Acquiring a home in Spain entails a whole series of expenses beyond the sale price. It is worth considering them because these expenses may represent around 10 – 12% above the property price. Specifically, the highest of these costs are taxes.
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Aids for Buying a House in Spain: Financial Backing to Access Housing
Access to housing is one of the most worrying aspects today. Prices, interest rates and the need to pay at least 20% of the home value upfront are just some examples of obstacles to overcome. To partially alleviate this situation, there are public aids to ease the buying.
These aids, granted by the different administrations, are of three types: guarantees to afford the home purchase, tax reductions and financial support for the mortgage.
Calculating the Money Needed to Buy a House: Savings, Expenses and Monthly Income
Talking about the money required to buy a house is much more than talking about the sales price. On the one hand, it is essential to have some savings. On the other hand, you have to consider what the mortgage interest adds up to. Thirdly, any real estate purchase and sale operation involves expenses.
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Nowadays, it is necessary to have some savings to buy a home in Spain. In this way, most banks offer mortgages only for 80% of the property value. Therefore, if we add the inflation and interest rates rise, purchasing a home, especially for the young, gets complicated.
The ICO guarantee for home purchase aims to solve this situation, at least partially. The goal is to obtain financing for 100% of the property price they wish to buy. For that, it'll be necessary to meet some specific requirements.
Buying a House at 40 Years Old: What to Consider If You Are Buying Your First Home
The profile of the home buyer is changing. Today, most home buyers are over 40. In many cases, they share other characteristics apart from the age range: they have a family, some job stability and some savings.
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