You've probably heard about bank-owned flats, from friends and acquaintances who recommend or not to go for this option when buying a house. Who should we pay attention to? Is it a good option or, on the contrary, is your brother-in-law selling you once again what works for him?
Let's find out together! Because our mortgage experts have made a super easy analysis of bank-owned flats so that you have, as always, all the information to make the best decision when buying the house of your dreams. Let's go!
What are bank floors?
First things first. Let's go into the subject matter of this concept a little bit, to understand what we are referring to when we talk about bank-owned flats. This is what we refer to as the properties owned by financial institutions, sometimes as part of allotments and, on other occasions, as direct investments.
Nowadays, many entities offer housing sales or rental services directly or through their own real estate portals.
The process for buying a flat from a financial institution is no different from buying a normal house. However, the differences are mainly due to financing. Let's now look at the advantages and details of bank-owned houses.
Advantages of bank-owned houses
What makes these apartments an attractive option? Well, basically, these 3 aspects that, let's admit it, are often what make us choose one property or another. Let's see what you think!
• Price: This is often the filter for many buyers. Sometimes, very attractive promotions appear with discounts that you shouldn't miss. So, it's best to keep an eye out for these types of offers, through portals, newsletters, etc. Don't miss out!
• Higher percentage of financing: as long as you take out the mortgage with the bank itself. It is best to be clear about what house you can buy with your salary. If you don't know, we invite you to check out our post about what house your salary can buy .
• Longer mortgages, so you can pay them more comfortably.
Tips for successfully searching, finding and buying a bank-owned apartment
As a recommendation, we have gathered and condensed the 2 main points to take into account so that everything goes smoothly when you opt for one of the bank apartments:
The price of the flat
But weren't these types of apartments cheaper? Yes, but you shouldn't take it for granted either. Make sure you check all the details. Also, if you want, you can compare the price with other apartments in the area where you would like to live. Or even better! Let one of our mortgage experts inform you about the price of the house so that the final result fits as closely as possible with your budget and expectations.
The state of the floor
This is something you should always do, especially with second-hand flats. However, this can represent an opportunity to undertake a renovation and leave the flat, from the start, as similar as possible to the house you always dreamed of. Carefully check the condition of the facilities and calculate how much you will have to invest to make everything to your liking.
For this reason, at Hipotecas.com we have the product you are looking for: a mortgage with renovation that seems made for you, if you are thinking of a complete remodeling of your new home. Do you want to discover it?
