Steps to take before buying a house

After a lot of thinking and deciding whether it is better to rent or buy a house, you have made up your mind: I want to buy a house! It is a moment of nerves and joy. But in order to make it always be and not end up regretting it, there are a series of steps you should take before buying a house and a series of information that you should be clear about.
Things to bear in mind when buying a house
Buying a house can be as simple as finding a flat and buying it. The problem with doing it this way is that it is easy to end up with a house that does not suit you and also paying a lot more for it. What should I know before buying a house? What to check before buying a flat? These are two common questions that generate a lot of doubts.
Among the things to take into account before buying a house is its state of encumbrances, that is to say, to know if the house I am going to buy has debts or not, to find out the general expenses you will have to face and even possible overheads. In the following points you will see the keys to take into account when buying a flat.
When to buy a house
Before taking the plunge and buying a house, you should consider whether or not it is a good time to do so. To do so, we will have to evaluate different external factors related to the real estate market, but, without a doubt, the most important will be our economic and personal situation. Are we in a good moment and do we enjoy job stability? Do we have good economic conditions to take on a mortgage loan?
If the answer to these questions is yes, we will have to take into account other factors such as the price of the property we want and the prices that are being offered in the real estate market in general. However, it is important to bear in mind that prices can differ considerably between autonomous communities or between cities in the same region. In other words, buying a house in Uk will not be the same as buying a house in a small town, as prices will be much higher in the capital. For this reason, it will be very important to study prices and analyse whether or not we could buy the same property a few months later for a lower price.
It will also be necessary to take into account mortgage interest rates and, especially, the evolution of the Euribor and its forecasts. At present, this index, the most widely used to negotiate mortgage prices, is at historic lows, which means that financing the purchase of a home is, at the moment, cheaper than ever.
What type of home do you want?
In the market you can find homes under construction through cooperatives, new homes already finished or in the final stages of the construction process and second-hand homes. Each type of house has its advantages and disadvantages, as well as the costs of buying a home that you should be aware of.
In the case of opting for a new home that has not yet been built, the key is to choose the right developer. Review its history and the developments in which it has participated. If you have time, it may even be interesting to go and see some of those that have already been completed and ask the neighbours about the finishes and qualities.
The same applies to new homes that have already been built. In both cases you should be aware of the costs of buying a new house versus a second-hand one. When buying a new flat you will have to pay 10% VAT on the purchase price. If the house is a state-subsidised house, this VAT will only be 4%.
The advantage of these homes is that you will not have to do any renovations for some time, with the savings that this entails. In addition, you enter a new community where all the neighbours start from zero. To this we must add that in a flat under construction you will be able to personalise some elements during the building work. On the other hand, in these cases the margin for negotiation is usually narrower.
When buying a second-hand home, you will not have to pay VAT, but you will have to pay the Transfer Tax or ITP (Impuesto de Transmisiones Patrimoniales). This tax depends on each autonomous community, although the average is between 6% and 8%.