Steps to buy a house
Acquiring the first home
, or buying a house, buying a car or choosing your children's school are situations that we normally do not consider until the time comes to take the step. But, what happens when we have to face making these decisions
In many occasions we could feel lost in the absence of information
or on the contrary, overwhelmed by the volume of documents and data that must be collected and understood Having prior information is vitalto help you make the path to your future home as simple as possible.
Aware of the headaches that can cause to buy house and fruit of our experience, we have compiled the steps of the purchase process for you to know them.
Buying a house: What to do before starting your active search
Let's start by considering the fact that the perfect property does not exist.
Sometimes, even when building your property from scratch by yourselve, you could realize at the end of the work the details that would have been better in another way. For example, that the window should be a little more to the right to take better advantage of natural light, or that a certain room would be a few meters away for our comfort. Therefore it is advisable togo to a professional
who will help you by making a good grade of what we need. This is, above all,to distinguish your needs from your wishes.
Second, let's think about what we can really afford.
Your time is very valuable to be wasted seeing properties that you could not afford. In case you would buy in cash, the procedures and expenses necessary for the acquisition of the property are usually 8% over the purchase value
. While if a mortgage is necessary, it is advisable to ask at your bank for a pre-approval of the loan.
Look atthese tips
from the Real Estate Credit Unit, UCI, in their blog article. If you are going to request a mortgage loan, look at the new role of the notary according to the new law of real estate loans in this link.
Do you know whatsubsidies
you can get if you buy your own home for the first time? Do you know if you can access the purchase of an Official Protection Housing
What is the right time
to start visiting? Our agents are trained to detect when a client is ready
to begin the process. We know that it is not as easy as we are going to say, but it is not advisable to start visiting any property if you could not answer these three questions before: Do I know
what I want? Am I reallymotivated
to buy? Do I know what can I afford
? If you have answered affirmatively to these questions in your head, perfect! Because then, indeed, this is the time for the visits. Go for it!
If you have been well qualificated, a real estate professional will show you a maximum of three properties per day
. More than this amount could collapse
the buyer customer. As mentioned above, it would be very difficult to find the perfect property, the one that meets ALL your needs and desires. Therefore, you should be careful
with those agents who want to show you too many opportunities and in very different places. Probably is doing it because it has not qualified you very well and does not really understand what you're looking for
. And be patient. On average, a buyer visits ten homes before finding theirs, as reflected in this article
by Idealista. Did you know that a personal real estate shopper could help you? See our article
I like the property, what do I do?
We have met too many people who have regretted not reacting quickly
when they saw a property they liked. And we have also seen their disappointment when they found out they could not have it. This advice is also provided in the portal of Renovalia,in its article
on the subject. Therefore we allow ourselves to advise that, the moment we find the property that meets most of our desires
, but above all our needs
, we do not allow it to escape.
According to today's market, speed of reaction is everything but, beware! The security and transparency of transactions
should never be ignored. What will reflect a job well done is that the documentation is ok
Who signs for the selling party?
- Price:the price and the form of payment must be clearly determined. In the case of not being satisfied with the price of the property, you must propose a "firm offer". Do not allow a lower price than the real one or give amounts that are not documented. This is not in accordance with the provisions of the law and may harm you.
- State of housing charges: it is essential to check that the house is free of charges, if it has amortgage, if there are embargoes on it or if there is anylimitation in the statutes of the community of owners. For this reason, a simpleinformative noteof the house must be requested from the Property Registry, but above all, it must be interpreted well in order to understand this information.
- Arras: when the private contract is signed, a deposit amount is usually given as a down payment signal, this is part of the total final price, and links both parts. The most common are the penitential deposits, which allow to get rid of the contract before the signing of the deed. If the buyer cancels the agreement, he will lose the amount delivered, while if the seller does, he will have to return double the amount received.
When the seller is a company or a promoter, sign the administrator or the agent of the company. If it is a sale with natural persons, all the owners must sign, and if it is marital housing, both of them.
- Expenses of the sale: if the parties do not agree anything or if they indicate in the contract that it is "according to law", the legislation of the competent autonomous community will be applied. However, in the private document is usually agreed who assumes the expenses, including all paid by the buyer, except the capital gains that by law corresponds to the seller. If a promoter sells the property, it is forbidden for the buyer to assume expenses that by law must be paid by the seller.
- The public deed: The grantors of a sale declare before a notary their willingness to buy or sell and the conditions of the sale. The notary, a public official, gives faith and authenticity of these statements in the deed, so thatneither party can deny to the other what they have stated. The notary, among other things, legitimizes the following:
Check the identity, capacity and legitimacy of seller and buyer; exposes the state of fees on the house; confirms the payment of the community fees, requests proof of payment of the Real Property Tax (IBI); check the energy certificate, requires the retention of 3% of the entire sale for sellers who are not tax residents.
The after-sale phase
Among the steps to follow once signed the deed of sale when buying house is thepayment of taxes
and registration in theLand Registry
or change the owners
in the community of owners. Do not forget to put at your name the supplies that affect your new home. For those who need or prefer, usually real estate agencies like us work with advice that can help in this particular.