How much do I have to pay in expenses for the sale of a property?
Calculating the costs of selling a property in Catalonia is not as simple as it seems. The most common thing is to think that the profit will be the equivalent of the sale price, but this is a mistake! In reality, a series of expenses (taxes and other items) must be subtracted from the sale price. And although this calculation is quite complex due to the many factors involved, in this article we are going to focus on
What are the costs of selling a property?
Calculating the costs of selling a property in Catalonia is not as simple as it seems. The most common thing is to think that the profit will be the equivalent of the sale price, but wrong! In reality, a series of expenses (taxes and other items) must be subtracted from the sale price. And although this calculation is quite complex due to the many factors involved, in this article we are going to focus on some of the main ones to give you a hand.
As a starting point, you should know that the expenses for the sale vary depending on the city where you sell the house. In addition, the total amount of expenses will depend on the tax benefit obtained (this is the difference between the value specified in the title deed and the price for which you are going to sell it).
What taxes do I have to pay when selling a property in Catalonia?
Two taxes are included in the expenses for the sale of a property in Catalonia:
- Personal Income Tax (IRPF): the amount to be paid can represent up to 23% of the profit obtained. This tax is paid when you make a profit on the sale of the house, so it is the seller who must assume it and reflect it as income in the tax return. If you sell the house at a loss, as you do not make a profit, you do not have to pay IRPF, but you must still include this negative yield in your tax return.
- Municipal capital gains tax: this is also a municipal tax, and as it varies depending on the municipality you are in, we cannot give you an exact figure of how much you will have to pay. Its calculation involves data such as the cadastral value of the property, the number of years you have owned the property, etc.
Other expenses on the sale of a property
Si te planteas vender tu casa, también tendrás que asumir otros gastos además de los impuestos:
- Estate agent's fees: in Catalonia these fees are not regulated, so they vary depending on the estate agent. However, buying or selling a house is probably the most important economic event in a person's life. Therefore, although it is not compulsory, it is highly advisable to put yourself in good and expert hands.
The figure of the real estate agent will allow you to obtain the best results on many levels: price fixing; management and advice on administrative procedures; saving time and money; knowledge of the legal framework; promotion of the property... the synthesis of all of this is: your peace of mind.
- Selling your home with a mortgage: the cancellation of the mortgage is an additional cost. This will vary depending on your bank, the mortgage contracted, etc.
What is the exemption for reinvestment in the principal residence?
This is the exemption from personal income tax when the main residence is sold in order to invest the money in the purchase of the new main residence or in its refurbishment. In these cases, this gain does not have to be declared in the IRPF.
Other taxpayers who can avoid paying IRPF as expenses on the sale of a home in Catalonia are people over 65 who sell their first home, and people in a situation of severe dependency or high dependency.
How to sell your home faster and at the best price?
Beyond knowing the taxes and other expenses related to the sale, if you are worried about how to sell your house in times of coronavirus, we explain some of the main techniques to sell your house faster and at the best possible price, such as Home Staging, and we share with you our Guide with 12 keys to sell your house successfully.
As we said at the beginning, knowing exactly how much you have to pay in expenses for the sale of a property in Catalonia is not easy. If you are thinking of selling your property in the Ebro Delta and you don't know where to start, Finques Zaragoza will be happy to help you.
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