Most times you’ll hear people say, you should keep your property for at least 5 years before selling it, especially if you want to recoup the legal costs too. However, there are times when this rule is just a myth and should be ignored.
You purchased it much below market value. If you bought a “bargain,” and the market is hot, selling up sooner rather than later is absolutely the right thing to do. You purchased it low knowing you’d make a tidy profit, so there’s no point in waiting for 5 years. If you can make money on it now, do it!
The area has gone down. Buying in an area that is going downhill will ultimately have a negative effect, on your home’s value. Selling as soon as possible would be the ideal scenario, to try to salvage as much of your home’s equity as possible. Sometimes it’s better to cut your losses and get out while you can.
You hate living there. Money isn’t everything, and if you just really hate living there, then you most definitely should sell.
There is no legal limit on how long you have to keep a property after buying it. You could purchase on a Monday and sell it on Tuesday! The decision of how long to own a home is entirely up to you. However! Bear this in mind… Even if you are a retired Resident and you’re selling at a profit, be prepared to pay Capital Gains Tax. Top Tip: Capital Gains Tax is avoidable if you hold on to your property for 3 years before selling it!
Ready to sell your property? Do you know what paperwork you’ll need to provide? Go to: www.SellingInSpain.com to download a complimentary list of what will be required.
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