9 Tips for buying your first home

Buying a home is one of the most exciting and significant steps you will ever take in your life. However, it can also be overwhelming and stressful, especially if it’s your first time. That’s why, in this article, we’ll give you some useful tips to help you buy your first home without any problems.

Define your needs and budget

The first thing to do is to define your needs and budget. What type of house do you need? How many bedrooms? What area would you like to live in? How much are you willing to spend? Answering these questions will help you focus your search and make sure you are looking in the right direction.

Location

Location is one of the most important factors for a home. Choosing the right location for your home is essential for the existence of services around it, schools, health centres, public transport… Studying these details carefully will make the house you choose much more comfortable and also a better investment. All Homes are located in privileged locations, such as “El Rincón de Gaudí”, a completely renovated and furnished home in the heart of Barcelona.

Research the market

Once you have defined your needs and budget, it is important to research the market. Find out the prices of properties in the area you are interested in and how they have been trending in recent years. It is also advisable to find out about the different types of properties that exist and their characteristics.

Find a suitable mortgage

Buying a home is a significant investment, so you are likely to need a mortgage to finance it. It is important that you research and compare the different mortgage options available to make sure you are getting the best deal possible, especially with the latest rises in the Euribor which is taking off after many years at historic lows and the latest rate rises.

You will have to choose between a fixed or variable rate mortgage (with the monthly payment for the former being the same throughout the life of the loan and the latter adjustable according to market conditions).

Get to know the taxes

There are several taxes that may be levied on the sale of a property, you will have to pay the costs associated with the deed and registration of the sale and purchase, and

the costs associated with the formalisation of the mortgage. VAT, AJD, IBI, ITP… We advise you to be well informed about them to avoid last minute surprises or misunderstandings.

Economical mattress

You should take into account the savings necessary to be able to apply for a mortgage and buy a house. These savings must be at least 20% of the price of the property, a part that is not usually covered by the mortgage loan. It is also necessary to think about management costs, notary, deed…

Compare home insurance

Another important expense to consider when buying your first home is home insurance. Be sure to compare the home insurance options available so you know you’re getting the best deal.

Review the purchase contract

Before signing the purchase contract, it is important that you review it carefully. Make sure that all important details have been included, such as the purchase price, closing date, and any conditions that must be met before the sale. We recommend that you have a lawyer review the contract before you sign it to make sure you are legally protected.

Prepare for the closing of buying your first home

Once you have signed the purchase contract, prepare for closing. The closing is the last step in the home buying process and is when the funds are transferred and the sale is completed. Make sure you have all the necessary documents in order for the closing. As well as reviewing the contract, it is also advisable to have an attorney present at the closing to ensure that everything is being handled correctly.

Buying your first home is an exciting and meaningful experience. With these tips, you can make sure you are making the right decisions and getting the best deal possible. Remember that having the help of a real estate agent and a lawyer can make all the difference in the home buying process. Most importantly, take your time and make sure that the property you choose is right for you and your needs, as buying your first home is key to your future.