REAL ESTATE – MARBELLA – What factors are most valued when buying a home?

What factors are most valued when buying a home?

Before acquiring a house, it is advisable to analyze in detail different elements that are decisive for this operation to be carried out successfully.

Buying a home is one of the most important economic operations carried out by a person throughout his life. Therefore, finding the one that best suits your needs requires patience and analysis. Although there is no exact formula, many experts say that the process of buying a house, from the beginning of the search until the sale is signed, usually lasts between three and six months. At this time, it is advisable for the buyer to carefully study all the factors that influence when deciding which home to acquire:

The type of housing

A flat in a big city is not the same as a semi-detached house on the outskirts, nor is it the same to choose between having a terrace and a garden or opting for larger interior spaces. These and other factors, such as whether it is a new-build home or a second-hand one, influence the price of the property. In the long term, in addition, all this will be very important to know if it will be easy to sell the house in the case of wanting to do so in the future.

The localization

The location of a home also has a very important impact both on the price of the property and, once you live there, on the quality of life of its inhabitants. Living in the center or on the outskirts, having a good communications network, or having services nearby such as schools or supermarkets are key elements to decide if it is the right home according to the needs of the buyer.

The legal situation

Before deciding to buy a home, make sure that the deeds are clear and that the property is duly registered. Any irregularity can lead to serious problems in the future that should be prevented. In this sense, it is necessary to corroborate that the property has no debts, for example, in the payment of the tax on real estate (IBI) or with the community of owners, for which the simple note can be requested in the Property Registry . It is also advisable to check that, at all times, you are dealing with the owner or with a legal representative accredited for the sale.

Energy efficiency

Any home that is for sale must have an accredited energy efficiency certificate that the buyer has the right to demand. In this line, it is important to take into account the orientation of the property, since, in the long term, it will mean a significant economic difference in electricity or heating costs.

The seller

The house you intend to buy can be sold through an agency, a developer or directly through the owner. Depending on who it is, it will have an influence both on the possibility of negotiating the final price and even on the mortgage that is obtained. 

It may interest you: How to negotiate the price of a home 

The attitude of the seller is also important to facilitate the visits that the buyer needs to make sure that it is the home he really wants and the state in which it is, in order to know if in the future you will need to carry out reforms and know the possible cost they will have.

The deposit contract

Signing a deposit contract is a guarantee for both the seller and the buyer of a home. The first practically guarantees the sale or, if not, an economic compensation in the event that the operation is not concluded; the second, achieves a margin of time to financially prepare the purchase or sale of your home as current property. Usually, this agreement involves the buyer paying 10% of the price of the property.

What economic aspects influence buying a home?

From an economic point of view, it is important that the buyer values ​​other types of issues, such as:

Economic solvency

Banks usually grant a maximum of 80% financing of the appraised value of the property. This means that the applicant for a mortgage must have around 35% of previous savings to be able to acquire the house. This percentage includes both the remaining 20% ​​of the home and between 10% and 15% that it is calculated that the expenses associated with the purchase will entail. In addition, to grant a mortgage loan, the banking entities calculate the client’s indebtedness capacity. The mortgage payment must not exceed 30% of the future owner’s monthly income.

Associated expenses

In addition to the price, other expenses associated with the purchase of the home must be taken into account, which make the final amount more expensive. Directly related to the mortgage are the appraisal, the loan opening commission (which does not usually exceed 1.5% of the total amount. However, when contracting a mortgage, some entities do not charge the aforementioned opening commission, such as Bank Sabadell.

There is also another series of expenses, such as those of the agency (legal registration of the change of owner of the property), those of the Property Registry of the deed of sale and the so-called simple note, and those of the notary, which are usually around 0.5% of the total value of the home.

In addition to taking all these factors into account, having the professional advice of a trusted expert such as that of the bank will be key since they will be able to advise when buying a home according to the particular economic situation and answer any questions that may arise. throughout the process.

Do you want an expert to advise you on what interests you most without any commitment? Let yourself be advised here.

 

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