In this guide, we want to help you take into account those factors that influence when making the decision to buy a house. 2018 seems a positive year to consolidate the real estate sector. In our day to day, we meet people who wonder if it is time to buy housing.

According to the forecasts of the real estate market, positive conclusions are being drawn from the sector. It is consolidating its recovery cycle in the housing market, with growth in demand due to factors such as a slight improvement in employment, better access to financing and an increase in the tendency to purchase a home as an investment.

Considering this increase in interest in the residential market, we know that buying a house is one of the most important decisions we make in life. In many occasions, looking for the home you want can become a stressful process if we do not take into account a series of key aspects. There are essential factors such as knowing what area to live in and what our budget is, but as we search and look for the process it can get complicated and we think it is better to receive a small dose of advice with these tips to buy a house.

Basic aspects to consider before buying a house

Own resources to buy a house

One of the main aspects when buying a house is the economic capacity or what is the same, the budget that we have to deal with the corresponding payments with which we would access the purchase of housing. Within our current and future payment capacity we ask ourselves: How much can I afford? What is the maximum amount that I can allocate when buying a house? How do companies sell property online?

To make planning as accurate as possible, in addition to personal aspects such as job stability, the need to buy a new car or possible unforeseen expenses that may arise; we would have to take into account expenses inherent to the home purchase process, such as appraisal, expenses of writing a house, registration in the Land Registry and taxes. We know that buying a home means a large outlay and you will have to take into account the own resources you have.

Appraisal of housing

In case of applying for a mortgage, the appraisal of the dwelling will serve the bank to know the value from which it will grant the financing percentage. The cost may vary depending on the type of property and surface, with an approximate amount between 250 and 350 euros.

What are the notary fees when buying a house?

To establish the costs of writing a house, the notary must certify the change of ownership of the house. When buying a house, the expense that we will have to face will depend on the fees established by a notary, which are regulated by the Administration and depend among other factors on the price of the property, the length of the deed or the number of copies that are issued documents.

Registration in the Land Registry

The registration in the Property Registry does not have a fixed cost; it varies according to the value of the property with rates approved by the government that can be consulted in the BOE, with an approximate amount of 350 euros.

Taxes

When buying a house we would have to take into account an amount of 10% VAT while in second-hand housing the buyer is obliged to pay the Property Transfer Tax whose tax rate varies according to the autonomous community. In addition, you will have to take into account other taxes in the purchase of housing.

Real Estate Tax (IBI)

The Tax on Real Property (IBI) taxes the ownership of the property. This tax when buying a home is paid annually and its valuation is determined from the property's cadastral value. It must be taken into account that when acquiring a house, the accrual of this tax occurs on the first day of each calendar year, that is, the owner of the house will be obligated to pay it on that date.

Financing through a mortgage loan to buy a house

To date, to finance the operation, it is essential to obtain a loan to buy a house. The bank will finance an amount of money in exchange for returning it in monthly installments with interest for the next 20 or 30 years. Therefore, our advice to buy a house is that we know the type of mortgage to be able to plan as accurately as possible the amount to be paid each month. To make this calculation, we recommend using the calculators or mortgage simulators that appear on the web pages of the different banks, real estate portals or consumer associations.