There are many milestones in a person’s life and one of the most exciting times is when you receive the keys to your very own home, with your name on the Title Deeds. It is not an easy thing to do, especially with the very high price of land these days. If you are about to enter the unknown world of property ownership, here are a few tips.
The Mortgage Hurdle
This is by far the most important aspect of buying real estate; you have to convince the lender that you have the means to repay the loan. If you wanted to buy property in Estepona, for example, the real estate agent would have several lenders and in no time, you would receive an answer. Once you have mortgage pre-approval, you can view properties and sellers will take you seriously.
Look Further Afield
A quick look at apartment and flat prices in the UK, for example, is enough to make you look further south. The most popular locations for young professionals are the Southern European countries like Spain, Portugal and Italy, where prices are much lower. If you work from home, there’s no reason you have to live in the UK. Besides, the cost of living in the south is much lower and the weather is pleasant.
Professional Help Is Available
If you find the paperwork confusing, estate agents in Estepona can guide you through the property purchase process. Most will happily assist with any first-time buyer grants from the government. If you are buying abroad, a local estate agent is essential, especially in a country where English is not spoken. The agent can connect you with a local law firm and even help with long stay visas.
Stick Within Your Price Range
As tempting as it might be to move into that detached house, if the mortgage is a stretch, this will lead to financial issues. You need to put your realistic hat on when crunching the numbers to find out the maximum monthly amount you can repay. Then there is the deposit, which might be difficult to find, and let’s not forget relocation costs.
Fixed Fee Conveyance
Some lawyers offer fixed rate conveyancing, which is one of the many expenses that the property owner has. It is wise to shop around when looking for a conveyancing solicitor, which should save you some money. If buying property, you might have to pay stamp duty, while overseas purchases depend on the laws of that country.
For many couples, the struggle to get your foot on that first rung of the property ladder is real and more and more young families are looking to relocate to a European country, which brings with it many benefits and you get much more for your money. Start looking online at property prices in places like Estepona and see how much more is available; then you can make a life-changing decision and move abroad.