Selling your home in Torrevieja: The unrivalled guide (2023)

Do you need some expert and trusted advice on selling your home in Torrevieja? As one of the most stressful – but exciting – tasks, there is lots to consider when selling your property, from making sure you have all of the relevant paperwork to finding out how much your property is worth.

So, with this in mind, the Euro Weekly News has created this guide for the best way to sell your home in Torrevieja.

This guide will show you how to find out what your property is worth in Torrevieja, the expected timeframe of selling your property and all of the relevant documents you will need – as well as an all-important estate agent to help you.

What is the best way to sell a property in Torrevieja?

Spain is one of the most popular places in the world for expats to buy a property abroad to escape to, whether hankering after a second home in the sun, or a permanent change of scenery to somewhere new. Those looking for an investment abroad would do well to consider Torrevieja; the lower purchase prices and low maintenance costs here have proven to give an excellent return.

Costa Blanca is a great area to invest in due to the wide variety of properties it offers at a vast range of price points. However, like with most things in Spain, having a professional to guide you through the process is one of the most important things you can do when selling your home.

From translating for you to helping you get your paperwork together, helping to ensure that your buyers can complete the transaction and keeping to your deadline, a reputable estate agent is the best option to ensure a smooth and problem-free sale.

What is my property worth in Torrevieja?

Torrevieja is popular amongst expats due to the number of international schools and multiplicity of fun things to do – as well as the gorgeous weather all year round! For this reason, the housing market there is booming.

Property prices can vary a lot. However, properties are usually worth around €60,000 for a one-bedroom apartment, €80,000 to €180,000 for a two-bedroom apartment, €230,000 for a townhouse and anywhere from around €330,000 upwards for a villa.

Speak to 5 Real Estate to get an accurate valuation of your property and move your sale forward.

How quickly can you sell your property on the Costa Blanca?

Spain’s housing market is thriving and property is selling quickly, however, the process and taking care of the paperwork can take some time. But once these have been dealt with you can expect to sell within a period of around three to four months depending on the property and your asking price. It is a good idea to leave a bit of room for negotiation!

What do you have to pay when selling a house in Torrevieja?

1) Plusvalia – sellers have to pay a tax based on the incremental value of the land which the property occupies over the number of years you have been the owner.

2) Community Fees – Make sure your Community Fees are up to date. Usually, you will have to present a Community Certificate to the buyer when signing the Title Deed to prove this.

3) IBI and Utilities – make sure your utility bills are all paid up as these will need to be settled up to the date of sale. You will need to provide the original proof of payment when signing. Sellers have to pay the IBI or council tax for the whole year they are selling.

4) Mortgage Cancellation Fees – Your bank will probably have from a 0.5 per cent to 1 per cent cancellation charge for the balance of your outstanding mortgage.

5) Mortgage Cancellation and Registration Fees at the Notary – In addition to point 4) as the seller, you will have to make sure that your mortgage is cancelled at the Notary and Registry. This may cost anywhere from €600 to €1000 and is an amount that will probably be held by the solicitor to make sure that this is done.

6) Non-Resident Retention 3 per cent – If you are a not a resident of Spain, the buyer of your property will also have to retain 3 per cent of the sales price stated in the “Escritura” (Title Deed) to pay to the Spanish taxman (Hacienda) on your behalf towards your Capital Gains Tax. Fiscal residents do not have any retention made on them, however, they may have to pay tax on the sale the year after when filling in their tax returns.

7) Agents Commission – If you have used an agent to sell your property, you will also have to pay fees to the agent.

8) Legal fees – A good legal office will prepare utility contracts, community charges and “Suma” invoices, speak with the purchaser’s representatives and the Notary, book the Notary appointment and organise all of the related paperwork, go with the seller to the Notary and translate for them, calculate the 3 per cent retention, calculate and advice re Capital Gains Tax and give fiscal representation throughout the selling process.

What documents do you need to sell a house in Torrevieja?

There are lots of documents you need when selling a house in Spain. The best and safest way to make sure that you have everything in order is to sell through an experienced real estate agent who can help and give guidance through the whole process. 5 Real Estate is the best in the area to help you to organise the correct and relevant paperwork and to help you on your journey.

The main documents you need may include:

• Preparation of utility contracts, community charge and “Suma” invoices.
• Liaison throughout the transaction with representatives of the Buyer and Notary.
• The organisation of the Notary appointment and all paperwork related to the sale.
• Translation at the Notary.
• Calculation of 3 per cent retention.
• Calculation and advice regarding Capital Gains Tax.
• Fiscal representation throughout the whole process.
• Calculation of Goodwill and a letter of “Good Standing” with your community fees from the administration of your community.

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