process, legal documents are prepared and signed, the agreed payment is made, the transfer of the property takes place, and the funds are distributed. Once completed, the buyer takes possession of the property.

The real estate sector has undergone significant specialization in recent years and has become more professional with each passing year. It is nothing like the sector of a decade ago. This evolution has resulted in a higher level of professionalism and regulation in the industry, with the aim of protecting the interests of both sellers, buyers, and the professionals involved.

At AGRUCASA, we specialize in the Mediterranean coast market, focusing primarily on the areas of Torrevieja, Orihuela Costa, Guardamar del Segura, and their surroundings. In the coastal area, second homes prevail, so it is crucial to have a real estate agency that specializes in marketing these properties. Additionally, in the current booming market, where the demand is mainly from foreign buyers, all marketing strategies must be focused on this audience.

Promoting a property through advertising on social media and real estate portals such as Idealista and Fotocasa is a common practice for both agencies and individuals. However, it is important to note that this represents only a basic part of a real estate agency's marketing plan. At AGRUCASA, in addition to using these platforms, we have a wide range of tools and an extensive network of collaborators at the national and international levels. This allows us to reach a larger number of potential buyers interested in coastal properties. Our agency has a large portfolio of clients looking for homes in the area. It is also worth mentioning that we are members of ASICVAL, the largest real estate association in the Valencian Community, and we are also part of MLS ASIVEGA, the largest association of real estate agencies in the Torrevieja, Orihuela Costa area.

Starting next year, it is important to highlight that all real estate agents working in the Valencian Community must be properly registered and meet a series of requirements. These requirements include possessing the necessary qualifications to work as real estate agents and having a set of mandatory insurance policies. The purpose of this measure is to ensure a higher level of quality and professionalism in the sector, thereby offering greater confidence and security to both clients and professionals involved.