The inflationary episode that we are experiencing has led to a great loss of purchasing power for families since 2021. Although a small recovery is documented during the first six months of 2023, the Bank of Spain still appreciates an economy with a lack of energy and a sector somewhat weak real estate.
Identifying market problems will be of great help to those who want to participate in it. Hence, one of the tips for homeowners has to do with helping the buyer so that he can make the purchase more easily.
At least 3 out of 4 buyers have to request financing to buy a home, according to data provided by Housfy. The tightening of financial conditions in the Eurozone therefore makes it more difficult for families to access the real estate market.
With this information on their part, a seller who is flexible and willing to help the buyer will find that the buying and selling process is made easier and faster, without great sacrifices in return.
It is known as subrogation for change of debtor and means, plain and simple, changing the current mortgage holder, if there is one.
This would not affect the conditions of the sale at all: the buyer must pay the difference between the mortgage to which it is subrogated and the sale price of the home that has been set in the deeds.
In fact, the seller would save the commission for mortgage cancellation, in case he had it.
Another way to favor the buying and selling process for the buyer, despite being unusual in our country, would be to agree on a deferred payment.
Thus, first an amount of input is disbursed and, in the deed of sale before a notary, the frequency and conditions under which the rest of the money will be delivered in installments are established.
It is the great dream of buyers, who would live X time in the property in exchange for a monthly rent that, in case of continuing with the sale, would be totally or partially discounted from the price of the house.
The purchaser should not have large savings to access the purchase of a home, the price of which is covered without having to go to the bank.
But it can also be beneficial for the owner, especially if he does not have an excessive need for liquidity in the short term.
The rent with purchase option is a great opportunity to sell the property in the midst of a cool economic situation with dwindling demand. In addition, it ensures a high sale price in the face of a possible drop in apartment prices. And it is that the final sale price is set at the time of the formalization of the lease, even if the sale takes place years later.
