10 key points to consider before buying a home.
October 20, 2022
Buying a flat or a house is part of an important life moment, and it is surely one of the biggest investments that a person makes throughout his life. How doubts appear in all crucial decisions; That is why seeking advice and feeling accompanied by qualified professionals is essential, since there are many factors to take into account before making the final decision.
In today’s post we propose a list of points to assess before buying a home and that can help you decide.
Its location is one of the most relevant factors. Depending on the needs of each one, one area or another will be prioritized. For example, a family may be more interested in being close to a school, supermarkets and health centers, and, on the other hand, a young couple may be more interested in finding places of leisure around them.
It is necessary to assess the price and have studied the house, the area and the environment. It is important to have notions of the real estate market at the time of the investigation, since the prices of houses with the same characteristics are usually similar in the same area. Here you will have a first filter of which areas are the homes that fit your needs.
Knowing the minimum value of the home, each autonomous community sets a minimum value at which a property can be sold and thus avoid fraud of writing at a value lower than the real one in order to pay less taxes.
The conditions of the mortgage. When requesting the mortgage loan, one of the two interests will be chosen: at a fixed rate, the same monthly installment is paid throughout the loan or, at a variable rate, the payment is adjusted to market conditions. You can even calculate your future mortgage payment with simulators like this one: Mortgage simulator
The savings needed to buy a home must be at least 20% of the price of the property. These do not cover the mortgage loan. In addition, it is necessary to take into account an extra to cover the management costs.
Expenses associated with the sale. They represent an increase in the base price. Knowing and learning about them will help to make a preliminary calculation. The cost of the real estate agency that manages the operation must be taken into account, the cost of the public deed of the sale at the notary’s office, the cost of registration in the Land Registry, the associated taxes (VAT or Property Transfer Tax depending on whether it is a new or second-hand home, etc.) and the costs of the agency.
The installation and classification of household supplies is a value point to take into account, since an efficient installation minimizes energy demand and, therefore, it will be possible to reduce the energy bill each month.
Know the loads of the house. It should always be verified that the home is free of charges (mortgage loan, liens, etc.). This can be verified by requesting a simple note, of an informative nature, or the certification in the Land Registry in which the the description of the dwelling and the associated charges if there is, in this case, the certificate if it has the character of a public document and is under the protection of the courts if necessary.
Technical inspection of buildings. Buildings over fifty years old must pass it every ten years. This control will give you information about the state of conservation of the building, the degree of accessibility and the energy certification.
Community of owners. It is important to find out if any work is planned in the building in the future and what the cost of the spill will be per neighbor, in order to have a forecast of expenses.
These questions are basic as a first step of valuation before buying a property. However, having good professionals ensures that the process is clearer and safer.
At Espígul we have a highly qualified staff with extensive experience in the real estate sector that will accompany you throughout the process.