Acquiring real estate represents one of the most important decisions in people’s lives, whether as a place of residence, investment, or second home. Before taking this step, it is crucial to take certain precautions to ensure that the purchase is successful. Here we share a series of tips that could be very useful for those interested in acquiring a property.
The first step is to clearly define the needs and budget. It is essential to have a clear idea of the type of property you want to buy, whether it’s an apartment, a house, or land, and establish priorities regarding location, number of bedrooms, nearby services, and transportation. As for the budget, it is vital to analyze income, savings, and borrowing capacity, including additional expenses such as taxes, notary fees, registration, and possible mortgage costs. A good tip is to avoid mortgage payments exceeding 30-35% of monthly income.
Having professional advice is one of the smartest decisions when considering the purchase of real estate. A real estate agency can help locate properties in the desired area and negotiate a better price with the seller, also facilitating all documentary procedures. This not only saves time but also minimizes concerns during the process.
It is crucial to carry out a correct valuation of the property. This step allows you to know the real value of the property and ensure that the asking price corresponds to the current market value. Banks often require a professional valuation when granting a mortgage. Tools like RealAdvisor, which uses artificial intelligence and market data, offer precise valuations, comparisons, and trends that help make informed decisions.
Another vital aspect is verifying the legal situation of the property. It is necessary to ensure that the property is free of charges and legal problems by obtaining a simple note from the Property Registry. This way, mortgages, foreclosures, or other impediments can be identified.
Inspecting the condition of the property is equally important, especially in second-hand homes. It is crucial to check the structure, plumbing, electricity, thermal and acoustic insulation, as well as identifying any visible defects. In case of doubts, hiring a professional for a technical inspection is a good option. For new constructions, it is important to verify that the builder complies with legal guarantees and evaluate the quality of materials and finishes.
Finally, it is essential to evaluate all expenses associated with the price of the property, including notary fees, registration, valuation, management, taxes or VAT (for new construction), insurance, and community expenses. Having a clear idea of these expenses helps in planning the budget realistically.
In conclusion, when buying real estate, it is advisable not to settle for the first option that comes along. Searching and comparing different alternatives, along with the use of tools that facilitate the process, will prevent unpleasant surprises and ensure a successful purchase.
Source: Portico.es in Spanish