Buying a home is a big step, so you have to follow a series of steps and not rush.
Buying a home is one of the most important steps for anyone, and as such must be raised calmly, since thinking about the disbursement is a stress for families but also a joy when you think of building a new home from zero. Analyze the market, know possibilities and opportunities, be consistent … everything influences when acquiring a property, either for own use or as a future investment. These are the ten essential points to take into account before signing a mortgage and to avoid possible conflicts that are the focus of such an exciting process.
The center or the outskirts? The location is one of the most relevant factors. It is not limited only to the area, but everything that revolves around it: communications by road and public transport, existence of services -such as supermarkets, schools, health centers- and other details will make the house more comfortable and, ultimately, suppose a better investment. It is not necessary to move to the center of the city; in fact, trendy neighborhoods are increasingly removed from kilometer zero.
The current real estate market is diverse, but whatever the budget, you have to value it calmly. In addition to being in line with the offer – if you discover a too good bargain, you suspect – it is important to take into account the area in which it is located, the qualities, the need for reform and at what level, the common benefits of the community … definitive, all the factors that revolve, both directly and indirectly, around the purchase.
3. According to your salary
Everyone dreams of their perfect home, but when it comes to adjusting to reality, things change. That does not mean you can not have it, of course, but in a coherent way. Experts recommend, among other things, that the monthly payment of the mortgage does not suppose more than 40% of the salary, always with a projection of personal gains in the short and medium term. In fact, many banks require a tighter threshold, even below 30%.
In new or renovated homes, a great point of value is the installation of a system that minimizes the demand for energy, with efficient production possibilities as renewable sources. This guarantees, in addition to a future investment, an effective way to reduce the energy bill each month. Choosing a home with A label in the energy efficiency category means an estimated saving of 89% compared to an F rating, something positive for both the pocket and the environment.
5. Type of mortgage
Choosing a mortgage is as important as selecting the house in question, so the analysis of the possibilities must also be exhaustive. In addition, according to our interests, it is important to opt for the fixed or variable rate option (the monthly payment to be paid for the first one throughout the life of the loan and the second adjustable according to market conditions), the period, the monthly payment or the initial payment.
6. New or second hand?
In this sense there is no single answer, but there are a series of factors that will tip the balance to one side or the other. If you choose to live in the center of the city, the option is probably second hand, including reform; to opt for new housing, located largely in the periphery, we must value the communications and services it offers, among other things. It also weighs the expense derived from the purchase: if it is an old building, it may be necessary to make some costly change-pipes, acclimatization … -; If it is a new work, the expenses can come from factors such as the community in case of choosing a home with a pool, garden or other common areas.
7. Review housing and area
Once the property is chosen, it is vital to review, in the hands of an expert, all the factors that influence long-term. If it is a second-hand floor, efforts should be made to check the insulation systems, ducts or lighting; In the new construction, it is important to know in detail the possible derived costs, the area in which it is located and the services that can be accessed on foot. If there is any defective element, it is best to notify the previous owner, either private or a promoter, to take care of the pertinent arrangements.
8. Know the taxes
VAT, AJD, IBI … the taxes subject to the sale are numerous and, although some are more known than others, it is never necessary to be informed and to do a general review to avoid misunderstandings or last minute surprises.
9. Economic mattress
The savings needed to obtain a home must be at least 20% of the price of the property, part that does not cover the mortgage loan. However, it is also necessary to think about a second mattress, which ranges from management expenses -notary, deed …- to extraordinary expenses that may arise after the purchase of the home.
10. Market and opportunities
Finding a bargain is rather difficult; When it comes to buying, you need to be consistent. The idea is not to rush, but take the opportunity if it is presented. The middle point is to check the property carefully before acquiring it, but do not doubt if everything is going well, in addition to having clear the area and the characteristics of the property you are looking for. In addition to following the decalogue of indications found on these lines, it is important to remember that surrounding yourself with good professionals and managers can make purchasing a safer and more exciting process, (Hurtado Estates) because, beyond the stress generated by facing an investment of these characteristics, we must not forget that the construction of a new home is one of the most important life moments of every family.