BY UE STUDIO
Thursday, 10June2021-13: 28
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We want to make buying your home easier and, therefore, we have prepared this guide that will help you clear up your doubts and make the decision that best suits your life and your needs.
Go!
KEY 1 - Decide how I want my ideal home to be
There are many housing options that exist.
Asking yourself a few simple questions can help you decide what type of home you need and which one best suits your circumstances:
In which areas would I like to find my new home?
How much space do I need?
What is my budget?
Do I buy it new or second hand?
Am I willing to make reforms?
Do I need a garage and / or storage room?
Do I have a family or do I want to have in the near future?
Will it be my definitive home?
If you have answered all of them, congratulations!
You are ready to find your new home.
key 2 - Know how I can afford the payment and what I need for it
Housing is probably the biggest outlay of our life.
Usually you need to apply for a loan to be able to pay it, specifically a mortgage loan, which allows you a longer repayment period and better conditions than a personal loan.
To do this, the ability you have to face the payment will be evaluated according to your personal and financial situation.
Conditions and characteristics of the operation will also be established, so that you can return the financing without problems.
What amount can you request?
To know the amount that you can be granted, three things are taken into account:
Your ability to pay: To calculate your ability to pay, your net income and other financing that you have granted will be taken into account, in addition to your ability to generate resources, your marital status, your age, your profession or the type of employment contract you have. .
The fee to pay should not exceed 35% of your income.
The appraised value of the home.
It is a value that will allow you to know up to what amount of financing they can grant you.
The percentage of financing requested.
The financing percentage is the quotient between the amount you have requested and the appraised value.
Banks generally do not grant home purchase loans with a financing percentage of more than 80% of the appraised value.
However, the amount of the loan may depend on other factors (first or second residence, guarantees ...).
In addition, it must be considered that the sale is associated with additional costs in terms of taxes, notary, registration and agency that are borne by the buyer.
Your bank will advise you on the best options, evaluating these and other premises.
KEY 3 - What should I not overlook before buying my home?
The choice of a house is usually a very thoughtful decision but, in addition to taking into account your tastes and needs, it
is necessary to carry out some checks
to avoid later surprises.
Check the Property Registry
: You will be able to see if the house is registered in the name of the seller and if it is free of charges.
If the house is not in the name of the seller or if it has registration charges that have to be canceled, it will be necessary to carry out procedures prior to the purchase of the house that entail expenses that the seller should pay.
Verify that there are no leases
: They are not always registered in the property registry, so you have to confirm with the seller that the property is not rented.
Consult the Real Estate Cadastre
: It is advisable to obtain a descriptive cadastral certification of the home at the Cadastre office or through the Electronic Office of the Cadastre.
Check the payment of the Real Estate Tax
: Before buying, you should check with the City Council that there is no pending payment receipt from previous years.
If they exist and, in case the sellers do not pay them, the usual thing is to agree that they are discounted from the purchase price.
Check with the administrator if there are pending fees from the community of owners
: Because, if they exist, the home is responsible for those amounts owed for the current year and the previous three.
Other checks
: The seller has to provide you with the Energy Efficiency certificate.
In addition, it is also convenient to consult the certificate of occupancy or the first occupation license.
KEY 4 - Understand how mortgages work and choose the one that suits me best
Your bank will analyze your particular economic situation, as well as the situation of the property you want to buy.
In this way, they will be able to present you with the best financing alternative that suits both your financial situation and the characteristics of the home you are going to acquire.
Once the decision has been made and with the documentation provided, they will be in charge of analyzing the specific operation and delivering you a binding offer with all the characteristics and specific economic conditions of your mortgage:
The APR: The Annual Equivalent Rate helps you to compare different loans, with different conditions of interest rate, commissions, expenses, terms and form of repayment.
The maximum amount of the loan and its duration.
The conditions, which if met, will allow the interest rate to be reduced or discounted, that is, what you will have to do for the loan to be discounted.
The conditions required for the possibility of early repayment and its costs.
The monthly installments that will result.
Interest rates, fixed or variable?
One of the most frequent doubts is whether the mortgage is better to have a fixed or variable rate.
The fixed interest
provides a smooth journey through the changes that the market may undergo, which can be very interesting to avoid uncertainties in operations such as mortgages, which are long-term.
Variable rate mortgages
are those with an interest rate that varies periodically (every six months or every year) from the date the loan is signed.
The choice will depend not only on your personal circumstances, but it also depends a lot on the expectation of the evolution of the rates.
What financing can I request?
You can ask for up to 80% of the appraised value of the home, as long as the total debts you are going to incur do not exceed 30-35% of your income.
What expenses will a mortgage entail?
The assumption of the associated expenses that the constitution of a mortgage entails are distributed in: agency, registry, appraisal, Tax of Documented Legal Acts (AJD) and notary's office.
The distribution of expenses is regulated by law and is distributed between the borrower and the lender.
According to the regulations, the borrower (client) pays the appraisal and the lender (entity): registry, agency, AJD and notary's office.
KEY 5 - Carry out the following procedures
Will I know how to do all the paperwork to buy my house?
You do not have to worry, your bank will facilitate the process and the necessary procedures.
He will prepare the signing of deeds before a notary public, both for the sale of the house, and for the constitution of the mortgage in the same act, in the terms that have been agreed with the seller and Ibercaja.
It will facilitate the payment of the house in the agreed terms.
And in addition, with the collaboration of trusted managers, we take care of the necessary subsequent procedures: register in the Property Registry both the change of ownership and the mortgage and ensure that the necessary taxes are paid.
We take care of the expenses derived from the mortgage loan (except for the appraisal expenses), while the expenses that originate from the sale of the home, will be borne by your account.
And of course, your bank will continue to accompany you in everything you need related to your new home, such as changing direct debits for basic bills or home insurance for your home.
KEY 6 - Should I insure my home?
Hiring home insurance is always recommended, since it provides coverage in case of having a problem at home or even causing it to a neighbor.
Thanks to him, you will avoid running costs.
This changes if there is a mortgage on the home.
Then, the law requires to insure the home, even to reflect in the policy the existence of the mortgage loan.
The apartment itself is a guarantee of the loan, so it is mandatory to preserve its value, avoiding exposure to risks that could devalue it.
In addition to the basic damage insurance that you have to take out, you should seriously consider the possibility of protecting your home from the risks to which it is exposed (theft, domestic accidents, damage to third parties, etc.).
MADE BY UE STUDIO
This text has been developed by UE Studio creative firm of branded content and content marketing of Unidad Editorial, paraIBERCAJA.
According to the criteria of The Trust Project
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