In the complicated universe of the Spanish real estate market, many people are looking for their first home. The main challenge is to face the purchase without having guarantees. But is it really possible? For this you must have your finances clear, with savings and a clean credit history. Remember that outstanding debts can be an impediment to achieving your goal.
Why is it difficult to buy without guarantees?
The traditional financial system has been structured around guarantees. When buying a home, many banks request guarantees to support the mortgage payment. This can be an obstacle for those who do not have that support.
Preparing your personal finances
Before venturing into the purchase, it is essential to have financial clarity. This implies: substantial savings, clean credit history and no outstanding debts.
The more initial capital you have, the smaller the amount to be financed and the more confidence you will generate in the entities. If you do not have a guarantee, your credit history will be your best letter of introduction. Make sure you do not have outstanding debts or, at least, that you manage them properly.
Banks that offer mortgages without guarantees
There are banks and financial institutions that have designed products thinking of those who do not have guarantors. Research and compare conditions. Remember that the interest rate, terms and conditions vary depending on the bank.
Subsidies to purchase a home
In Spain, there are programs that seek to facilitate access to housing for young people and people without guarantees. Finding out about them could open doors you didn’t know about.
Aspects to consider when choosing your home
The price is not the only factor, although you should know that it is essential to determine the future value of the property. In addition, the state of the property and the connection to services are taken into account. A home in good condition reduces the risk of future expenses. The proximity to hospitals, schools and public transport.
negotiate the price
In some cases, it is possible to negotiate the payment terms directly with the seller. If you manage to build trust, you could agree to a favorable scheme without the need to involve guarantees.
Tips for buying a home
Not those precipitates. Make sure you know the market well before making a decision. In this sense, seek advice since a real estate expert can guide you and offer alternatives that you had not considered.
Set a budget and stick to it. Do not assume commitments that exceed your ability to pay.
Acquiring your first home without endorsements is not an easy path, but it is not impossible either. With information, preparation, and a clear strategy, you can do it. Remember that, ultimately, your commitment and responsibility will be your best guarantees before any entity or seller. Good luck on your search!
