The secrets to buying an apartment - what you need to know.

We want to help answer any questions you may have about buying an apartment
Buying an apartment is an important undertaking as it involves a number of substantial costs. This means that it is often difficult to find your ideal home and obtain adequate financing. Below, we will take a closer look at a number of key factors that might help you tackle this process.
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Create a budget

Before looking for a property, it's crucial to set a maximum budget for spending on an apartment. Experts usually say that the cost of your home should not account for more than 40% of the family unit's net income. If you are interested in a property but the mortgage exceeds this percentage, the best option is to look for somewhere else that is more within your price range.

You must also bear in mind that when buying an apartment you will have to pay some initial expenses, such as taxes, notary public services, etc., which can amount to 10-15% of the total property value. These must be paid when the purchase and sale agreement is executed. Therefore, it's a good idea to have some savings to cover these costs.

Finding an apartment

Once you have established a budget, you can then start to look for an apartment. There are many elements you must consider. For example, you should bear in mind the city or area in which the apartment is located. This is important as it will give you an idea of average prices and resale values for similar properties in the area. When you're considering an area, you must bear certain elements in mind such as public transport connections, proximity to health, cultural, entertainment, commercial and educational services and the availability of on-street parking.

After selecting an area, the next step is to find a specific apartment with the features you are looking for. Important property features to consider include floor space (built and usable area), which direction it faces, layout, how light it is, special features, age, water, gas and air conditioning facilities, other included services, parking space, etc.

You should also consider other expenses, such as the homeowners association fee, and and the fact that electricity bills tend to be higher if few people live on the complex.

Before deciding to buy a property, it's a good idea to find out if it is subject to any charges. You can do this using the property register. You must also ask the administrator of the complex or community if the apartment has any property maintenance fees outstanding.

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Valora will help you

Thanks to BBVA Valora, you'll have the tools you need to make sure buying an apartment doesn't become a complex and tortuous process. To start with, you can use the Valora View Application to find out a lot of information about a specific apartment, including its approximate value and the prices of other properties in the same neighborhood, etc. All of this is available on your cell phone via augmented reality. Also, you can use the Buy or Rent feature to calculate if it is more cost effective to buy or rent a specific apartment. In any case, you will be able to access BBVA's range of mortgages.
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