Is now a good time?
It is important to analyze the real estate market and know how interest rates are evolving or which areas are in highest demand.
How to buy a property
Step by step towards your new home
At BBVA, we support thousands of people every year who want to buy a home. In this guide, you will find the help you need to confidently move towards getting your new home.
First, calculate how much you're going to need
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Which house can you afford?
Start by calculating the price of the house you could buy based on your income. With this figure, you will know which neighborhoods are within your reach and it will be easier to start looking for new or used homes. -
Please note that:
- You should have saved around 30% of the price of the house (the deposit and the expenses and taxes).
- Ideally, the monthly payment should not exceed 35% of your income.
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- The purchase and sale: notary, taxes and inscription in the Property Register and administrative.
- The mortgage: the bank assumes the notary, inscription and administrative expenses; the appraisal, the registry report and the copies of the deeds are your responsibility.
- The house: insurance, maintenance, service charge, IBI (property tax) and even renovation, if necessary.
Calculate the value of the house
- This way you will be able to find out the approximate value before the appraisal and discover if the purchase price is similar.
- When you apply for your mortgage, you need to appraise the property.If the appraised value and purchase price don't match, the lower of the two will be used as a reference.
- The bank can finance up to 80% of this amount if it is your main home (up to 70% if it is a second home) or up to 95% if you are under 35.
Keys to choosing the best new home
If you've already found a house, start the initial paperwork
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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 from the seller and, if possible, assess the condition of the building to avoid any surprises later on.
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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.
This way you can pay less on your monthly installments
Banks generally offer interest rate discounts if you take out certain products or fulfill other conditions. Here's how you can reduce your BBVA installment:
- Set up direct deposit of your salary, pension, unemployment benefit or self-employed contribution in the BBVA account of one of the account holders.
- Take out a comprehensive home insurance policy to protect the property against unforeseen events.
- Take out loan repayment insurance, covering at least half of the amount of your mortgage. If the 50% exceeds €150,000, this amount is enough.
Already have a mortgage and want to improve it?
Carry out a no-obligation switching lender simulation and see what conditions you could improve by bringing your mortgage to BBVA.
With you every step of the way: from the mortgage application to the signing at the notary's office
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Documents
The adviser will ask you for identification and financial documents: paychecks, contracts, proof of income…
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Review
Your documents will be reviewed to see if your application is financially viable.
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Appraisal
At this stage, the updated appraisal and registry report of the property is required.
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Signed
You receive the documentation and go to the notary's office for advice and the issuance of the transparency certificate, and then to sign the mortgage.
Your application, faster from the app
Follow your mortgage application step by step from your cell phone in Espacio Hipoteca. Whether you are a customer or not, you can:
- View the status of your application in real time.
- Upload documents and speed up any outstanding processes.
- Talk to your adviser and resolve any doubts you may have.
To access without being a customer, register in just a few steps. In addition to Espacio Hipoteca, you will enjoy other features for your daily life.
Now you have your house! Now it's time to prepare for your arrival.
Renovate to save money and improve quality of life
If you have bought an existing home and want to live there, make the most of it to renovate to your liking:
- If you improve your house's energy efficiency (thermal insulation, windows, sustainable heating, etc.), you will reduce your energy consumption.
- You will have to comply with the current regulations when making functional changes: structure, heating, electricity, plumbing, exterior...
- To finance your renovation, you can apply for a loan. At BBVA, there are special loans available for this purpose.
Moving forward together towards your new home
If you haven't decided yet or you have doubts, a BBVA representative will contact you for guidance, with no strings attached.
Some questions that may come up
The purpose of this guide is to explain, step by step and in simple terms, how a house is purchased, whether a new or existing home.
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.