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Frequently asked questions about home buying

We've rounded up the most asked questions on the internet about home buying to help you feel more confident and ready to get started.

Una pareja sentada en un sofá mirando su portátil mientras lee sobre el trámite para vender una casa en Madrid

It's no surprise that there are plenty of questions being asked on the internet about home buying. It's not something usually taught in school and luckily, we can help you out.

Frequently asked questions about home buying

What is the first step in the home buying process?

Arguably the most important step is figuring out how much you can borrow and what your buying capacity is, i.e. what is the maximum you could spend on a property with its associated upfront cost and monthly payments. This can be done with an Eligibility Calculator. Then with that, you can begin looking at properties within this range.

Or if you’re a cash buyer, it’s good to get in touch with one of our property consultants to see what are the best projects and properties in the market that match your criteria.

When to start the home buying process?

Buying a home should only be done when you feel financially ready. And if you choose to do so, the mortgage journey tends to begin in parallel with searching for a property. The first step is getting a mortgage pre-approval, which shows sellers and real estate agents know you’re serious about buying.

What to look for when buying a home?

There are generally two types of properties:

  • Off-plan (primary) properties: Properties you buy directly from a developer before the property has been constructed;

  • Ready-to-move (secondary) properties: Properties that are already constructed and ready to move into. 

Then think about property preferences – you might already have the dream property in mind, or you might only have narrowed down the location where you want to live, or you might have no idea! 

Costs when buying a home?

Buying a home comes with various fees payable at different stages in the home buying journey. On top of the down payment you need to save for, there are various upfront fees you’ll have to pay which can add up to 7% of the property’s value. 

When is the appraisal, or valuation, done when buying a home?

Your bank will schedule a property valuation report to guarantee that the property is worth the mortgage amount you are asking for. There is a fee attached to the valuation, as it’s handled by a neutral third party. 

Written by Sana Telalovic

Published on 28 April 2023

Home buying made simple

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