Boutique Homes (+34-952-81-47-67) has released a guide detailing ways to purchase a home in Spain for individuals with limited savings. The guide focuses on the potential for financially solvent wage earners to capitalize on homeownership options from banks and rent-to-buy programs.
Marbella, Spain - September 17, 2021 /PressCable/ —
Boutique Homes has launched a new guide that suggests several ways to secure homeownership in and around Marbella without collateral security obligations assuming sufficient liquidity and in some cases, flexibility regarding property location.
More details can be found at https://telegra.ph/How-To-Buy-A-Home-Without-Savings—Housage-08-10
Boutique Homes guide notes that while homeownership programs have become more flexible, it remains typical for the prospective homeowner to assume a 20% mortgage on the purchase price plus at least an additional 10% in processing costs. However, the guide outlines four ways any committed buyer can complete an intended purchase, including the possibility for high-income individuals to complete such transactions with no difficulties.
Many high-income individuals carry limited savings. In the UK, for example, of those who earn more than £150,000 per year, more than 10% lack sufficient savings. In the United States, more than 25% of high-earning individuals have not invested funds for the future, according to a recent Wealth Index Survey. This fact can present obstacles and opportunities for people who wish to relocate and buy a home.
Boutique Homes suggests purchasing homes directly from the banks that have an inventory of homes from foreclosures and property seizures. Financial institutions will often offer 100% mortgages to cover the entire price of the house, leaving the new owner with nothing more than their monthly payment obligations. The disadvantage of this approach is that the purchasing party is limited in choice of location, as properties in large urban areas are less available.
The guide examines the legal intricacies of family loan arrangements alongside the benefits and ramifications of “rent with the option to buy” agreements.
However, a high income and good credit ensure the best opportunities for those with limited savings. In this case, the bank considers individuals able to assume the costs of purchase and will grant loans for a higher loan-to-value ratio, in some cases up to 100%.
Boutique Homes and Andalucia Realty are based in Marbella and have been operating on the Costa del Sol since 1996. The company can guide clients through all of the legal and financial procedures necessary to purchase luxury properties in the region.
“Banks recognize that times have changed and people are looking for more flexibility,” said an Andalucia Realty spokesperson.“Our long experience in this market allows us to help parties navigate the system to their advantage.”
More information can be found at https://telegra.ph/How-To-Buy-A-Home-Without-Savings—Housage-08-10
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Organization: Andalucia Realty
Address: Avenida Del Prado, c/ viena Sales Office Andalucia Realty, Marbella, Malaga 29660, Spain
Release ID: 89045942