You’ve made up your mind, you’ve made savings, you’ve made numbers, and you’re going to get into one of the essential Adventures of your life: buying a house. But as you start, you realize it’s not as simple as you imagined.
To help you in this process, we suggest you follow these seven steps:
Be clear about what you want. It seems obvious, but it’s not. Before embarking on such a project, you should spend time thinking about what your needs are, present and in the medium term, and also your real ability to meet them. Your chances will depend on the choices you find and the budget you have.
- It has the support of professionals to find the house you want. It is challenging to cover all the possibilities offered by the market. The more you limit the search, the less likely you will be to find the best housing. It has real estate professionals to have greater security regarding the characteristics of the properties and to access a more comprehensive offer.
- Once elected, investigate the housing situation. We must know very well what we are buying: whether you have financial burdens, property problems, or taras. We, therefore, recommend that you go to the property registry, The Land Registry, or even the town hall to find out about your situation. You must get all the information about the conditions, the management involved, and the obligations and expenses you will incur.
- Find out all the paperwork you’ll have to do and the expenses you’ll have to pay. The complexity of administrative procedures and the costs to be paid will depend on the type of housing we buy. It is not the same to buy a second-hand home as a new one. In any one of them, you must be well informed to be clear about the steps to follow and the payments you will have to pay.
- Know your true value. Before setting the price, we must ensure that what we are going to agree on is not above the market. Please note that when you apply for a mortgage, it will be granted to you based on its real value, not the Agreed Value. Imagine that you commit to paying for a floor 120,000 euros, and then a professional assessment determines that its value is 100,000 euros. If, for example, the bank grants you a mortgage over 80% of its value, you can count on 80,000 euros. The other 40,000 you’ll have to contribute. It is vital to make a pre-assessment or use ‘online ‘ tools as BBVA values that, in real-time, offers you a very approximate value of the home. By the way, Valora will tell you, thanks to Big Data from a lot of users with your profile, if you want to rent or buy.
- Study what kind of mortgage you are interested in. Today you can choose between fixed, variable, or mixed mortgages. In the first case, we will always pay the same fee. In the second, it will depend on the evolution of the indicator. In mixed mortgages, the first years are fixed, and the rest is variable.
- Choose the home insurance that best suits your needs. It is essential to know the difference between multi-risk insurance and minimum home insurance. The first is usually recommended for homes where there are jewels, antiques, valuable furniture, or works of art. The second is much more basic but covers fires, pipe jams, robberies, and thefts. Once analyzed, both the important thing is to choose the one that we need.