Home Buyer's Guide
This are the steps to follow when buying a home.
Nowadays, with the information age, being well informed is a prerequisite to avoid wasting time and spend less money on such an important step in life as buying a home. Online tools make the task easier in part and real estate consultants help manage the process, but there are issues that the buyer must decide and do for himself. For this reason, at Finques Zaragoza we have taken the liberty of making a Guide for the seller of a property, and in this case, a Guide for the buyer. With this guide we show you the way and the steps that you must carry out to obtain your objective: to buy a house with all the guarantees.
Either you buy directly from a private party or you do it through a real estate agency such as Finques Zaragoza, this document is useful for both.
Steps to follow to buy a property:
1. Budget available
Buying a home requires a significant financial investment, so it is highly recommended to study your budget before you go looking for your future home. Short and long-term family planning, the level of purchasing and save money capacity, the expenses caused by the home buying, the purchase of furniture and/or possible renovations the house needs are details that you should count on.
At Finques Zaragoza we study each specific case, we inform you of all the expenses that you will have when purchasing and according to the budget that you have and we offer you the properties that better adapt to your requirements, this way you won’t lose time seeking properties that don’t comply your standards and can end up discouraging you while the process.
2. In search and capture of your ideal home
Once you have studied the family economic situation, you should start looking the sale market and adapt your search to the available offer. In general terms, the search criteria will be by areas, for example Deltebre, Riumar, l'Ampolla, the square meters and the number of bedrooms. You should also be decided on the house condition: new, second hand or to be renovated. And finally, if you want a garden, terrace, garage, furnished or not. All these must be always within the range of your budget.
At Finques Zaragoza we know very well the Ebro Delta area and we can offer you a property that meets your expectations. In addition, we manage the search with a CRM (Customer Relationship Management) a the most powerful database tool of search in case we don’t have a suitable property for you in our portfolio.
3. Anticipate possible legal problems
Once you have chosen the property that suits what you are looking for, you will enter into a process of negotiating the conditions of sale and the final price that you will have to deal with the real estate agent or the owner of the property. To do this, you must take into account the state of the house, the sale price related to the market price, possible defects or virtues of the house, you must have in hand the registry, urban, state of charges and cadaster information as well as the certificate of habitability and Certificate of Energy Efficiency.
At Finques Zaragoza, we will inform you from the beginning about all the legal issues of each property, since we always study the legal, urban and cadastral situation of the properties we sell. We always provide the documentation required to study the viability of the operation.
4. Financing for buying a home
If you don’t have the entire purchase price (the sale price of the property plus the costs of the operation), you must apply for a loan from a financial institution. This, depending on your work situation, savings, debts and/or other loans you have, will study your economic capacity. At this time, you must provide the documentation of the property as it must assess the property and grant you the corresponding amount. The result of all this will be a monthly payment that you will have to pay to the bank in a maximum period of time and at a fixed or variable interest rate.
At Finques Zaragoza, we work with several financial institutions so that they can study your specific case according to your socioeconomic situation. Obtaining a low interest rate is not the only thing important, you must also take into account the insurance policies that some companies require, and whether or not they charge an opening fee. A mortgage without an opening fee or compulsory insurance can be cheaper than one with a lower interest rate.
5. Down-payment agreement
As soon as you have closed the negotiation with the property, you must formalize the agreement with a legal contract. This can be a sale and purchase, a confirmation deposit, a penalty deposit, a purchase option, or others.
At Finques Zaragoza we have the knowledge to formalize the best contract option and close the negotiation of the purchase of the property. When the contract is formalized, the details of the seller and buyer, the title, the price, the description of the property, the method of payment, a deadline for formalizing the public deed, and other agreements such as payment of the current year's TAX, the furniture to be left in the house, etc. must always appear.
6. Documentation you must request from the property
In order to formalize the deed, you must request the original deed of the property and the Nota Simple from the Registrar of the Property, ID’s of the owners, last receipt of the TAX, Communal Areas Certificate according payments, Certificate of Habitability, Certificate of Energy Efficiency, Certificate of the possible mortgage charges in case there were any and certificate of other charges such as embargoes, entities or from the public administration. Finally, the water, electricity, gas and internet bills to make the changes of ownership.
At Finques Zaragoza we gather all the necessary documentation for the properties we sell and we anticipate any problems that may arise, so that on the day of the public deed of sale, you can take possession of it instantly, and acquire it free of charges and encumbrances. We take care of making the changes of ownership of all taxes and supplies, and informing the community of owners of the new owner.
7. Taxes caused by the sale in Catalonia
Whether you buy new or used property, the taxes to be paid will be different in each Autonomous Community. In case of purchasing a new propertie, the tax to be paid will be the Value Added Tax (VAT) of 10%, and the Stamp Duty (AJD in spanish), of 1.5%. In the case of a second hand purchase, the tax to be paid will be the Property Transfer Tax (ITP) of 10%. The other expenses are the Notary's office and the Property Registry.
There are a series of tax reductions for people under 33 (depending on their income level), who buy their first residence and also people with a physical or mental disability with percentages above 33%.
At Finques Zaragoza we provide you with all the information about the expenses that the purchase and sale will cause. Of course, we inform you in case you can benefit from some kind of tax reduction.
8. Financing costs
Since June of last year, the expenses and taxes derived from the financing, are assumed by the banks. Take into account the possible opening fee and/or the insurance, credit card, pension plan to which the entity obliges you.
9. Enjoy your new home!
At Finques Zaragoza we hope that, with this simple Guide for the buyer of a property, we have been able to help you whether you are buying directly from a private party or with the help of real estate agency, and in this way you have been able to anticipate possible problems, so that you can reach a safe harbour and enjoy your new home.
For more information, you can contact us through any of our media:
inmobiliaria-deltadelebro.com
977481062 – 649392272
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