Where to start?

The first thing to do is establish what you can afford. Add up savings and what you can afford to borrow, you will soon find out what budget you have to work to.

How much to borrow?

lenders will vary the amount that they will allow you to borrow depending on your circumstances.

Independent mortgage advisers can be used to assist you, but often charge an administration fee.

A good adviser will not only find you the right mortgage though, but can also provide tips on where to find a solicitor and guide you through the buying process.

A lender will need to carry out a valuation to ensure what they are lending you is reasonable.

Find a mortgage

A good, independent mortgage adviser has access to the whole mortgage market, and will help ensure the mortgage fits your needs.

Fixed Rate

The advantage of this is that it will not change during the specified term. Many people like the security of a fixed rate as they can manage their budget knowing their outgoing will remain constant. However, if interest rates fall, you might find yourself with an expensive mortgage.

Variable Rate

This rate moves according to changes in the European base rate. There are several types of variable deals, some which track the rate, and some that change with the lender’s policy. If interest rates look like they may fall, then it may pay to be on a variable rate.

Repayment Mortgage

This mortgage is an arrangement that is made with your lender based on the principal that you pay the full amount back plus interest over a number of years.

Interest Only Mortgage

This mortgage is appealing to some; because repayments per month are (in most cases) lower than that of repayment mortgages as you only pay the interest on the loan.

Looking for property

My advice to any potential buyer is to do your homework! Decide where you would like to live and whether you can afford to live there. Think about the type of property you are looking for so that you can narrow down your search.

Before you view any potential properties of interest, have a short drive or walk around the area. And maybe re-visit at different times of the day.

Make a list of what your needs are. But try to keep an open mind…often people buy what they were not expecting to!

Things to remember when viewing

The only way to make your mind up about a property is to look at it, but in the limited time a viewing lasts you need to gather as much information as you can. Always take someone with you if you can, it's safer, and a second pair of eyes may spot things you miss.

It's a safe bet that you'll make your mind up within the first couple of minutes after you walk through the door! But if it's love at first sight, don't let that cloud your judgement. Ask yourself:

Will my furniture fit?
Is there enough storage?
Is there enough natural light?
Do I need to renovate or redecorate, and can I afford to do so?
Look for cracks in walls and around windows, and pay attention to the outside.

The state of the roof and (if present) guttering are important, Are there any missing roof tiles?

Take note of nearby properties, how many are for sale? If there are a lot, take note of the agents and see how long they have been on the market for.


Are there any damp patches or potential signs of water leaks?
Is there evidence of any ground movement or subsidence?

Good questions to ask the seller when visiting their home....

What fixtures and fittings are included?
How old is the property & how long have you lived here?
What are the neighbours like?
How many people have viewed?
Has anyone put an offer in yet and if so, how much for?
Why are you looking to move?
How soon are you looking to move?

I want to put in an offer, what do I do?

If you have viewed a property advertised on-line and you would like to make an offer, then you must contact the seller directly to avoid them incurring agent fees (and passing that cost onto you!).

It is all about negotiating and agreeing a price, so don't be afraid to offer what you think the property is worth.

Ensure that both you, and the vendor are clear on the offer and that it is "subject to contract".

When in the process of closing the deal, don't forget that your position can prove more attractive to a seller for a number of reasons as listed below. If any of these apply to you, then use them to your advantage:

First time buyer

If yes, then you have an advantage over competitive bids because you have no chain and the sale can go through more quickly.

Large deposit

Don't worry if you haven't. But when it comes to borrowing money and getting mortgages approved, it may help. The more money you have to put down the more attractive a proposition you are!

Flexibility

Are you flexible about moving dates? The more flexible you can be to the seller's needs, the better.

Please note that an in-line publisher/advertiser cannot assist with the sale or purchase of a property; cannot field questions from a buyer or a seller, advise on the price nor get involved in any negotiations. This will mean an agent will claim their commission & the seller will have to bolster the price accordingly.

What a solicitor does

Once you have had an offer accepted you need to instruct a solicitor. The cost varies. Most charge a fixed fee, plus there are other things they may charge for. These are known as disbursements and include transfers, postage, taxes etc. Ideally, it is best to go to someone who is recommended to you independently.

This is the part where you have to, albeit reluctantly, start to part with your hard-saved cash! The last stage is completion, when the balance of the purchase price is paid to the vendor, and the keys to your new home are released.

Moving

If you're moving to your new home from a rental, make sure that you give notice to your landlord. You don't want have to pay rent for a property you're no longer in. And leave the rental in good condition. Not only is it common courtesy to do so, but it will also ensure you get your deposit back.

When you move:


Change services into you name.
Take meter readings on the day you move in.
Arrange building and contents insurance.
Get your post redirected.
Let your friends, family and service providers, such as your bank and mobile phone provider etc, know your new contact details.
Agree your moving day well in advance and sort out any removal transport. If you have pets or children, you may want to get someone to look after them.

Finally pack yourself a survival kit and keep it somewhere where it won't get muddled up with other boxes! Include all ingredients for making tea and coffee, and you may want to make a packed lunch. Also include toilet roll, toiletries, and towels in case you want a shower at the end of the day.

In summary, when buying privately in Spain use a reputable website like www.spanishsalesdirect.com and you will get these bonus benefits that those who use estate agents and more traditional methods will not;

Bonus 1

Transparency: One benefit of buying directly is that you don't have to worry about misinterpretation or hidden agendas that may arise with a third party.

Bonus 2

Huge savings: Without the burden of estate agent fees put upon the seller, buyers benefit from their savings by paying a much fairer price.

Bonus 3

See a wide selection of properties chosen by you…not what an estate agent wants to show/sell you, in order to earn the highest commissions.

Bonus 4

Find the very best value for money properties in your area of choice that agents may not even have on their books at all!