2024 just started, but many are already asking themselves if it is a good time to change homes or buy their first property. The new year is a time for reflection, self-analysis, and to think about new objectives, plans, challenges, and resolutions for the year ahead.
In this sense and since we live in uncertainty and certain economic and political instability both in Spain and outside of its borders, Tecnotramit wants to give you some key tips to take into account when buying property and determining if 2024 is a good time to do so.
Buying property is a complex economic decision and several elements must be taken into account. In fact, we advise talking to property experts, financial advisers, and even lawyers specialised in property transactions before making any decisions to obtain guidance specific to your situation and the market’s conditions at any given time. Today’s post provides 10 key tips to consider.
1. Property market conditions: Analyse the property market’s current situation. Note price trends, supply and demand, as well as overall stability.
2. Interest rates: Mortgage interest rates can have a significant impact on financing costs, specially with EURIBOR at this point in time.
3. Overall economic circumstances: Study the economic situation of the nation and the particular region you wish to carry the transaction out in.
4. Personal financial point of view: Your monthly income for the following years will be very important. Make sure your job is secure and set a suitable budget.
5. Location: Property location is key. Different factors such as accessibility, nearby amenities, safety, and future area development can affect value.
6. Urban planning: Research the area’s development projects. Factors like development, infrastructures, and long-term planning will affect the property’s value.
7. Opportunities: Some moments in time are favourable for offers or discounts on purchases. Pay attention to special promotions or times when vendors are willing to negotiate.
8. State of the premises: Assess the state of the premises. You will need to factor in any repairs or remodelling as extra costs.
9. Revaluation: Consider the possibility the property might increase in value over time. This can be linked to development projects in the area, infrastructure improvements, or changes in the market.
10. Personal stability: Make sure your personal situation is stable, trustworthy, and mentally healthy. These will be key to paying monthly mortgage payments for the following years.