The experience of buying a home for the first time, be it a house or an apartment, is one of the most special in a person’s life. It is also a decisive moment and it is recommended to take into account several key financial, commercial, and legal points. There is also a rigorous investigation and having clear objectives in choosing the type and characteristics of the property that they want to acquire.
This process may be too complex. As we know that this is not a game, but rather that it can become the most important investment of your life, we have prepared several tips that can be used as resources, so that you can be completely right when it comes to acquiring what will be your new family home.
Type of Home You Need
When buying a house, choose what type of home best suits your needs. There are many options when buying a home: Apartments, flats, duplexes, chalets, country houses… Each of these options has its advantages and disadvantages. Therefore, it is important to know what needs we have in terms of housing and see what objectives we seek when buying one.
It would also make sense to look to the future and ask yourself a series of questions that will be important later on. For example, we should ask ourselves if the family will increase or not, if we want a quiet area where children can play or a central area close to everything, if we think about having pets, etc.
Here is an example. You have the idea that within 10 years the family will increase to 6 members and you want to have 2 pets. Therefore, it would not be a good idea to buy a small apartment with 2 rooms.
Examine the location and Seek Professional Assistance
This advice is a bit at odds with the previous one. What we want to tell you with this advice is that you take into account the expectations you are looking for with your future home in terms of its location.
You would have to evaluate the distance concerning schools, means of transport available from the place, distance to the workplace, health center, supermarkets, banks, places of leisure.
It will also be good to know what type of neighborhood we want to live in if you like large or small neighborhoods, quieter or less, and what type of neighbors there are in each area, among other things.
Many people choose to search for a home on their own and embark on buying their home without any outside advice.
What at first, may seem like a financial saving, can turn into future headaches and bad decisions.
We recommend that you look for professionals in this field, such as Zerodown, to advise you on a decision as important as this.
These advisers know the appropriate price for each home according to its location. They also have experience and knowledge in the real estate market and are trained to carry out all the procedures to follow and guarantee that the operation is successful.
On the other hand, these professionals have been trained to negotiate and reach the best possible agreement, so they will surely achieve better prices for you.
Financing is Important
Currently, variable-rate mortgages are very desirable.
The problem is that this situation will not last forever. A mortgage is usually around 20 or 30 years, more than enough time for the rates to fluctuate at significant percentages. This should be a factor to take into account and not get carried away by the current situation only.
On the other hand, fixed-rate mortgages are a very good option, since without being as interesting at the moment as the previous example, it could still be an attractive offer at the moment, since it allows offering rates much lower than in the past.
This type of mortgage is especially recommended for people who want to avoid any type of setback in terms of their mortgage payment.
Although in the first years they will indeed have to pay a higher installment than if they had a variable rate mortgage, they will know at all times the installment they will have to pay each month and thus avoid possible increases in rates.
Don’t be fooled by the bank. There are few occasions in which one requests a mortgage from the bank and the bank wants to adhere to the obligation to contract some type of insurance or product.
In this regard, you should know that banks can never condition the granting of the mortgage to the contracting of insurance or products.
What is an option is that you can reach an agreement in which by contracting this type of insurance or products, the bank can reward you by lowering the interest rate on the mortgage.
Anyway, before deciding, we must make calculations of whether we are interested or not, and compare the price they are offering us with that of other banks.
Decision Making Process
If you are convinced, do not make it too long. If you are clear about the home you want and have the necessary capital, do not think about it too much.
Due to the increase in the granting of mortgages and the increase in employment, housing is appreciating and this is a figure that will continue to increase during 2021 and next year, according to forecasts (although at a slow pace and depending on the city).
So if you have it clear, do not delay, because now it will surely be cheaper than in a few months.
With these tips before buying a home, we are sure that it will be much easier for you to get your next purchase right. But if you still have any questions, you can contact us, we will be happy to give you the best possible advice according to your needs.
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