Buying bigger property

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09 Oct 2018 20:45 by mojito Star rating in Cupar Fife / San Jua.... 259 posts Send private message

We have outgrown our 2 bed duplex.  Is there any way round the extra 10-12% when buying another property.  Its offputting having to pay out so much again and also of course the fees when selling the first property.  Grasping at straws here.   Maybe somebody would like to downsize to a lovely development?  We are 5 minutes walk from the beach at San Juan de  los Terreros.



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09 Oct 2018 21:07 by mariedav Star rating in Ciudad Quesada. 832 posts Send private message

The cost of moving in Spain can be quite horrendous. We were thinking of selling and buying another but the costs on selling ours (regardless of the loss since the housing market crashed) worked out at selling for 170k and buying a new one for 225k would have incurred fees, taxes etc of €35,000 on top of the difference. That's money you'll never get back for the transfer tax, estate agent fees, notary fees and solicitors fees. Then there's the actual removal costs, tranferring utility bills and so on. 

We decided to stay put.

 





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10 Oct 2018 09:19 by mojito Star rating in Cupar Fife / San Jua.... 259 posts Send private message

We love the location and the duplex. A larger 2nd bedroom, larger garden and maybe a pool would have tempted us to upside but the cost will prevent us. They need to offer better incentives to sell. There are hundreds of unsold properties around us. 



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10 Oct 2018 10:31 by Kavanagh Star rating in Oil Drum Lane Newcas.... 261 posts Send private message

Kavanagh´s avatar

It seems strange why vendors continue to agree to estate agents fees of about 5% +IVA when all they need is an internet listing with a contact number or email address and a for sale sign that you can get at the China shop for €5.

Are vendors complaining about their own behaviour?

 



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10 Oct 2018 10:59 by mojito Star rating in Cupar Fife / San Jua.... 259 posts Send private message

Many thanks Kavanagh!  That's potentially reduced the selling costs now just to find a way of reducing the purchase costs.   Anybody any ideas?



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10 Oct 2018 11:49 by Kavanagh Star rating in Oil Drum Lane Newcas.... 261 posts Send private message

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Try your lawyer; it may depend on what Mickey Mouse figures he/she declares. Of course he/she is a legal professional regulated by the Spanish  bar association, the Council of Bars and Law Societies of the European Union, Spanish General Council of the Legal Profession and RDEGA.

 



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10 Oct 2018 13:15 by mojito Star rating in Cupar Fife / San Jua.... 259 posts Send private message

We can always ask?  Thank you! 



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10 Oct 2018 19:35 by Roberto Star rating in Torremolinos. 4301 posts Send private message

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Estate agent's fees (unavoidable for some, who for whatever reason can't sell privately), whilst pretty outrageous in Spain, are still far less than the other costs mojito is referring to: plus valia on the sale, and then transfer tax (plus notary & registry fees) on the purchase. What Kavanagh seems to be proposing is underdeclaring - a risky strategy these days, not to mention potentially leading to greater CGT in the future.

I don't see how a property swap scenario would avoid any of the taxes involved in legally transferring ownership. As mariedav says, it's a big stumbling block for many who would like to move, and I believe one of the root causes for the stagnation of the property market since the crash 10 years ago. Perhaps the government doesn't want to offer any incentives, for fear of the market overheating again. It does make me wonder how any new entrants to the market still see Spanish property as an "investment", though. The costs of buying and selling are surely likely to exceed any potential financial gains to be made?

Ahh, for the heady days of the boom....!



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