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Buying a house in Menorca: What you should know about purchase costs
Buying a house in Menorca: What you should know about purchase costs
Buying a house in Menorca: What you should know about purchase costs
Buying a house in Menorca: What you should know about purchase costs
What expenses should I expect when buying my house? Do I need a mortgage? How much should I save to buy an apartment?
If these questions bother you, we can advise you.
What expenses should I expect when buying my house? Do I need a mortgage? How much should I save to buy an apartment?
If these questions bother you, we can advise you.
What expenses should I expect when buying my house? Do I need a mortgage? How much should I save to buy an apartment?
If these questions bother you, we can advise you.
What expenses should I expect when buying my house? Do I need a mortgage? How much should I save to buy an apartment?
If these questions bother you, we can advise you.
What expenses should I expect when buying my house? Do I need a mortgage? How much should I save to buy an apartment?
If these questions bother you, we can advise you.
What expenses should I expect when buying my house? Do I need a mortgage? How much should I save to buy an apartment?
If these questions bother you, we can advise you.
Besides, if you know that you will need financing, we recommend you to begin with consulting several banks so that they expound you their conditions. Currently, most banks can lend up to 80% of the sale price or of the estimated value (the "tasación"), usually basing themselves on the lowest amount.
Therefore, it is necessary to have a personal provision to cover the remaining 20%. In addition, they must clearly inform you about the costs that you will have to assume: not only the notary and the property register fees but also the costs related to the formalization of the mortgage loan, cancellation, interest, etc.
Buying a property in Menorca, whether a primary or a secondary residence, is usually part of a very intense emotional process. Thus, we could let ourselves be driven by these emotions and start visiting some properties that do not necessarily match our needs. That is why you should start with a fundamental step before looking for houses online: define your maximum budget.
First, you have to consider the notary and the property register fees: about 10% of the purchase price will have to be paid to cover them. If, for example, you have a budget € 150,000 € to buy an apartment, you have to take into account that you will have to pay around 15,000 € for purchase costs. Therefore, your property will finally cost you around 165,000 €. But beware, these costs may vary depending for example on the type of property or on your personal situation.
With all this information, the time as come to start looking for your new home. In addition to your budget, create a list of essential and less essential needs, tastes and criteria. In this way, we will be able to advise you and to help you find the right apartment or house. We all have an ideal home waiting for us, it's time to find it!
If you have been interested in this article, why not discover, also, "The before and after of a Menorcan countryside renovation" or, enter in the "Highlights of Menorca’s Early Human History".
If you have been interested in this article, why not discover, also, "The before and after of a Menorcan countryside renovation" or, enter in the "Highlights of Menorca’s Early Human History".
If you have been interested in this article, why not discover, also, "The before and after of a Menorcan countryside renovation"
or, enter in the "Highlights of Menorca’s Early Human History".
