Savings needed to buy a flat
Before deciding to buy a flat, it is important to take into account the savings needed to face this investment.
In general, the entities usually grant approximately 80% of the price of the house, and the buyer must contribute the remaining 20%, plus an extra 10% for the costs of buying the house.
For example, considering the price per square meter of new construction in Catalonia, the buyer must have saved at least 20% of the price of the house he wants to buy, in addition to the aforementioned purchase and sale expenses.
If the buyer has to contribute 30%, it would be around 107,832 euros, at least.
Additional expenses
In addition to the cost of housing, there are other recurring costs to consider such as taxes, insurance, council rates and community charges.
Experts agree on an ideal percentage that should range between 30% and 35% of monthly income at the most to allocate to the mortgage.
Cash payment
If you have a lot of savings, you can pay for the house in cash, but you need to add between 10% and 12% of additional expenses such as notary, taxes and Land Registry.