Who of us does not dream about own property? Having our own home or our own flat, we become more independent, although on the other hand, buying a property involves a considerable financial burden. The vast majority of us must use a mortgage loan, which will be in our home expenses for many years. Therefore, before we decide to buy a house or flat.
We have to answer a few questions so that after the transaction we do not run into financial trouble.
In accordance with the requirements of the Authority, every person applying for a mortgage must have a specific own contribution. Without it, no loan bank will give us. Therefore, we must have some savings accumulated that will allow this condition to be met. Banks require us to have own contribution in the amount of 10 to 20% of the value of the property, so it is quite a large amount. In addition, we must still have money for other things related to the purchase of real estate. We are talking about the costs associated with moving, buying new equipment, or expenses for minor repairs, which we sometimes have to do. So before we buy real estate, we need to collect the appropriate amount of money that we will need for the transaction.
Balance of expenses
Before we decide to buy real estate, let's make a balance of expenses to see if we can afford such an investment. Let's analyze our monthly expenses to see how much money stays in our home budget. Of course, when we take out a mortgage, we must also include in our expenses a monthly installment, which we will have to give back to the bank. Let's check what expenses we can reduce or completely eliminate them, let's also look for additional revenues to be sure that there will be enough money in our home budget.
Find the right place
We should not hurry with buying a property. Therefore, before we decide to buy a house or flat, let's analyze exactly a lot of offers, let's see as many apartments as possible, so that when buying, be sure that we buy the best for us. What to look for? If we are buying a flat or house from the secondary market, let's check exactly the condition of the property. It would be best for such a dwelling to be seen by a construction worker who will be able to assess the condition of walls, installations, etc. with care. We must remember that property sellers always try to hide any imperfections, which, however, soon come to light after living. Therefore, we need to look closely at whether there are no such defects in the apartments we have seen. In addition, we must always pay attention to the infrastructure around us. How does the journey look like? Is there a garage? Schools, kindergartens, shops, public transport, a place to relax - all this is very important, so pay close attention to it.
A flat or a house
Another important aspect for us should be the decision whether we want to buy a flat or a house. Of course, each of us will have different preferences here, because some prefer houses on the outskirts of cities or even in villages, while others prefer to live in cities. Remember that having a home gives us a lot more freedom, we will probably have a garden, etc., however, on the other hand, it will be a bigger expense for us when house prices are higher than flat prices. In addition, we must consider commuting to work or school and many other factors that directly or indirectly affect our daily lives.
Legal status of real estate
Before we make a purchase, let's check the legal status of the purchased property. Does it have no debts, any problems with ownership, who is registered in it, etc. In the primary market, check the credibility of the developer, its previous investments, etc. We can also go to the competent authority to check whether in the near future, around the property no changes will be made to the infrastructure or development plan (construction of a new motorway, railway line, landfill, etc.).
When buying a property, we often forget to think "for the future." This is primarily about the size of our apartment or house. Consider if we want to have children, and if so how much. If we already have some kids, let's think about whether we will plan to still apply for more. In this way, we will know what a large apartment we need. If we are planning to enlarge our family, let's look for a larger property And if our children are already approaching leaving the home nest, look for a slightly smaller apartment, so that the rooms in it do not become empty.
As you can see, before we buy a property, we have to make some effort, both physical and intellectual. But it is worth getting a little tired so that in the future you do not have problems with paying your debts in a timely manner, so as not to get upset with sticking out on the way to work, or to fight against your neighbors.