Buying your first home in Gibraltar. Buying a home is a big step: an important decision that can generate uncertainties, especially if it is the first time you take the leap to become a homeowner. For anyone considering buying a property, but especially if it is your first home, following a series of recommendations can make the process easier.
How to buy your first home
Here are a few steps that can help you in the purchase of your first home.
1. Set yourself a budget
Most buyers do not have an unlimited budget to buy a house. The most common is to rely on a mortgage, which has to be affordable and proportional to the level of income. In fact, it is common for the bank to make it a condition that the mortgage payments do not exceed 35% of the monthly income.
Consulting first with the bank about the possibilities of obtaining a loan can give an idea of what financing can be requested and avoid bad mortgage decisions. Likewise, it is necessary to take into account that to the monthly investment that supposes the mortgage loan it is necessary to add other expenses like the home insurance.
2. Consider the expenses
As the banks do not finance, in general, more than 80% of the price of the house, the buyer must have the other 20% in the form of savings. But to that 20% must be added, at least, another 10% that will have to be used in the expenses associated with the purchase of the house, such as the appraisal expenses and, especially, the taxes. Do not overlook them.
3. Select the area and analyse the prices
Once you know the price range in which you can look for a house, it is more likely to have a better idea of the area in which you want the property to be located. When you have already decided on the location, it is advisable to analyse the prices of the houses with similar characteristics to the ones you are looking for; in this way, it will be easier to know if the properties you are interested in are in price and to make a sieve so that the search is more direct and simpler.
4. Check the property and the area well
Paying attention to every detail of the properties that you are going to visit will help you to compare them, to look for possible flaws and even to negotiate a discount with the owners if you consider that they may represent an extraordinary expense. In addition to checking the property well, it is also advisable to pay attention to the characteristics of the specific area, which may vary within the same neighbourhood: if there is noise or few services nearby, it is better to know before making a decision.
5. Gather information
Not a few operations of purchase and sale end up not being closed because the characteristics on paper do not agree with those offered or because the property has loaded.
Before signing the earnest money contract, it is essential to gather as much information as possible.
6. Compare several mortgages
When looking for a mortgage, comparing several is the best option to find the best conditions for a loan.
In addition, if along the way any of the banks change their conditions, or do not grant us the loan, we will save time if we are in talks with more than one.
7. Check the linked products
Among the conditions that are always part of the conversations with the bank are the linked products: life insurance, home policies, credit cards, or pension plans, among others, with whose contracting the entities usually reduce the interest of the loan. However, it is convenient to calculate what expenses all these products entail throughout the year since on many occasions their cost does not compensate for the reduction that is going to be obtained in the mortgage instalments.
8. Check the deeds well
If you have reached this stage it is because you are about to sign the purchase of your first home. In this final point of the process it is essential to read carefully the mortgage deeds and the deeds of sale; as well as to raise all the doubts that can exist. Buying your first home in Gibraltar, Buying your first home in Gibraltar.
Services offered by real estate agencies
You should be aware that there is a higher risk involved in buying a property on your own. It is common to find sellers who do business illegally and deceive the buyer.
In case you do not have knowledge about legislation, mortgages, and other areas of the real estate sector, the wisest thing to do is to go to professionals to carry out all the steps.
The main advantages of buying a house with a real estate agency are the following:
- You will not have to worry about sending documents or other complex procedures.
- They will guide and advise you.
- You will get the best mortgage conditions.
- They will help you find your ideal home and at the same time fit your budget.
- Everything will be done legally and you will be protected from fraud.
CENTURY 21 GIBRALTAR helps you in the process of buying and selling properties. Our team of real estate agents will advise you at all times. Buying a home for the first time is much easier when you have someone you trust to help you through the process.
Living at Atlantic Suites, Gibraltar
Located in Gibraltar, 2.1 km from Western Beach and 2.2 km from Eastern Beach, Atlantic Suites Serviced Apartments offers accommodation with free WiFi, air conditioning, and access to a garden. Private parking is available on-site. It features a modern soundproofing system.
CENTURY 21 GIBRALTAR has at your disposal a beautifully presented studio apartment located in the luxurious Atlantic Suites complex, this bright and airy apartment comes with a 7sqm west-facing terrace offering partial sea views. This property is sold fully furnished and includes reverse a/c and a fully fitted-out kitchen. Conveniently situated in the business area near Main Street, Morrisons, cafes, and restaurants. Residents can access the Atlantic Suites gym and pool at a discounted price. This apartment is ideal as a first residence
For more information or to arrange a viewing, please contact our sales specialist, Vishal Mulchandani, he can assist you in English and Spanish. Tel: (+350) 56285000 – Email: Sales@century21gibraltar.com – Large studio for sale in Serfaty’s Passage – Town Area for more information.
