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Property Buyer’s Guide (1)

Notice: Rimontgó recommend specialist advice, not only in legal and juridical aspects, but also fiscal and other areas related to the real estate sector. To that effect, our clients may get in contact with us if they want to ask for our database of professionals who can offer them personal care.

Property buying guide – Initial advice

In this house buying guide you’ll find tips and advice on buying a house. Specially to buy a house in Spain. Also information on moving house, packing, relocation… and home mortgage advice. A mortgage is often the best means to purchase a house in Spain and Rimontgo can offer tips and advice on mortgages for Spanish homes as well as the best mortgage rates and the best mortgage deals.

Our aim is to provide answers to all your questions on buying a house. We hope that this guide, courtesy of Rimontgo, the leading real estate agent in Costa Blanca (Javea, Denia), Alicante and Valencia gives you all the needed initial and basic information and help buying a house specially if you plan on moving to Spain.

As to where to look for when buying a house, our answer is clear: Just get in touch with us! If you have further questions to ask when buying a house, once again just contact us. We’re the right company when it comes to looking for where to buy a house.

Are you thinking of buying a house?

All about purchasing. Buying a house checklist.

Is this the first time you are going to buy a house? Useful advice. Questions relative to the expenses.

Buying your first house is an important decision. In many cases, the payment of a mortgage, taxes and other expenses of the transaction can require a monthly payment equal and even greater than the value of a monthly rent. But most important is that you are increasing your patrimony with each payment.

Often, the greatest obstacle for a first-time buyer is the availability of cash to make the initial payment and the additional expenses of the operation.

The best way to initiate the process is to go to a reputable bank and be informed as to the possibilities and conditions required to obtain financing, taking into consideration each personal situation and the maximum amount awarded considering the capacity of repayment. (Rimontgó can advise as to the maximum price or mortgage possible, so long as there is no inconvenience in sharing information of income and level of debt). This maximum amount of loan, along with money saved will determine the range of prices in which you are able to aspire. The search can then begin analysing the prices of houses of the area in which you would like to buy, remembering that the location can be as important as the property itself.

As a first- time buyer, the help of a real estate professional can be decisive, you must be able to trust in him/her to represent you in all transactions to reinforce you where your best interests lay. Your real estate adviser at Rimontgó can help you evaluate the advantages and disadvantages of buying certain types of properties: (semi- detached, linked, apartments…) and which of the several types of property adjusts better to your necessities. Whether it is better to buy a second- hand property or a property of new construction, and what type of information or guarantees would have to obtained in each situation. When making a counteroffer, how much below the sale price can be offered, and how the price compares with other similar buildings on the market? Are the conditions and other costs being negotiated (for example, guarantee of the house) aside from the price? What should be done if the property needs to be renovated? Are there any factors relating to the property or building that can be an obstacle at the time of selling your house? What are the inherent costs of the transaction? In all aspects which could be considered an emotional decision, the advice of a real estate professional helps making an intelligent decision

When looking for a mortgage, take in consideration the total costs, not solely to the interest rate. A low interest rate could be offered but a high cost for opening the mortgage account could be applied. Previously, make sure that you understand all the small print and identify any hidden costs or penalties in anticipated payments. Study different mortgage products, and see which adjusts better to your necessities of financing. A good agent can give excellent financial advice. Rimontgó offers free help in the search of financial packages, obtaining most of the times better conditions than those than obtainable at individual level.

Once you have chosen an area and visited several properties, a counteroffer can be contemplated, although the price may exceed the predicted budget. In this case, it is recommendable to resort to the negotiating aid of your real estate adviser at Rimontgó and to channel the counteroffer through the real estate agency. If finally an agreement is reached with the seller, normally a deposit is paid and a contract signed in which a date for the formal transaction and public registry is fixed. (Sometimes the stipulated date takes into consideration the date the seller buys another property and moves). During this period, contact is made with chosen bank so that it can send a person to value the property. The purpose of this valuation is to determine the maximum amount loaned for the mortgage.

Nonetheless, by providing certain guarantees for example personal guarantors or ‘official protection properties’ in which there is a stipulated selling price and mortgage limit, etc. In all these cases Rimontgó can advise you in finding the best and most suitable solution to fit your necessities.

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If you are interested in buying a property, please remember you can request property brochures from Rimontgó.