If you are one of those who can afford to buy a property without financing, then all that remains is to say ¨Congratulations¨.
In reality, of course, the desire to buy a holiday home is associated with other numerous questions and difficulties, which means that it is important, nevertheless, to be adequately informed about the process, the facts and all the points at stake before buying, so that you can be clear during the initial undertakings of the transaction.
Should you decide to take out a mortgage, we will also advise you on the features of the mortgage contract and be available to answer any concerns or questions you may have.
Are you buying a residential property under construction, newly completed or second hand?
This decision depends on the circumstances as well as the preferences of each individual. For example, new flats would normally be of higher quality, but are usually located further away from the city centre.
What features of the property do you prioritise?
As with the previous point, the answer is not consistent. Perhaps price is the most important factor for you, rather than location or aesthetics. Perhaps you have more leeway in this regard and value your property being in the best area.
Not everyone has the same needs…
If you are a large family, space is of course important, but access to services, complementary offers, gastronomy, and shops, for example, also play a significant role.
Check the property!
It is particularly important that you have the structure of your potential holiday home carefully checked. If you can be accompanied by a professional to check the condition, that is all the better and truly advisable.
Another tip: also take a look at the neighbourhood – do you feel at home here?
Conduct an active and open search…
One advantage is that you don’t have to stick to just one estate agency. Look around, check adverts in the local press, research on the internet or go to your chosen areas to look for signs from private individuals too.
Check the costs…
You can find more information about the property at the Land Registry. You can find out if it is affected by litigation, urban planning irregularities or even if it is subject to embargoes.
Assess your debt capacity….
Get your finances in order so you can make a reasonable offer to buy your home. If you are applying for a mortgage loan, you should do your research before signing, i.e. it is advisable that you involve a professional and knowledgeable lawyer to go over all the issues, as well as contract clauses, with the bank. It is particularly important that you make sure you understand everything and make a conscientious decision that you can make this commitment.
The purchase/sale contract...
Before signing the contract, it is advisable to consult an expert. Pay particular attention to how taxes or costs are calculated and what terms are set out in the penalty clauses.
Processing costs…
Notary fees, land transfer tax, fees for registration in the land register and, if applicable, broker commissions must be considered. These costs usually amount to between 8 and 11 percent of the property price and are independent of the mortgage loan. It is also important to know that the mortgage loan also incurs notary, stamp duty and land registry fees.
Be patient!
Whether it’s a projected, new, or second-hand property, buying a property can prove to be more complicated than originally expected. It is an important decision, so as much information as possible, professional advice and also assistance is essential to successfully manage this process, in order to be the happy owner of a holiday home in the end.