Would you like to buy a house? BBVA helps thousands of people to buy their home every year. We know that this is a long process and there are often lots of questions - that's why we have created this step-by-step guide where we tell you everything you need to know about buying a property:
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Buying a flat allows you to achieve a return on your savings, it protects you from inflation and if you choose a good neighborhood, it may increase in value if you want to rent it or sell it.
It's also worth doing your own numbers: how much you have, how much you need, how much you usually spend...
Don't forget the expenses that it will cost to own a house:
When you visit each house, check the condition of the house inside and outside (orientation, light, noise, distribution, building...)
It is also important to know the neighborhood, see if it has good access, and even compare the price with other houses in the area.
Older homes are cheaper but need renovation, new homes are more efficient... We help you to make the best decision.
The land registry report (nota simple) will tell you who owns the house, and if there are any charges against it.
You should also request the energy certificate and the latest technical appraisal (ITE) to assess the condition of the building and avoid any surprises later on.
If everything is in order, you can negotiate the price and make a counter-offer.
If the seller or agency accepts, you just need to sign an earnest money agreement to agree to continue with the process.
How the earnest money agreement works
Almost all banks offer interest rate discounts if you take out certain products or fulfill other conditions. The most common are:
If you work for the Public Administration, belong to a mutual society or have a registered profession, you can get better terms for your mortgage.
To review whether your mortgage is viable, the adviser will ask you for paychecks, contracts, income...
The appraisal of the home is used to calculate its real value and the final amount of the mortgage.
If your mortgage is approved, we will take care of the necessary paperwork.
With everything ready, you just need to agree on a day to sign before a notary. And the house will be yours!
If you have bought an existing home and want to live there, make the most of it to renovate to your liking.
Bear in mind that some will need to be installed beforehand, such as gas or the internet.
This means the house's bills and taxes will be in one account. At BBVA we help you to transfer them easily.
With our Financial Health tools, we help you plan your daily spending and save without even realizing.
Even if you already have your mortgage and your house, life has ups and downs. You may want to switch lender, or even sell your house.
If you want to bring your mortgage to BBVA, you can calculate your mortgage switch.
The purpose of this guide is to explain, step by step and simply, how a home is purchased, whether new or pre-existing, and/or whether the property is acquired by a private individual or a company (such as a bank).
The guide also explains all the procedures needed to buy the house, the types of mortgage to choose from, plus the necessary calculations with our calculators, to see the monthly mortgage payment.
