Buying Property in Marbella:

1. What costs are incurred in purchasing a property in Spain?

As a rule we recommend allowing 10% of the agreed purchase price to cover all your buying fees and taxes, around 2% more if you are obtaining a mortgage.

The costs are generally:

Transfer Tax

The Transfer Tax in Andalcia is currently set at 7%. There is no Transfer Tax for new homes, instead they are subject 10 % Value Added Tax (known as IVA in Spain) plus 1.5% stamp duty (reduced temporarily to 1.2% following Covid-19) . The purchase of plots, commercial premises and garages remains subject to 21% VAT (IVA).

Notary and Land Registry fees:

Fixed by law on a sliding scale, around 1% to 1.5%.

Lawyer’s fees:

Typically 1% of the purchase price (plus VAT (IVA) of 21%) however for larger transactions we can usually negotiate a reduction from one of our recommended panel firms.
Mortgage fees:
An arrangement fee of around 1% of the advance is typical. In addition mortgages are taxed at around 1.5% of the advance.

2. Should I contact multiple Real Estate Agents?

Estate agencies in Costa del Sol, unlike in many other areas of the world, collaborate on the majority of both property viewings and property purchases.
Almost all listings in Marbella are shared on an inter-agency portal. Our recommendation to you is: Rather than visiting multiple offices and going over the same specifications with lots of different real estate agents, to use your time more effectively and research the agency you’d like to guide on purchasing your dream property.

3. How many properties should I view?

The answer for this one varies widely – Some people fall in love with the first property they see, others may need to see 12 properties before they even have a clear idea of what they are actually looking for. Much like trying on wedding dresses, or viewing holiday hotels online, there is no minimum requirement here.

You may also find that your priorities change once a property tour commences – Maybe seeing an area in person makes location become a higher priority or maybe be wowed by a panoramic view makes a penthouse become preferable over a townhouse.

We, at Marbella Living, are proud to have a large choice of both direct and shared listings, as well as a team that now the Marbella area very well. With a great local expertise and a good knowledge of our best listings, we always endeavour to guide you in the properties to view as best we can.

4. How do I make an offer on a property?

To make a purchase offer on a property, you can contact your estate agent in whichever way you wish – Some prefer to make a written offer by email, sometimes we receive purchase offers by phone and now some even arrive by Whatsapp!

5. What deposit is required to reserve a property?

The reservation deposit can vary depending on the size of property and it’s selling price. You will usually be expected to pay a minimum of 6,000€.

Selling Property in Marbella:

1. How can I list my property for sale?

Firstly, you will need to choose your preferred estate agency to list your property with.

For us, we feel that as a smaller scale agency, where all members of staff can get to know you and your property, we have an advantage.

It is important that you and confident and comfortable in the estate agency you choose to market your property, as you are likely to be in regular contact with them.

2. Who will be my person of contact within the Real Estate Agency?

The Sales Agents will be the people bringing prospective clients, and collaborating agents in to your home; The Marketing team will be creating content for your property, and The Administration team will be listing and sharing your property as well as arranging viewings with you.

3. Should I list with multiple estate agencies?

It is ultimately your choice whether you wish to list exclusively with one agency, or prefer to list directly with multiple agents.

Our recommendation of course is for you to list your property exclusively, as then we can dedicate our full efforts to marketing your property to both clients and collaborators. For you, there is also the advantage of only having one place to contact. This means that it is easy to let them know of any updates, dates when you will be away, days that are best for you for viewings etc.

As estate agencies in the Costa del Sol area work with a shared listing system, listing exclusively does not affect the visibility of your property for other agents.

Should you decide to list your property with multiple agencies, this is of course your prerogative.
All direct listings also receive dedicated marketing.

4. What can I do to help my property sell?

Presentation – The vast majority of buyers like somewhat of a blank canvas when viewing property. Of course keeping your property clean and “ready to view” is important but also tidying away any unnecessary clutter can make a huge difference. Keep rooms neutral where possible and create a homely environment.

Viewings – The more flexible you are on allowing viewings will undoubtedly assist the sale of your property hugely. Some buyers fly in for a day and want to see everything at short notice, and while we appreciate it is not always easy to accommodate for the seller, you never know when it might be the « one »!

5. What Estate Agency fees do I need to be aware of for selling?

5% of the house price + IVA.

6. Should I sell my current home before buying a new one?

If the built-up equity in your current home will be applied to the down payment on the new home, naturally the former will need to be sold first.
Some home buyers decide to turn their current home into an investment property, renting it out. In that case, the current home will not need to be sold. However, your loan advisor will still need to evaluate your risk profile and credit history to determine whether making a loan on a new home is feasible while retaining title to the old home.
Buyers often have a short time frame to sell their current home when relocating to a new city because of a job transfer. If you are moving but taking a position with the same employer, check to see if they offer relocation assistance to help offset some of the costs.