Buying an apartment is one of the most important financial decisions in life. At IBIZA ROYAL AGENCY, we understand that it’s not just a real estate transaction, but also a personal and financial choice that will shape your future. One of the biggest questions is how much savings you need to take this important step.

Am I ready to buy?

Before talking about exact figures, it’s essential to ask yourself this question. Buying an apartment is not only about having savings: it also requires job stability, medium- and long-term planning, and good personal financial management. If you have a stable income, have reduced your debts, and are ready to commit to a mortgage, you’re already well on your way.

In our article How to know if a property is right for you, you’ll find practical tips to assess if now is the right time to move forward.

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Savings needed to buy an apartment

In general, banks finance up to 80% of the appraised value or purchase price of the property. This means you will need at least the remaining 20% in savings. On top of this, you must also consider the additional costs related to the purchase, which usually range between 10% and 12%, depending on the region.

Altogether, you should have savings close to 30% of the property value. For example, if the apartment costs €300,000, it is advisable to have around €90,000 saved to cover both the down payment and the additional expenses.

We also recommend reading our article Buying to live in or to invest? to reflect on the purpose of your purchase and how it impacts your financial strategy.

Other factors to consider

Beyond the initial savings, there are other key aspects to keep in mind:

Job and financial stability: crucial for mortgage approval and for your own peace of mind.
Monthly savings capacity: evaluate if you will be able to cover the mortgage payment along with your other fixed expenses.
Long-term planning: buying an apartment is not only an investment, but also a lifestyle choice. Think about your life stage and goals, as we suggest in our article Which apartment to buy depending on your life stage.

Conclusion

Knowing how much savings you need and whether you’re ready to buy is the first step toward financial security and peace of mind. At IBIZA ROYAL AGENCY, we guide you through the entire process, offering not only real estate advice but also the trust and professionalism you need to make the best decision.

Are you ready to take the next step toward buying your property in Ibiza?

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Costs When Buying a Home in Ibiza: Beyond the Purchase Price

Michele Bullo

Experto en Bienes Raíces Con más de 20 años de experiencia en el sector inmobiliario, Michele Bullo se especializa en la compra, venta y alquiler de propiedades, así como en la búsqueda de oportunidades de inversión estratégicas para particulares, empresas y fondos de inversión. Su profundo conocimiento del mercado, junto con un enfoque personalizado y una gestión integral, le permite identificar las mejores oportunidades y maximizar la rentabilidad de cada operación. Su compromiso con la excelencia y la transparencia garantiza un servicio profesional, eficiente y a medida, proporcionando a cada cliente la confianza y seguridad necesarias para llevar a cabo cualquier transacción inmobiliaria con éxito. Nuestro enfoque se basa en la transparencia, el profesionalismo y el compromiso con la excelencia. Ofrecemos una amplia gama de servicios, incluyendo: Compra y venta de propiedades: Asesoramos a compradores y vendedores para garantizar las mejores condiciones en cada transacción. Alquiler de inmuebles: Facilitamos la conexión entre propietarios e inquilinos, asegurando contratos seguros y beneficiosos para ambas partes. Asesoramiento en inversiones inmobiliarias: Brindamos análisis detallados y estrategias para maximizar la rentabilidad de cada inversión. Gestiones legales y administrativas: Acompañamos a nuestros clientes en todo el proceso documental y legal para garantizar seguridad y tranquilidad en cada operación. Marketing inmobiliario: Utilizamos estrategias innovadoras y tecnologías avanzadas para dar mayor visibilidad a las propiedades y alcanzar el público adecuado. Confíe en Michele Bullo para llevar sus inversiones inmobiliarias al siguiente nivel.