When you buy a new home, you should think of defining a clear strategy, especially if you want to buy property in the centre of Madrid. Generally speaking, people are very eager to purchase a property in one of the most attractive parts of the Spanish capital.
But before you take that final step, take the advice in this blog article in consideration. It is not complicated, but taking the time to process ShMadrid’s advice today could probably save you some trouble later.
Related article: Living in Madrid’s Centre with the Least Amount of Stress
The best advice on buying an apartment in Madrid in 2020
When you are thinking of buying a property in Madrid Centro, then the first thing you should do is calculate your budget. The real estate market has stabilized and prices are on the increase, even more so in the centre of the city, and this is one of the areas most in demand.
So when you have found out what you can spend on a property, remember that your monthly mortgage payment should not be more than 40% of your monthly income. Even if the apartment meets all your requirements and expectations, be sure not to regret your decision later on.
Living in the heart of Madrid can be a dream, but the key to living there is to be relaxed and really enjoy the investment. Another piece of advice is visualizing the aspects of your ideal apartment. This way you will not be persuaded by the neighbourhood alone, however tempting the area may be.
If you know your financial situation and are aware of the features you wish for your new home, then all you have to do is say “yes” when your ideal property pops up on your radar. As there are lots of properties for sale in Madrid, it is good to invest time in viewing many of them. This will only strengthen your decision on deciding what is the right property for you.
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Once you have chosen the centre of Madrid as your location, you will most likely want to buy a second-hand apartment. Always check in advance what kind of documentation you will need to proceed:
- Property title
- Last invoice of Property Tax (Impuesto de Bienes Inmuebles or IBI)
- A certificate of community ownership that certifies that the property is up to date with all payments
- Last invoices of water, gas and electricity
- Nota Simple from the Land Registry on ownership and charges that were paid on the property
- For homes that are over 20 years old, there should be an ITE (Inspección Técnica de Edificios or Technical Building Inspection)
Buying an apartment in Madrid city centre is not an easy task, but you can always ask for assistance. There are many ways to go about getting the right information, and spending some time on deciding what is the right investment for you is important.
Don’t be in a hurry to sign anything, and once you have studied reliable sources of information, make sure you have a set of skills to negotiate the best deal. If you have doubts or find it hard to decide or negotiate, be confident enough to realize this and ask for help.
A real estate expert can help you with negotiations or tell you more about the real estate market in the area of your preference. Our last advice is to also give other districts in the city a chance. The centre of Madrid is fantastic, but there are definitely other interesting neighbourhoods to live in.
And although emotions are an important part of choosing your preferred area, don’t forget objective factors, like parking, city services, property prices and nearby parks, for example. Before deciding on the neighbourhood or district, weigh your pros and cons and prioritize them.
Do you have other advice when buying a home in Madrid’s city centre?
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