Step-by-step guide to buying your first home

Category: General

Buying your first home is one of the most important decisions in life. Not only because it represents a long-term financial commitment, but also because it marks the beginning of a new personal and family stage.

At laHome Inmobiliaria we know it well: we accompany dozens of people and families every year in this process, and we understand how exciting, but also how overwhelming it can be. That's why we have prepared this step-by-step guide to buying your first home, based on our experience, with real advice, without technicalities, and focused on what you really need to know.

Are you ready to take the leap? Essential Prerequisites

Before you start looking at houses or looking for financing, it is essential to pause and reflect: are you really prepared to buy your first home? This step involves analyzing your job stability, your personal situation, your savings and your expectations in the short and medium term.

At laHome Inmobiliaria, we always recommend starting with a thorough financial review. Do you have a stable job with constant income? Can you take on a mortgage for 20 or 30 years? Do you have savings to cover 20% of the value of the property plus additional expenses (taxes, notary, management, etc.)? These points are key.

It is also important to reflect on your lifestyle. If you are considering changing cities or countries in the coming years, or if your personal situation may change (starting a family, starting a business), it is better to wait or consider more flexible investment options. Buying a house is a long-term commitment.

At laHome Inmobiliaria we speak five languages because many of our clients are international. The first thing we do with each buyer is an initial consultation to understand their real needs and avoid hasty errors.

Define your real budget: beyond the sales price

One of the most common mistakes when buying your first homeis to calculate only the sale price. But the reality is that buying a house involves more costs. To start, you need to have at least 30% of the value of the home: 20% that the bank will not finance you and another 10% in expenses.

Purchase expenses include taxes (ITP or VAT depending on whether the home is new or used), notary, registration, management and, in some cases, appraisal. In the Valencian Community, for example, the ITP is 10%, which can be a significant amount.

At laHome Inmobiliaria we help our clients prepare a complete and realistic budget from the first moment. We not only tell you how much the house is worth, but also how much you will need in total to buy it.

In addition, it is important not to allocate all your savings to the down payment. It is advisable to leave a financial cushion for unforeseen events, renovations or household expenses. Do not go into debt beyond what you can comfortably pay month to month.

Financing: how to get your ideal mortgage

Getting the right mortgage is an essential part of the process. Not all mortgages are the same, and although banks tend to offer similar conditions, the difference between a fixed rate and a variable rate, or an origination fee or another, can have a big impact on your pocket in the long term.

The first recommendation is to go to several financial entities and compare offers. Many times, buyers stay with the mortgage from the usual bank, without exploring other options. You can also count on a mortgage broker to help you negotiate better conditions.

At laHome Inmobiliaria we collaborate with financial experts who analyze your profile and negotiate for you. Our goal is for you to obtain the best possible mortgage according to your conditions.

Don't forget to check the fine print carefully: early repayment fees, linked products (insurance, cards, pension plans), and above all, the APR, which reflects the real cost of the mortgage.

Where to look for your future home? Zones, portals and advice

House hunting can be exhausting if you don't know where to start. Therefore, the first thing is to be clear about which area interests you. Do you prefer to live in the city or in a residential area? Do you need good transport connections, schools, green areas?

At laHome Inmobiliaria we promote healthy, outdoor living, which is why most of our properties are in residential areas such as La Cañada, in Paterna, a green lung just 15 minutes from Valencia.

Once you are clear about the area, you can start searching on real estate portals, but it is also key to have a trustworthy agency. We work with clients from Canada, USA, France, Germany, United Kingdom, and other countries. For them, having a local and multilingual real estate agent makes the difference.

Visits and decisions: what to evaluate before choosing

The visits are the most exciting moment of the process. But it is also when the most mistakes are made. It's easy to get carried away by a modern kitchen or a well-decorated living room. But what is really important is in other details.

Always check the orientation, the state of the facilities, the community of neighbors, the fixed expenses (IBI, community, supplies), and above all, if the house needs renovations. At laHome Inmobiliaria we evaluate each property with our technicians to avoid surprises for our buyers.

It is also important to consider the environment: is it a noisy area? Are there services nearby? What is the security like? Buying a house is not just choosing a structure, but a lifestyle.

The offer and negotiation: how to close well

Once you find the ideal house, it's time to make an offer. This step can cause anxiety, especially if it is your first purchase. What if I offer too little? What if someone gets ahead?

At laHome Inmobiliaria we advise you so that your offer is firm but reasonable. We know the real market prices and negotiation conditions of each property. Our team mediates with the seller to reach the best agreement for both parties.

Once the offer is accepted, it is formalized through a reservation contract or deposit contract. This contract already implies a real commitment, so it must be well written and reviewed by a professional.

The reserve and the deposit contract: first major signature

The deposit contract is the first important signature in the purchase of your home. It includes the agreement between buyer and seller, the amount given as a down payment (normally 10% of the price), the deadline to sign the deed, and the specific conditions agreed upon.

It is essential that this contract is clear and well drafted. At laHome Inmobiliaria we manage everything from the first moment, ensuring that each clause protects our buyer client.

It is also a time when many doubts arise: what happens if they don't grant me the mortgage? What if the seller backs out? All this must be written down.

The mortgage step by step: what no one explains to you

When you sign the deposit contract, you should already have the mortgage pre-approved. But between that approval and the final signature there are several steps that can take weeks: appraisal of the property, documentary review, acceptance of conditions, and coordination with the notary.

At laHome Inmobiliaria we work with trusted financial entities and notaries to speed up the process. Our comprehensive system allows the buyer not to have to worry about anything. We manage everything, with transparency and without fine print.

Signature at a notary: what happens and what you should bring

The signature at the notary is the most anticipated moment. This is where the purchase and mortgage are legally formalized. The buyer, the seller, the notary and, if there is a mortgage, the bank representative are present.

It is important to review the draft of the deed in advance and bring all the necessary documentation: ID, proof of payments, bank certificates... At laHome Inmobiliaria we always accompany our clients at this time, so that everything is clear and without surprises.

After signing: ownership changes, taxes and more

After signing, several procedures must be carried out: pay the corresponding taxes (ITP or VAT), register the property in the Property Registry, change the ownership of supplies and take out home insurance.

Many buyers believe that with the signature everything ends, but the reality is that the process continues. That is why our comprehensive system also includes these steps, so that our clients can enjoy their new home without complications.

Common mistakes when buying your first home

Among the most common mistakes we see in first-time buyers are: not calculating the budget correctly, not reading the small print of the mortgage, buying in a hurry or emotion, or not having professional advice from the beginning.

At laHome Inmobiliaria we have developed specific processes to avoid these errors. For us, the most important asset in your life is your time, that's why we dedicate it to you.

Extra tips from laHome Inmobiliaria to get it 100% right

• Be sure to visit the home at different times of the day.

• Talk to neighbors and get to know the surroundings.

• Check the community statutes if it is a flat.

• Check if there are pending spills or conflicts.

• Make sure you have adequate legal support.

Buying your first home is a unique experience. At laHome Inmobiliaria, we have been helping people like you for years to take that big step with security, closeness and professionalism. If you are thinking about buying your house in the Valencian Community or you are a foreigner looking for a home here, we will be happy to help you. For us you are not a number, you are part of the family. Contact us!