Moving from the city to the coast is a dream for many, offering a more relaxed lifestyle and the opportunity to enjoy the sea and tranquillity daily. However, the process involves several important steps and a clear understanding of the costs involved.
If you are thinking about moving and want to be well-informed, read on! This article will give you all the information you need to sell your current home and buy a new one on the coast.
What factors should I consider before selling my home and buying another?
Among the many considerations, you need to take into account when selling a house to buy another is the bank. If you bought your current home with a mortgage, you will need to check with the bank if there is a commitment to keep it for the first few years. You must accept the conditions before putting it up for sale. We will tell you what steps we take to sell a house and buy another:
1. Get to know the real estate market
The first step in selling your house is to find out its real market value. To do this, it is important to analyse the property market, how the price of house sales has developed and what the demand is in the area. Do the same in the area where you want to buy. It is also a good time to find out what the mortgage rates are and what the Euribor forecast is if you have a mortgage and are interested in selling the house.
2. Home valuation
Hire a professional surveyor or ask the bank to help you find one. This will give you a more accurate estimate of the price of your home, based on factors such as the location, size and condition of the property. Knowing this information will make it easier for you to set a competitive price.
3. Preparing the home for sale
The presentation of your home can have a significant impact on the speed of sale and the price you receive. Consider hiring a home staging service to improve the appearance of your home.
4. Selecting a real estate agent
A good real estate agent can make the selling process much easier. Look for a professional with experience in your area and a solid reputation. An agent with local knowledge will be able to offer you effective marketing strategies and negotiate on your behalf to obtain the best possible price.
5. Calculate the costs of buying and selling
Once you know how much your house costs, it's time to work out how much money you'll need to sell your house and buy a new one. Selling and buying a house involves some additional costs. These can include notary, registration and agency fees, as well as taxes such as the Property Transfer Tax (ITP) and Stamp Duty (AJD). A detailed budget is essential to avoid any financial surprises.
When selling your home, you must also take into account the estate agent's commission, the cost of any necessary certifications, such as the energy certificate, the certificate of occupancy, and any final repairs. These costs can vary, so it is advisable to get an estimate beforehand.
Don't forget to include moving costs and any renovations you may need to make to your new home. You may also need legal and financial advice to ensure that the whole process goes smoothly and follows the regulations.
Selling a house with a mortgage to buy another: What you need to know
1. Removing the current mortgage
If you have a mortgage on your current home, you will need to pay it off before you complete the sale. Contact your bank to find out the outstanding balance and cancellation costs. It is important to be aware of any prepayment penalties and other associated fees.
2. Getting a new mortgage
Applying for a new mortgage to buy your coastal home is a crucial step. Research different mortgage offers and compare interest rates, terms and conditions. Make sure you gather all the necessary documentation and meet the bank's requirements to speed up the process.
Regulations in Spain 2024 for buying and selling a house
Selling a house in Spain is subject to certain legal requirements. You must provide all the necessary documentation, such as the energy certificate, a document certifying that the building is free of charges and the certificate of occupancy, among others. You must also be aware of restrictions and permits, and follow the legal procedures to avoid future problems.
Tips for a smooth transition with Prime Invest
Coordinating the sale of your current home and the purchase of a new build home requires careful planning. Seeking the advice of professionals such as estate agents, lawyers and financial advisors can greatly facilitate the process. Among the services we offer at Prime Invest, you can find strategic consulting on buying and selling on the Costa del Sol. Thinking of escaping the hustle and bustle of the city? Discover all of our dreamy real estate projects close to the sea.
It is common for people to change homes several times during their lives. This can be for a variety of reasons: a change of job, a family expansion, an inheritance, investments or the need for a change in lifestyle, among others. In any case, different life circumstances may lead to the sale of a first home to buy another. This is one of the biggest transactions that keeps our country's property market active.
Moving from the city to the coast is a dream for many, offering a more relaxed lifestyle and the opportunity to enjoy the sea and tranquillity daily. However, the process involves several important steps and a clear understanding of the costs involved.
If you are thinking about moving and want to be well-informed, read on! This article will give you all the information you need to sell your current home and buy a new one on the coast.
What factors should I consider before selling my home and buying another?
Among the many considerations, you need to take into account when selling a house to buy another is the bank. If you bought your current home with a mortgage, you will need to check with the bank if there is a commitment to keep it for the first few years. You must accept the conditions before putting it up for sale. We will tell you what steps we take to sell a house and buy another:
1. Get to know the real estate market
The first step in selling your house is to find out its real market value. To do this, it is important to analyse the property market, how the price of house sales has developed and what the demand is in the area. Do the same in the area where you want to buy. It is also a good time to find out what the mortgage rates are and what the Euribor forecast is if you have a mortgage and are interested in selling the house.
2. Home valuation
Hire a professional surveyor or ask the bank to help you find one. This will give you a more accurate estimate of the price of your home, based on factors such as the location, size and condition of the property. Knowing this information will make it easier for you to set a competitive price.
3. Preparing the home for sale
The presentation of your home can have a significant impact on the speed of sale and the price you receive. Consider hiring a home staging service to improve the appearance of your home.
4. Selecting a real estate agent
A good real estate agent can make the selling process much easier. Look for a professional with experience in your area and a solid reputation. An agent with local knowledge will be able to offer you effective marketing strategies and negotiate on your behalf to obtain the best possible price.
5. Calculate the costs of buying and selling
Once you know how much your house costs, it's time to work out how much money you'll need to sell your house and buy a new one. Selling and buying a house involves some additional costs. These can include notary, registration and agency fees, as well as taxes such as the Property Transfer Tax (ITP) and Stamp Duty (AJD). A detailed budget is essential to avoid any financial surprises.
When selling your home, you must also take into account the estate agent's commission, the cost of any necessary certifications, such as the energy certificate, the certificate of occupancy, and any final repairs. These costs can vary, so it is advisable to get an estimate beforehand.
Don't forget to include moving costs and any renovations you may need to make to your new home. You may also need legal and financial advice to ensure that the whole process goes smoothly and follows the regulations.
Selling a house with a mortgage to buy another: What you need to know
1. Removing the current mortgage
If you have a mortgage on your current home, you will need to pay it off before you complete the sale. Contact your bank to find out the outstanding balance and cancellation costs. It is important to be aware of any prepayment penalties and other associated fees.
2. Getting a new mortgage
Applying for a new mortgage to buy your coastal home is a crucial step. Research different mortgage offers and compare interest rates, terms and conditions. Make sure you gather all the necessary documentation and meet the bank's requirements to speed up the process.
Regulations in Spain 2024 for buying and selling a house
Selling a house in Spain is subject to certain legal requirements. You must provide all the necessary documentation, such as the energy certificate, a document certifying that the building is free of charges and the certificate of occupancy, among others. You must also be aware of restrictions and permits, and follow the legal procedures to avoid future problems.
Tips for a smooth transition with Prime Invest
Coordinating the sale of your current home and the purchase of a new build home requires careful planning. Seeking the advice of professionals such as estate agents, lawyers and financial advisors can greatly facilitate the process. Among the services we offer at Prime Invest, you can find strategic consulting on buying and selling on the Costa del Sol. Thinking of escaping the hustle and bustle of the city? Discover all of our dreamy real estate projects close to the sea.
Share this:
