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10 basic tips you should consider before buying a holiday home

If you are one of those people who can afford to buy a property without financing, then congratulations are in order.

In reality, however, there are many more questions and problems involved, so it is important that you are well informed about the process, the facts and all the issues involved before you buy, so that you are clear about the first steps of the transaction.

If you decide to take out a mortgage, we will also advise you on the features of the mortgage agreement and be available to answer any questions or concerns you may have.

  • Are you buying an under-construction, completed or second-hand property?

The choice is personal and depends on your circumstances and preferences. For example, new apartments are likely to be of a higher quality but tend to be further away from the city centre.

  • What features of the property do you prioritise?

As with the previous point, the answer is not uniform. You may be more concerned with price than location or aesthetics, or you may have more leeway and want your property to be in the best area.

  • Not everyone has the same needs…

If you have a large family, space is obviously important, but access to services, amenities, restaurants and shops, for example, are also important.

  • Check out the property!

It is particularly important to have the structure of your potential holiday home carefully inspected. If you can take a professional with you to inspect the condition of the property, this is even better and highly recommended. Another tip: take a look at the neighbourhood – would you feel at home here?

  • Have an active and open search…

One advantage is that you don’t have to stick to one estate agent. Look around, check the local press, do some research on the internet or go to the areas you have chosen and look for signs from private individuals.

  • Check the costs…

You can find out more about the property at the Land Registry.  You can find out if it is affected by litigation, planning irregularities or even if it is subject to an encumbrance.

  • Assess your debt capacity…

Get your finances in order so that you can make a reasonable offer to buy your home. If you are applying for a mortgage, make sure you are fully informed before you sign, i.e. it is advisable to involve a professional and trusted lawyer to go through all the issues and contractual clauses with the bank. It is particularly important that you make sure that you understand everything and that you can make a conscientious decision to enter into this commitment.

  • The purchase contract…

Before signing the contract, it is advisable to consult an expert. Pay particular attention to how taxes or costs are calculated and the terms of the penalty clauses.

  • Handling costs…

Notary fees, property transfer tax, land registry fees and any estate agent’s commission must be taken into account. These costs usually amount to between 8 and 11 per cent of the property price and are independent of the mortgage loan. It is also important to know that notary, stamp duty and land registry fees are also applicable to the mortgage loan.

  • Be patient!

Whether it is a planned, new or second-hand property, buying a property can be more complicated than you think. It is a big decision and it is important to get as much information as possible, professional advice and guidance to help you navigate the process successfully and become a happy holiday home owner.

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