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What should you look out for before buying a new house?

Are you planning on buying a house? Do you want to know what to look out for?

Keep reading½.

The search for a new home is a big adventure. Price, location, financing method, common facilities ... There are so many things to look out for, you may not even know where to start. That's why this week we bring you a search kit, with all the important things you should check before the purchase.

The search kit includes:

  • Location. The location of the house is a fundamental part that you must certainly analyse before continuing. The communications with other areas, if there are noises from bars or traffic, and very important, everything the surroundings can offer. Public transport, sporting areas, schools or hospitals are things that the closer, the better!
  • Facade. When buying a house we focus so much on the inside that we may even forget the exterior. Before having a look at the details, make sure that the facade is in a good condition or if it needs a renovation, that you can face it. 
  • Qualities. All properties have to meet certain quality requirements. Your real estate agent will provide you the necessary documents, but it's never too much to check them yourself. Check the quality of the materials, carpentry, windows and do not hesitate to ask all the questions you need. These things are important!
  • Reforms. Whether the house needs an urgent renovation or if you simply want to put it to your liking make sure it´s possible. Check the reforms you have in mind and analyse how it would look and how much it could cost you. Being able to personalize a home is a benefit that you don't want to lose.
  • Common facilities. Many properties are equipped with spaces designed to improve the quality of life of the owners. Sports areas such as paddle or tennis courts, gym, indoor or outdoor swimming pools, areas for the smaller ones like parks with swings and for the grown-ups, furnished terraces or even a beauty salon. You never know what you can find!
  • Community fees. If your mind is set on a community of neighbours, don´t forget that this includes some additional expenses. Check what they are and count on them, it´s best to avoid unexpected surprises. 
  • Price. Does it fit the market? Check the sales of other similar properties in the area and confirm the price with your real estate agent. Make sure it is adequate.
  • Energy consumption. A home that makes an efficient use of its facilities and maximizes the use of renewables can save you both energy and economic expenses, such as heating, cooling or hot water, at the end of the month.
  • Costs and taxes associated with the purchases.During the purchase there will be a series of expenses that you´ll have to face. Knowing them will save you time and complications: 
    • VAT - The VAT (value added tax) is a tax that must be paid for any first transfer of ownership.
    • ITPADJ - When signing the deed, you will have to comply with the Tax on Patrimonial Transmissions and Documented Legal Acts.
    • Municipal tax - This tax, also known as the Tax on the Increase of the Value of Urban Land, is municipal and will have to be faced by the seller of the house. It will vary depending on each city council.
  • Property tax. When the house is definitely yours, the Property tax will be your responsibility. The amount will depend on the cadastral values of the house and the payment will change depending on the municipality. 

You already have the kit, use it and everything will run smoothly!!
Published: 17 May 2017
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