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 that a person carries out 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 acquiring 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 buy:
- The type of housing
An apartment 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 if you want to do it in the future.
- The localization
The location of a home also has a very important impact on both the price of the property and, once you reside 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 in deciding whether it is the right home according to the buyer’s needs.
- The legal situation
Before deciding to buy a home, you have to make sure that the deeds are clear and that the property is properly registered. Any irregularity can lead to serious problems in the future that should be prevented. In this sense, it must be confirmed that the property does not have debts, for example, in the payment of the real estate tax (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 an accredited legal representative for the sale.
- Energy efficiency
Any home that is for sale must have an accredited energy efficiency certificate that the buyer is entitled to demand. Along these lines, it is important to take into account the orientation of the property, since, in the long term, it will make a significant economic difference in electricity or heating costs.
- The seller
The house to be bought can be sold through an agency, a promoter 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 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 located, in order to know if in the future he will need to carry out reforms and know the possible cost.
- The deposit contract
Signing a deposit contract is a guarantee for both the seller and the buyer of a home. The first one 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 in current ownership. 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 for the buyer to assess other types of issues, such as:
- Economic solvency
Banks usually grant a maximum of 80% financing on 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%, which is calculated to be the expenses associated with the purchase. In addition, to grant a mortgage loan, banks calculate the borrowing capacity of the client. The mortgage payment must not exceed 30% of the future owner’s monthly income.
- The associated expenses
In addition to the price, you have to take into account other expenses associated with the purchase of the home that 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, although there are entities such as Banco Sabadell that can be flexible with this commission), the possibility of contract linked products that can be used to reduce the interest rate of the mortgage, and the cancellation costs. 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, that are usually around 0.5% of the total value of the home.
In addition to taking into account all these factors, 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.
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Marbella WOHNEN Immobilien