The real estate Naranja Spain has made this guide for you, step by step about where and how to find the right property for you in Spain.
- How much can you spend? Knowing your budget is essential to start with the process of buying your new home in Spain. It is necessary to have clear the total quantity of own capital and if are going to have a loan, if so, how much money are you borrowing from the bank? In Spain and generally speaking to be able to access a house mortgage you can be resident or non-resident, must have 20% of the total value of the property. For example if the apartment you want to buy costs 120,000 euros, you should have saved at least 25,000 euros for a bank to consider you as a good candidate for loan, in addition they will value your annual income also. There are many factors that affects the amount of money you can count with as the costs from receiving these service, in Spain the interest you pay to a bank are the T.I.N and T.A.E of the loan, but the aspect of getting a mortgage is something that we will discuss in more depth since there is a lot more to know.
- The search begins. The first tool most people grab today at first is: internet. There are many pages and real estate apps offering a large amount of properties for sale such as; Idealista, Fotocasa, Kyero or Wallapop… to mention a few. You can also take a walk around looking for "Se Vende" or “For Sale" sign on the are you are interested in, though we have realised that more and more owners decide not to advertise on their property that they selling it, for safety reason, especially holiday homes or when is for sale with different real estate agencies with no exclusivity. In any case walking around the area at different times of the day is on the “to do list" anyway. The most effective searcher that best responds to your needs and that will also guide you, is a real estate agency, people understand people and they make the most accurate and effective searches because they know your the properties very well, are in day to day contact with the real estate market and have the best offer for second-hand and newly built homes . Our advice is: go to several real estate agencies in the area you want to buy the house or apartment and explain exactly what you are looking for.
The important thing in this step is to use all the search tools because you never know where or how you will find the house of your dreams.
- The visits. Objects needed to get the most out of the visits: mobile, notebook and pen. The advice we give to our clients is: take a picture of the presentation sheet of the house and then, ask if it is possible to take pictures of the house, otherwise take the reference of the property. During the visit time while the homeowner or agent shows and describes the property, write down any doubts and make a list of the positive and negative points of the house, for example;
- + In good condition, very large south terrace, renovated bathroom, near a supermarket, two living rooms.
- - Without central heating, there is no toilet in on the first floor, cost for repairing ceiling and wall of the garage?
- Also note the annual community costs if any and the IBI (Real Estate Tax).
- If you are buying a new home, request and pay attention to the quality report and compare. And ask about housing guarantees.
House visit, house visit, house…..After more than twenty visits to the two-bedroom apartments, two bathrooms with large terrace of your interest there is one that meets all the criteria. And new questions arise, Does it fit my budget? Will it be free of charges? What is the real value and the total cost? You have to negotiate. What about the contract, paperwork and legal requirements? Guide to be continued