How much home can I afford in Madrid?
Here we share with you a simple calculator to see how much home you can afford in Madrid with the money you have.
When buying a home in Madrid there are other expenses on top of the purchase price you need to take into account. If you are unfamiliar with these, please check out our article “The real cost of buying an apartment in Madrid”.
The calculator below let you see the maximum purchase price you can afford with the money you have at hand.
How to use
__Under money available, indicate the cash you can invest personally into the purchase, no debt included.
__Under residency, indicate if you have Spanish residency.
__Under mortgage indicate the percentage of the property purchase price you want to mortgage.
__Press submit and see the result in the Output section
The main difference between Spanish resident and non resident is that as resident you will be able to mortgage up to 80% of the home you want to purchase if it is to live in it.
As a non Spanish resident or as an investor you will only be able to mortgage 50% of the property purchase price.
Why this reality check
Every week a prospective buyer come to us with the following question in mind: “I want to buy a 250.000€ property can you help me with that”
Often time she looked online already and found properties she more or less liked under that price tag.
When I started working at Moving2Madrid my first instinct was to say: “Of course I can, here is how we can help: …”
Falling into that trap has proven to be a huge waste of time for my clients and myself.
I quickly learned to ask “Please tell me first how much of your own cash you want to put into this purchase?”
50% of the time the prospecting buyer overestimates how much home he can afford! Having your finance ready is one of the key aspect that will distinguish you from the average buyer when you start negotiation.
You need a reality check or you end up daydreaming on idealista.
What is next?
Now that you answered the question: how much home can I afford in Madrid, it is time to get started:
- Review the market online within your budget?
- Prepare your documentation and finances
- Set up a realistic timeframe to reach your goal
- Source results and make a reality check on site
- Establish your top 5 and start negotiation
- Due diligence and closing
- Post purchase and refurbishment
At Moving2Madrid we have helped hundreds of clients secure the best property for their criteria with this process.
Contact us here to see how we can help you secure the best property for your criteria.
checklist of things you need to do before apartment shopping in Madrid.
The Best Neighborhoods in Madrid
How much does property refurbishment cost in Madrid?
How to get a Spanish mortgage as a foreign buyer
Posted on 29 May, 2020 by Brian Mosbeux in Taxes - Taxes - Sin categoría - Mortgage - Mortgage - Invest - Costs - Costs - Buy, New? Start Here
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