Ok, you are interested in buying a house or an apartment in Andorra, or perhaps a chalet. But if you are going to buy a property for the first time in the principality of Andorra, it is highly recommended that you follow the following advice:
6 tips for buying a property in Andorra
1.- Explain everything
Yes, yes, it is very important. It is not that you should reveal personal matters, but it is necessary to explain what resources you have to buy a property.
Explain the details to your agent of how and when you want to make the investment. More information implies better search effectiveness. Because you don’t want negative surprises, but your agent doesn’t like them either!
The necessary “self-question”: Can I really buy?
It is necessary to know if you have sufficient economic capacity. To buy a property with certain characteristics and location, it is necessary to have sufficient financial support. This is a thing that you have or you don’t have.
Let’s dig deeper, that is, will the purchase be backed by a mortgage loan? Will you make an initial payment of more than 20% of the purchase value and will you request a lower mortgage? Inform your agent in advance of any financial setbacks or financial capacity limits for the purchase.
Above all and it is very important; you should always say what your REAL maximum budget is. In this matter you must be as sincere as possible about your objectives if you want to buy a property in Andorra.
2.- Make two lists
Write down a list of the things you want in your new home. Then write the things you will need to do on another list. At first glance it seems silly, but it is not!
Share this list with your real estate agent so they can help you find what you’ve been looking for for some (or quite some) time.
Plus, update or add to your lists as you think about things, and share those changes back with your agent.
3.- Take notes
Your agent will keep solid records of the homes he is prospecting for you. However, you should also bring your own notes when you go to visit some properties with your agent.
After each visit, share with your agent what you liked and didn’t like. That will help you narrow your search and the time to find it will be greatly reduced.
4.- Organize your documentation
You should keep your documents organized and all in one place (within a folder perhaps). If you have a binding offer from your mortgage loan pre-approval bank, you will have to take it into account when you decide to make an offer to buy the house or apartment that you finally like.
5.- Positivism
This is perhaps the most important tip for first-time buyers, no kidding. Keep a positive spirit.
Sometimes, even after you’ve found the home you want, after you’ve made an offer and been accepted, the closing process can often take longer than you think.
Closing processes before reaching the Notary can be delayed because some bureaucratic and administrative procedures have to be carried out that take time. You know, “palace things go slow.”
6.- Talk to your Agent
A knowledgeable real estate agent is a very valuable asset for first-time buyers. An experienced Real Estate Agent will help you ‘navigate’ through the sometimes choppy waters of the buying process and know what to do next.
You can call and speak to an agent if you have general questions. However, if you decide to seriously start the process of buying a property in Andorra, you will need a real estate agent as soon as possible.
The Andorran residential market moves quickly and the best properties that have the best price-quality-benefits ratio are those that sell much earlier.
Do not hesitate to contact us without obligation and ask us your questions or ask us if you want to buy a property in Andorra.
Other publications that may interest you:
- How to get the Passive Residency in Andorra in 2023?
- How to get the Active Residency in Andorra in 2023?
- What advantages does the Andorran tax system have?
- Would you like to live in Andorra?
The best properties wait for no one.
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