Who doesn’t dream with their own home? Any of us would be happy if we can live at our own home, but it mostly takes many years until we can make that dream a reality. If you are one of those privileged persons and it is time for you to buying a home, we’d like to share with you these five basic aspects that you need to take into account on the whole property buying process, prior to and during the purchase.
In many cases it is possible to negotiate the price of the property. Many people are afraid of negotiating the price for fear of losing the floor, but there is usually a certain margin of sale that can be taken advantage of. Real estate agencies normally resort to different tricks to apply pressure, such as claiming that they have clients waiting to sign or talking about previous offers that have been rejected by the owner.
Keep in mind that the flexibility of the owner to lower the price will depend on how fast they are, how long it has been for sale and the demand it is really having.
If you are interested in the property and you think the price is high, try to make a reasonable offer. We recommend that you first analyze what are the points that can play in your favor for the reduction of the price, such as possible reforms, the state of the property, the price per square meter of the area, Etc.
Everything related to the property must be transparent to you. If there is any aspect with which you have doubts, ask until the information is clear. For this, we recommend the following:
– At the time of visiting the property, read the visit sheet that you sign carefully. On many occasions it is taken for granted that the content does not imply anything, but it may have small print that later could play against you.
– Make sure the information is correct. You can find advertisements that indicate another number of meters, that speak of common areas as if they were part of the house or that say that it is in perfect condition when it really is not.
– State of electricity and plumbing. To get an idea of how much a work can cost you, you can check the status of the property’s electricity and plumbing, whether a recent review has been carried out or changes need to be made.
– Upcoming spills of the building. Before buying the house, it would be good if you knew if spills are expected soon, and if the Technical Inspection of Buildings (ITE) has passed. To do this, you can talk to the administrator of the farm or the president of the community.
A fairly common case in old buildings is on the elevator, or changes in the facade or on the roof. Keep in mind that when an owner over 70 years of age or a person with a disability requests the installation of an elevator, it will be mandatory to do so. As with any other mechanism that facilitates accessibility in the building.
– Payment current. At the same time, it is important that you ask the Administrator of the estate or the president of the community if the owner is up to date with the payment of old spills or community expenses.
– Ask for the simple note. You can request the simple note of the property to find out whether or not there are registration charges, that is, limitations on the use or ownership of the property: Mortgages, easements, rents, etc.
In addition to the price of the house, before buying a house, find out and add the possible taxes, as well as if it is free of charges. This data should be added to the price in order to know whether or not you can afford that property.
In the case of second-hand properties, the Heritage Transfer Tax must be paid. The cost depends on the regulations of each Autonomous Community, and also depends on the particular circumstances of the buyers. Experts point out that the amount to be paid is between 5 and 8% of the cost of the property: If it is 250,000 euros, we are talking about between 12,500 and 20,000 euros.
If you do not have large savings, make sure that the debt incurred does not exceed 40% of your net monthly income.
Depending on your profile and your specific conditions, you may be more interested in a fixed or variable rate mortgage. Inform yourself very well before choosing to find the product that best suits your needs.