Complete Guide: How to Buy Your First Home Without Losing Your Mind

Buying your first home is one of the most important decisions of your life. It is not only a significant financial investment but also an emotional step that marks a before and after. In this guide, we walk you through the process step by step to make it as clear and simple as possible.

Step 1: Assess your financial capacity

Before searching for properties, you need to know your real budget. The general rule states that your mortgage payment should not exceed 30-35% of your net monthly income. Additionally, you will need savings to cover approximately 20% of the property value as a down payment, plus an additional 10-12% for fees and taxes.

Step 2: Get mortgage pre-approval

Visit several banks and compare offers before deciding. Pre-approval gives you negotiating power with the seller and avoids unpleasant surprises. Compare the APR, not just the nominal interest rate, and pay attention to the bundled products they require.

Step 3: Define your needs and priorities

Make a list of must-haves versus nice-to-haves. Think about location, size, orientation, proximity to public transport, schools, and services. Remember: you can renovate a kitchen, but you cannot move the building to another street.

Step 4: Legal procedures you cannot ignore

Always request a simple note from the Property Registry to verify ownership and any encumbrances. Review the energy certificate, the habitability license, and the property tax (IBI). If buying new construction, confirm that the developer has the mandatory ten-year insurance.