Selling a home without considering the expenses can be counterproductive. And it is that, in general, these range between 5% and 15% of the price of the home and can skyrocket more when the house was purchased years ago for a much lower price than it is worth now. It is therefore recommended to calculate these expenses from the beginning to avoid surprises and worries later.
But what are they and how much do they cost? The specialists of the financial and real estate comparator HelpMyCash.com explain it.
The usual thing is to entrust the procedures of the sale to a real estate agent. Therefore, the owner will have to pay fees, which represent one of the most important expenses of the operation. These range between 3% and 7% of the price of the house if you hire a traditional real estate agent, and between 1,000 and 8,000 euros if you hire an online real estate agency.
The payment, in general, is carried out after the signing of the deposit contract, or, 50% in the deposit and another 50% in the signing of the deed of sale. Only some agencies collect their entire commission on the day the deed is signed.
Taxes are another of the most important expenses, especially if the home was purchased at a much lower price than the one sold. HelpMyCash specialists explain that there are two taxes to be paid by the seller: municipal capital gains and personal income tax.
The tax base of the municipal capital gains has two different calculation methods. One, called the objective method, results from multiplying the cadastral value of the land by a coefficient determined by each municipality and depends on the time during which the property has been owned. Another, known as real surplus value, results from calculating the difference between the transmission value and the acquisition value, and multiplying said result by the percentage of the cadastral value that corresponds to the land. There are municipal capital gains calculators that do these calculations automatically.
The tax base of personal income tax, for its part, is calculated from the difference between the transfer value and the acquisition value. The first refers, in general, to the sale price less expenses and taxes. The second refers to the purchase price (or the declared in the inheritance tax in case of inheritance) plus the expenses and taxes of that operation. On this basis, the different percentages are applied depending on the taxpayer's income bracket. HelpMyCash experts advise, however, to contact the Tax Agency whenever there are doubts about it.
The simple note is a document that allows verifying, among other things, that the house has no charges. And although the buyer usually requests it, HelpMyCash specialists recommend that the owner also request a copy, thus verifying that the registration status of the property is correct. Its cost is around nine euros and can be obtained in less than 48 hours.
As for the energy certificate, this is mandatory throughout Spain and certifies the energy consumption of the home under normal conditions. Its cost varies depending on the professional who processes it, the area where the property is located and its surface, but in general it can be estimated at 100 euros plus VAT. From HelpMyCash they point out, however, that the energy certificate is valid for 10 years, except when it is a type G rating, which expires every five. In any case, as long as it is valid, it will not have to be processed again.
The certificate of occupancy, on the other hand, is a document that certifies that the dwelling meets minimum conditions of habitability. It is only mandatory in Asturias, the Balearic Islands, Cantabria, Catalonia, the Valencian Community, Extremadura, La Rioja, Murcia and Navarra. Its validity in most cases is 15 years and its cost also varies according to the professional and the location of the home. In general, it can be between 80 and 150 euros.
These are the most important expenses of the sale of a home. But the HelpMyCash experts explain that there may be some more, such as the costs of canceling the mortgage and the IBI for the current year, which by law corresponds to the seller. They advise, then, to calculate the expenses before starting the sale to have an objective idea of the profitability of the operation from the beginning.
