Experts agree that this is a good time to buy a home, whether to live or to invest. However, it is very important to bear in mind that prices have risen in the most important cities, including but not exceptional to Ibiza and Barcelona.
If you do not know very well what path to take and how to guarantee a successful investment, we’d like to give you five tips to help you prepare with selecting your new home.
Ensure your financial position
What is your budget? Even if you have fallen in love with a home, it is important that you know if you can afford the cost financially. If you have not made sure before this question, you will lose time and illusion. In any case, you must never lose sight of your initial objective and budget.
That is why it is vital that before hiring a mortgage, you ensure you have a thorough knowledge of the monthly expenses you will have and have your short and medium term income. It is also important to take into account your job stability, the possibility that they will increase or reduce your salary, the mortgage rate that will apply, and so on. Calculate your numbers and make sure you can pay your mortgage comfortably.
Keep it real
In addition to having a tight budget, it is highly recommended to be realistic about the characteristics of the house you are looking for, adjusting it to the price of the house and what you can pay for.
Take a look at other similar homes – that are nearby and are of the same type – to check what their characteristics and services are. If you see that these houses do not have a good water connection or that there are humidity problems, it is likely that the house in which you are interested does not have it either.
The technical inspection
It must be carried out by a professional. The technical inspection will help you determine the state of the house and all the elements of the property. Here we speak of technical systems, but also the general layout and the aesthetic-environmental conditions of it.
In this case, a Professional Housing Inspection (IPV certificate) must be contracted. If you buy a home, you must make sure that everything is in order and in perfect condition. If through this inspection it is determined that there is a defective element, you could ask for a discount or rebate.
What is the neighborhood like?
You may not have thought about it at first, but we can make sure it’s a vital issue. It is important to talk with the neighbors to know what the community is like. The value of the property can be reduced depending on the neighbors you have. In addition, and most importantly, the day to day can become a real ordeal if there are neighbors who do not stop generating discomfort.
It is important to take into account the value of the property, but we must not forget the purchase and sale expenses and the most common, which come after the move. Thus, the mortgage payments must be added the Property Tax (IBI), the housing insurance, the fees of the community of owners and the expenses that arise and that are related to the maintenance of the house.
In summary, the purchase of a home can be a complex process, for which we recommend you to take into account the advice provided by professionals. In this way we can make the process as transparent and comfortable as possible.
Before taking the important step to buy a home, it is necessary to take your time, investigate and not let anyone pressure you to buy a house that is not completely safe.
For further advice, don’t hesitate to contact us.