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Tips for buying your first home

Practical guide to take the step safely

Buying your first home is one of the most important decisions of your life. It is normal to feel doubts, nerves and
even a little overwhelmed with so much paperwork. But with the right information, the process is much simpler than you might think.
what it seems.

In this article we give you some basic advice so that you can approach the purchase with peace of mind and avoid mistakes
common.

1. Define your real budget

Before you start looking, you need to know how much you can spend. And we’re not just talking about the price of the apartment.

Please note:

• Input: Banks usually finance up to 80%, so you will need to have saved at least
  20% of the price
• Additional expenses: Notary, registration, administration and taxes add up to approximately 10-12%
  extra
• Monthly fee: The recommendation is that it does not exceed 30-35% of your income

Do the numbers before falling in love with an apartment you can’t afford.

2. Think medium-long term

A home is not like a car that you change every few years. Before you decide, ask yourself:

• Do I see myself living here in 5-10 years?
• Does the area have the services I need (schools, transportation, shops)?
• Will the size be enough if my family situation changes?

Buying in a hurry is usually expensive.

3. Visit the apartment several times

A single visit is not enough. We recommend:

• Visit at different times of the day (morning, afternoon, night)
• Look at natural light and noise
• Check the condition of windows, facilities and common areas
• Talk to neighbors if you have the opportunity

What seems perfect on a Saturday morning can be very different on a Tuesday at 8.

4. Find out about the community

Before signing, ask for information about:

• Monthly community fee
• If there are pending or planned spills
• State of community accounts
• Minutes of the last neighborhood meetings

A community with problems can become a headache.

5. Review all documentation

Make sure everything is in order:

• Simple note from the Registry: Confirm who the owner is and if there are charges
• Energy certificate: Mandatory to sell
• IBI and receipts: Check that they are up to date
• Certificate of habitability: Necessary to contract supplies

If you do not have experience with these documents, let yourself be advised by professionals.

6. Compare mortgages

Don’t stay with the bank’s first offer. Compare:

• Interest type (fixed, variable or mixed)
• Opening fees, early repayment, etc.
• Linked products (insurance, cards…)
• APR, which includes all costs

A small difference in interest can add up to thousands of euros over the years.

7. Don’t be afraid to negotiate

The price you see in the advertisement is not always the final price. Many sellers have room to negotiate,
especially if:

• The apartment has been on the market for some time
• They need to sell with some urgency
• You have detected defects or need for renovations

Of course, negotiate with respect and arguments, not with absurd proposals.

In summary

Buying your first home is a process that requires calm, information and a little patience. Don’t let yourself
carried by rush or pressure. Take your time to find the right floor and make sure you understand each
step of the process.

And if you have questions, ask. That’s what we are for.