Guide to buying your first home

1. Be clear about your budget

Know what capital you have and how you want to invest it. This first step will help you to know what monthly mortgage you can afford and many other expenses involved in buying a home. 

2. Search and find out

You have to decide what type of property you want and in what area. It is not the same to buy in a city or in a town, or a new or second-hand flat. That is why it is very important to find out about the possibilities and types of housing available in the area where you want to live. For example, if you are looking for a 3-bedroom flat in Barcelona, you may need a very high budget and therefore have to move to the outskirts of the city. 

Being clear about your needs regarding the house: number of rooms, location, if you are willing to make renovations… is a very important first step. 

3. A house is not just a mortgage

It is time to do all the paperwork involved in the purchase of a property. The mortgage is only one of the many formalities that have to be done. For this reason, it is advisable to look for a professional you can trust to take care of the whole process and help you make the best decision,

At Espígul Real Estate, we have a great team of professionals who will help you throughout the whole process:

• Real estate advisors: from the very first moment we assign you a personal advisor who will guide you through the process of buying your property and who will work exclusively for you, so that you can enjoy your time and not have to worry about anything.
• Management and consultancy: we offer professional services in accounting and finance that will help you in all the necessary steps when it comes to making a purchase. From the processing of mortgages to the paperwork at the Land Registry. All this following our philosophy that you don’t have to worry about swimming and you can enjoy what is really important.

4. Choose the best mortgage for you:

The first thing you need to know is what possibilities there are to be able to decide what best suits your needs:

• Fixed mortgage: the instalments are stable and are not affected by the rise or fall of the Euribor, which is the main reference index for mortgages. In other words, you will pay the same amount throughout the mortgage period. 
• Variable mortgage: in this type of mortgage, the instalment rate varies according to the interest rate that corresponds to the Euribor. If this is low, the instalments will also be low, but if it rises, the instalments will be higher.
• Mixed mortgage: when the interest rate remains fixed for the first few years of the loan and then becomes a variable rate where the instalments can follow the evolution of the Euribor. 

There is no one mortgage that is better than another, you simply have to assess your situation in order to choose one type of mortgage or another.

If you want to know more about which type of mortgage is best for you, don’t miss this post!

5. Read very well before signing

Last point but one of the most important. Once you have signed the contract of sale of a property, you become the owner and from this moment on, you are the owner with all the rights and obligations that this entails. 

At Espígul Real Estate we like to accompany you throughout the whole process of buying your property, from the first doubts until you get the keys you are waiting for! Do not hesitate to contact us at hola@espigul.com or you can call us on 972 220 110.