The sale of a house in Fuerteventura does not end with the signature at the Notary’s office. After the handover of the keys, there are many steps to be taken by the former owners. We are referring to the liquidation of taxes, change of ownership in the land registry and the registry, moving… Choosing a real estate agency such as Destiny Home that offers comprehensive services and take care of the sale and purchase from start to finish, is not only a guarantee of success, but also allows us to enjoy the process from a relaxed position, knowing that we have left our most valuable asset in good hands.
When we think of selling a property, the benefits that we can obtain from the transaction immediately come to mind, overlooking the inherent costs of the transaction. But, how much does it cost to sell a house in Fuerteventura? What expenses do we as owners have to take into account?
Selling expenses in Fuerteventura
Below we will detail the main costs of selling a house in Fuerteventura, information that you can complete by downloading our Fuerteventura Property Owner’s Guide. In it, you can also access practical tips to make your house more attractive, recommendations to establish an adequate selling price and useful information about the documentation you should prepare for the transaction, among others.
Let’s start by detailing the costs of selling a house in Fuerteventura that we must take into account as owners:
Municipal Capital Gains
This is the Tax on the Increase in Value of Urban Land (IITNU), a municipal tax levied on the increase in value of urban land during the time we have owned it. This tax is paid at the City Hall where the property is located in cases of sale, inheritance or donation.
When calculating it, it is necessary to take into account the capital gain obtained (difference between the sale price and the purchase price) and the years elapsed between the acquisition and the transfer. In our article ¿How much do you pay for Municipal Capital Gains in Fuerteventura? 5 key questions, we explain how this tax affects some of the municipalities of the island.
Personal income tax
Personal Income Tax (IRPF) is one of the taxes to be paid when selling a house in Fuerteventura. Again, this tax must be paid in the case of capital gains. To calculate it, the following must be taken into account:
- Transfer value: real value that remains to the seller after selling his house in Fuerteventura, i.e. subtracting from the sale price all the expenses and taxes of the transaction.
- Acquisition value: price that the owner paid for his home, plus the sum of taxes and expenses inherent to the purchase, subtracting the tax benefits and amortizations that he may have enjoyed.
- Capital gain: if the transfer value is higher than the acquisition value, this benefit must be taxed by applying the corresponding personal income tax bracket:
Income tax brackets to be applied to capital gains:
- 19% on the first 6,000 euros of profit
- 21% between 6,000 and 50,000 euros of gain
- 23% between 50,000 and 200,000 euros of gain
- 26% on profit over 200,000 euros
Mortgage expenses
Another of the costs of selling a house in Fuerteventura are those arising from the mortgage in case the property to be sold has a mortgage charge in your name. In this case, it must be taken into account that the cancellation of the mortgage or its subrogation may entail additional costs. In addition, to this price we would have to add that of the zero debt certificate in case we are requested to do so.
Energy Efficiency Certificate
It is a document that evaluates the characteristics of the properties from the point of view of energy consumption and CO2 emissions. Since June 1, 2013, it is mandatory to have the Energy Efficiency Certificate in cases of sale or rental of housing. In Fuerteventura, the body in charge of registering Energy Certificates is the Ministry of Industry of the Government of the Canary Islands.
Real estate fees
And finally, if you decide to sell through a real estate agency, you must take into account the fees charged by the real estate agency in charge of the transaction. Real estate fees are included in the final sale price and only have to be paid once the transaction is formalized .
A priori, real estate fees may seem like an expense, however, they include services such as property valuation, photographic report, Virtual Tour or financial advice, services that the owner would have to hire independently if he decides to sell on his own.
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