I’ll trade my house for yours: Home exchange exceeded 3,000 transactions between January and May

High prices of second-hand homes a 10.8% In the first half of the year, the difficulty of future owners obtaining mortgage loans after banks obtained them The financing tap is closed To avoid delinquency, they brought a figure from the real estate market onto the scene that is gradually gaining a following: home exchange.

It is an alternative to the traditional purchase of real estate on a property basis swap, who enters January and May added 3005 operations, According to data from the National Institute of Statistics (INE). Consists of two owners Voluntary exchange their homes from asimilar value without any financial compensation.

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However, although there should be no money in principle, the difficulty of owning these two properties have the same value Sometimes he makes the party whose house is cheaper pay the difference to the other party. In these cases the contract will be mixed Exchange and sale.

The biggest drawback to swapping is the difficulty of two owners who want to swap their homes is foundthat both love each other’s possessions and that they have the same value,” he points out Jesus DukeVice President of Alfa Inmobiliaria. However, there are internet portals that put people interested in changing their property in touch.

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The procedure to follow once both parties have chosen to make the exchange is Valuation of both homes and agree to your final price. It is also important to verify that it is Without fees Administrative, mortgage and estate tax (IBI) has been paid. To do this, you must request a simple note in the cadastre, the latest IBI receipt showing that you are up to date with payments and a certificate from the owners’ community confirming that there are no outstanding debts.

Both owners must sign swap contract Who collects the terms of the operation and then performs an action writing Housing before a notary in order to transfer ownership of both properties. Finally, they must Registration of real estate in the registry affiliate Property.

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The increasing interest in the stock exchange is due to its advantages compared to the traditional sale, and among them, it is highlighted that these properties in general, Cheaper Because they usually Priced below market. Moreover, since taxes and other Invoices It is calculated based on this price, quantities them too minimum.

Those who benefit most from this formula are those who should City change and are looking for housing in the destination city and those who, although they have property, You have no liquidity To buy a house or a bank Don’t give them a mortgage. For them, real estate swaps are “a very good option,” Jesus Duque says.

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In the 2008 crisis, he recalls, bartering rebounded as many banks cut back on granting mortgages: “The only alternative many buyers saw at the time was to choose the stock exchange”.

exchange allow Exchange homes with a mortgage, but the price for each house will be his Market value minus principal outstanding For consumption from Fotocasa they give the example of a property that has a value of 100,000 euros and a mortgage of 20,000, in which case it could be exchanged for a property of 80,000 euros without a mortgage.

Before doing this, the bank with which you took out the loan should study the case and make a decision about it Agree to change ownership of the mortgage, and if so, on what terms. For their part, in these cases, the new owner has different options: implement a renewal to change the owner of the mortgage, New hire Mortgage to appear as owner or changes Mortgage entity A financing company (an alternative) if it does not accept the change of owner.

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