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Mortgages for second homes: what do they offer and what we have to look for hiring
In the final stretch of summer and autumn start sales of second homes multiply. This has traditionally occurred, except the brunt of the housing and financial crisis.
In this 2016, after a few years of moderate and healthy recovery in the housing market and prices to pick up again the sale of second homes. The purchase is still very selective and mimics a similar pattern to the first home, as first focuses on the most Premium coastal areas and valued. For example, first near shorelines areas. What is difficult to solve, at least in the short term are macrourbanizaciones and remote areas, where two problems come together:
The first, which exist in areas offering higher quality, environment or location, sale always prevail in the latter.
The second, that most of these properties are held by banks, which are valued although the accounting provisioned much higher than the price they should have without substantial discounts (which would mean losses) is very difficult to be attractive.
Mortgages on the market
But all purchases hardly be possible without funding. Similarly, but even more timid, banks give mortgages to become second home. As a rule, they are not specific products are adaptations to their main mortgages with some stricter conditions.
Under these conditions limiting the user is clear about what they can finance. If we take into account the expenses incurred in the purchase (taxes, notary fees, management, ...) and have to pay, on average, about 30% of the value of new housing, such acquisitions require a cash reserve very important .
To all this we have time limits on the mortgage. Not usually a problem if a small second home value is acquired. Distribute 70% of it to an average of 25 years given as results assumable quotas, lest we forget, with low interest rates will rise at some point. But if the second home is the investment objective, bought for example in a large city if it can be problematic.
With all this, let's look very well financially that we will pay. We seek to do so as quickly as possible, provided that the fee, plus a margin of increase is affordable. A second home should be a supplement or an investment, never a financial problem.
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If you need advice during the purchase of your home on the Mediterranean coast of Spain, contact EUROPAHUS. You tell us what you have in mind, and we take care to provide as many options according to your budget and preferences.
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