Acquiring a residence in Oropesa del Mar 2023: the perfect moment

acquire residence in oropesa del mar

To acquire a residence in Oropesa del Mar in 2023, we tell you: now is the perfect time!

Purchasing a residence is a significant and thoughtful decision that directly impacts our personal finances. In about a week, many will begin to enjoy the usual good weather of Holy Week, and the most privileged will do it from their beachfront apartments.

In this article, we will analyze four relevant factors that influence the decision to acquire a residence in Oropesa del Mar – Cabanes and we will provide valuable information to help you decide if this is the right time for you.

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Factors that influence when purchasing a residence in Oropesa del Mar

 

  1. Real estate market in Spain

In recent years, the real estate market in Spain has experienced significant growth. According to the Idealista price report, The price per square meter in the Valencian Community is 14.4% higher than last year, with a continued upward trend.

 

  1. Considering the current financing if you acquire a residence in Oropesa del Mar – Cabanes:

According to data macroeconomics and the newspaper Expansión, the Euribor closed February at 3.534%, 0.197 points higher than the previous month, where it stood at 3.337%.

The Euribor is the reference index for most mortgages in Spain.

This quote means that an average mortgage in Spain, of €120,000 for 20 years, reviewed in February, will pay €214.7 more in monthly installments, which translates into an annual difference of €2,576. This is because the Euribor rose 3,869 points compared to February 2022.

Thanks to our current purchase conditions, the increase in interest rates on variable mortgages will not be a problem for you. Contact us and we will explain why.

  1. Mortgage Term:

The mortgage term determines how much time you have to repay the mortgage. Currently, mortgage terms in Spain are relatively long, resulting in lower monthly payments. However, it's essential to consider that a longer mortgage term means paying more interest in the long run.

  1. Property Value:

The value of a property can be influenced by several factors, such as location, quality of construction, and the state of the real estate market. While property values can fluctuate, purchasing a property in A prime location in good condition can be a solid long-term investment..

According to data from Idealista, the gross yield of vacation rentals in the coastal areas of Spain increased slightly to 7.5% annually in 2021.

acquire a residence in Oropesa del Mar

Conclusions

In summary, if you are contemplating purchasing a residence in Oropesa del Mar or Cabanes, now is an opportune time. The real estate market in Spain is booming and mortgage interest rates are low.

 

acquire residence in oropesa del mar

Common expenses associated with the purchase of a home:

Along with the cost of purchasing a residence in Oropesa del Mar or Cabanes (the apartment itself), there are other expenses associated with purchasing a home.

Here you have Some common expenses you can expect:

Property Purchase Taxes: One of the main expenses linked to the purchase of a home is the property purchase tax. The Tax amount varies by location and the price of the property. It is crucial to investigate the applicable tax in the area where you are find the house you want to buy.

In the Valencian Community, the general rate of the Property Transfer Tax (ITP) is 10%. Furthermore, there are two reduced rates:

  • 8%, applicable for the acquisition of public housing or the first habitual residence of people under 35 years old.
  • 4%, applied for officially protected housing (VPO), large families with joint income less than €45,000 and the habitual residence of a person with a physical or sensory disability with a degree of disability equal to or greater than 65%, or with a mental disability with a degree of disability equal to or greater than 33%.

     
     

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Mortgage Expenses:

Mortgage fees cover the costs associated with the mortgage loan. These include account opening fees, attorney fees, appraisal costs, and real estate broker fees.

Notary fees:

Notary expenses include drafting and registering the property deed, registering the mortgage, and notary fees. At Inseryal by Marina d'Or, our notary team advises each client individually on the steps and necessary documentation before visiting the notary. Acquiring a residence in Oropesa del Mar has never been so easy.

Registration Fees:

Registration involves registering the property in your name. Registration fees include the registration fee and administrative costs.

How to Save Money on Home Purchase Expenses:

Now that you know the common expenses associated with buying a home, let's explore how you can save money on each of these expenses.

Apartments for sale in Oropesa del Mar

Savings on Mortgage Expenses:

To save on mortgage costs, compare different mortgage loan offers. Look for a low interest rate and try to avoid account opening fees and attorney costs. If you have good credit, it may be possible to negotiate a better deal.

Savings on Notary Expenses:

Notary fees are a fixed cost, but there are still ways to save. First, make sure you work with a trustworthy notary who offers reasonable prices. Our team provides a reliable notary office that the company has been collaborating with for years.

Second, review all documents before signing to avoid errors that could increase costs. Our writing team reviews your documentation to avoid surprises and errors. Don't worry about anything if you want to acquire a residence in Oropesa del Mar.

acquire residence in oropesa del mar

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