Buy a house in the heart of the Spanish coronavirus lockdown!

Apparently, the coronavirus crisis has not stopped demand for domestic possession in Spain. According to data from the April Center for Sociological Research (CIS), 9 percent think of moving home according to the figure recorded at the start of the year. عمل

During the COVID-19 quarantine, many families have realized that their current homes do not meet their needs, particularly for young people and people living in large urban areas. In this scenario, and in view of the real estate opportunities and the business that the expectation of price declines and the need for sales from many owners could present in the coming months, real estate provider Solvia summarized a few practical tips for buying a house in the midst of a de-escalation and with a view to security measures to prevent coronavirus infection.

Recommendation includes how your budget, the keys to select a property or the factors to be considered when visiting a home. Please remember that real estate agencies can schedule visits to potential purchasers or tenants even in phase 0 regions, as long as the property is uninhabited and security regulations are followed.

Let's take a look at the advice of Solvia for those who think to find a new home:

Savings and financial support are key to your budget

Identification of a good mortgage

Analyze your financial situation

Determine your perfect home

Find the right place

Tips for visits to property

Check your budget for savings and funding

The first thing everyone needs to be clear about is what their budget is before buying a property. And how is it computed? This should be done with the savings and the approximate financing available.

Normally banks are willing to grant mortgages of nearly 80% of the property purchase or appraisal value, and therefore you will need savings of close to 20% for the property's deposit and an additional 10%–13% to cover operating expenses. Some companies are however willing to lend more as long as the customer meets a number of requirements, such as having a stable job.

Solvia guarantees that, for mortgage purposes, the potential buyer 'will not know, under what conditions, how much financing is available until a property is identified, even if there can be a frame of reference on which to operate.' The company's proposed rapid calculation is to multiply by four the annual gross family income by an approximate figure.

Identification of a good mortgage

One good way to learn how the market is doing is by visiting the websites of major companies or using online loan comparisons, for example idealists and mortgages, for home purchases. The positive side is that, according to Solvia, the documentation cannot be sent to a bank branch, but a request can be sent online to find out whether the mortgage could be granted. The financial sector currently has very beneficial conditions and unchanged risk criteria because interest rates are at historical lowers and banks have to grant loans in order to maintain their margin of business.

In the idealistic mortgage comparison website, for example, offers are found at a variable rate of 0,8% + Euribor, whereas fixed loans are available at 1,5% interest and conditions to be met. The difference can be found in the interest reduction bonuses (e.g. direct deposits of your salary, home insurance etc.) and in the fees fixed by each bank (for taking out the loan, for early repayment, whether it is partial or full...)

Analyze your financial situation

The study of Solvia recommends that you ask yourself: "Can I afford to buy? According to the company, taking your particular job stability into account in the short and medium term is the key.

"The analysis of external market-related factors is important, but it is important to examine the specific economic context to know if it is a good time to buy. We are now in a situation of uncertainty when temporary layoffs (ERTE) or working hour reductions (and pay) are on the agenda. The prospective buyers must therefore be proactive and evaluate the stability of their personal employment situation for the next months," states the provider.

Determine your perfect home

The study ensures that the new housing needs brought about by the containment should be applied, and emphasizes that, if this situation has shown anything, 'that many needs have been in the background; things that have come behind properties like m2, the height, the location in central areas or to have the most important communal pool. Now, there is an increase in the need for open spaces, outdoor spaces like terraces or balconies, natural light, energy efficiency and toxic building equipment. Furthermore, during this part of the process and thanks to the opportunities provided by teleworking, searching is also worth expanding to outskirts where all these features can be found at a more affordable price."

Find the right place

After examining the family needs and the approximate budget, it is time to search the market and use on-line alternatives before arranging a visit.

'It is advisable to use online tools that have trended over the weeks of containment (3D home plans, virtual tours, videos and photos in good quality) to ensure that those properties that fit the price range laid down also meet the housing standards and quality standards laid down by Begi's laws to avoid inutile travel and exposure to viruses as little as possible.

In addition, the provider recommends assessing the neighborhood in which the selected properties are located in advance and taking note of issues such as: access to health centres, schools, shops, supermarkets, restaurants, parks, public transport, and traffic. To this end, you can consult a range of available online tools to analyze all these extra services (the approximate cost can be around 20 euros for a complete report).

Tips for visits to property

It's time to arrange visits after finding multiple homes that fit our needs and budgets. Generally speaking, "if the property is of great interest it would be useful to have the "note simple" of the property, the Community certificate that the seller will acknowledge the payment, the state of the property charges, the most recent bills on water, electricity and gas or the Energy Efficiency Certificate. All this can be obtained online," emphasizes Solvia.

In addition, to avoid contagion risks, the study stresses "the need to respect hygiene measures and make the most of each visit in order to prevent future trips, although a large number of properties usually have to be visited before deciding on the final one." The advice from Solvia concludes, therefore, that 'it is essential that you take care of the security measures imposed and make full use of each visit, paying attention to certain aspects: the orientation, insulation, potential humidity, conservation state, installations, energy consumption or age.'