The probable answer is yes, because covid-19 is still a risk in Spain. The Spanish Government has strong sanitation systems in place to minimise the risk in public places, hotels and on public transport. Visitors should follow the official travel advice and take sufficient PPE supplies for the trip. Walker Property Spain viewings are strictly within the published guidelines for meetings, travel and domestic visitations.
Many of your questions should focus on potential problems and maintenance issues. Does anything need to be replaced? What things require ongoing maintenance (e.g., paint, roof, HVAC, appliances, carpet)? Also ask about the house and neighbourhood, focusing on quality of life issues. Be sure the seller’s or real estate agent’s answers are clear and complete. Ask questions until you understand all of the information they’ve given. Making a list of questions ahead of time will help you organise and arrange all of the information you receive.
There isn’t a set number of houses you should see before you decide. The internet and Google streetview provides excellent overviews of areas, streets – check the nearest scchool, restaurant, hosspital etc. When viewing in Spain, inspect as many as it takes to find the one you want. On average, homebuyers see 10 houses before choosing one. Just be sure to communicate often with your real estate agent about everything you’re looking for – even as this evolves during the viewing process. It will help avoid wasting your time, as will having a carefully compiled intinerary.
You can find out by asking yourself some questions:
- Do I have a steady source of income (usually a job)?
- Have I been employed on a regular basis for the last 2-3 years?
- Is my current income reliable?
- Do I have a good record of paying my bills?
- How is my current Experian record?
- Do I have money saved for a down payment?
- Do I have few outstanding debts, like car payments?
- Do I have enough to pay a mortgage every month, plus additional costs?
If you can answer “yes” to these questions, you are probably ready to buy your own home and should get each person going on the deeds Purchase Ready as soon as possible
Yes, and it’s getting more difficult to get them as there are fewer issuing offices and long waits can put that chosen property in jeopordy, especially if you are buying a bank-owned property. The sooner you get a NIE for each name on the deeds. the better your chance of securing your property of choice.
Ask the Walker Property Spain Purchase Ready service for the latest official NIE ex15 and get started right away with detailed stage by stage help to smooth the way.
Earnest money is money put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price (though the amount can vary with local customs and conditions). If your offer is accepted, the earnest money becomes part of your down payment or closing costs. If the offer is rejected, your money is returned to you. If you back out of a deal, you may forfeit the entire amount.
Listen to your real estate agent’s advice, but follow your own instincts on deciding a fair price. Calculating your offer should involve several factors: what homes sell for in the area, the home’s condition, how long it’s been on the market, financing terms, and the seller’s situation. By the time you’re ready to make an offer, you should have a good idea of what the home is worth and what you can afford. And, be prepared for give-and-take negotiation, which is very common when buying a home. The buyer and seller may often go back and forth until they can agree on a price.
Your real estate agent will assist you in making an offer, which will include the following information:
Remember that a sale commitment depends on negotiating a satisfactory contract with the seller, not just making an offer.
It’s not essential, but it is a good idea for property in Spain buyers to gain first-hand help and advice. The home inspector will answer questions about the report and any problem areas. The inspector can provide an objective opinion on the prospective home. Ask general and maintenance questions. Help and advice for property in Spain buyers
An inspector checks the safety of your potential new home. Home inspectors focus especially on the structure, construction, and mechanical systems of the house and will make you aware of only repairs that are needed.
The inspector does not evaluate whether or not you’re getting good value for your money. Generally, an inspector checks (and gives prices for repairs on): the electrical system, plumbing and waste disposal, the water heater, insulation and ventilation, the HVAC system, water source and quality, the potential presence of pests, the foundation, doors, windows, ceilings, walls, floors, and roof.
Be sure to hire a home inspector that is qualified and experienced and discuss his findings with your Spanish solicitor.
It’s a good idea to have an inspection before you sign a written offer since, once the deal is closed, you’ve bought the house “as is.” Or, you may want to include an inspection clause in the offer when negotiating for a home. An inspection clause gives you an “out” on buying the house if serious problems are found or gives you the ability to renegotiate the purchase price if repairs are needed. An inspection clause can also specify that the seller must fix the problem(s) before you purchase the house.
In addition to comparing the home to your minimum requirement and wish lists, you may want to consider the following:
Take your time and think carefully about each house you see. Ask your real estate agent to point out the pros and cons of each home from a professional standpoint.
The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. The lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.
The two don’t really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.
Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that’s an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.
You can find out by asking yourself some questions:
If you can answer “yes” to these questions, you are probably ready to buy your own home.