Guide to buying a home
What to consider and who to get alongside you
Buying a home is an epic step in many people’s lives. However, it is also a huge investment and there are many aspects to consider before putting your signature on the contract. Here is a checklist that will guide you through the details to keep in mind during your search for your dream home.
Establish a Realistic Budget
Before starting the hunt for the perfect house, it is essential to get your feet on the ground and set a realistic budget. For example, if your net monthly income is 3,000 euros, you should consider allocating no more than 30-35% (i.e., 900-1050 euros) to paying your monthly mortgage or rent, ensuring that there remains room for utility expenses, maintenance and savings.
If you plan to have a savings of 20,000 to invest as a down payment, also consider keeping a portion aside as an emergency reserve to deal with any unforeseen events. Also, don’t forget to calculate additional expenses such as taxes, insurance, and potential repairs that may be needed inside the home you are considering.
Practical example:
Imagine you are looking for a house and have a budget of 250,000. You might consider allocating 50,000 euros as a down payment, so you should consider a mortgage of about 200,000 euros. With an interest rate of 4.5 percent on a 20-year mortgage, monthly payments could be about 1265 euros per month. Be sure to also consider housekeeping expenses, which could amount to about 1-3% of the value of the house each year.
Before you start fantasizing about villas and lofts, set a realistic budget. Consider not only the price of the house, but also incidental expenses such as taxes, insurance, and maintenance work.
Location, Location, Location!
The location of a house is like its soul. Its proximity to services, transportation, and neighborhood safety can significantly influence your lifestyle. Consider these aspects when evaluating a potential residence.
Proximity to Services
Think about how the location of the house affects your daily routine. If you have children, proximity to quality schools is critical. For example, you may want a house within walking distance of a good primary or secondary school.
Also remember to consider convenience in accessing services such as supermarkets, hospitals, recreational areas, and parks. For example, if you are an avid jogger or walker, an area with parks or nature trails might be essential.
Transportation and Accessibility
Carefully examine public transportation options or major roads nearby. If you depend on public transportation, the presence of a train station or bus stops nearby could be a plus.
Give an example: suppose you work in the city center and consider how long it would take you to get to work from your potential home, either by car or by using public transportation.
Neighborhood Security
Safety is a priority. Research crime rates in the area and ask neighbors or local residents for their opinion on neighborhood safety. Take a day and night tour to get a complete feel of the environment.
For example, during a visit at night, you might notice the presence of security lights in the streets or alleys, or the general quiet feeling of the area.
Structural Conditions and Maintenance
Outward beauty can be deceiving, and hidden problems can often have significant consequences.
The assistance of a professional is essential to avoid small mistakes that might escape the untrained eye but could have devastating long-term impacts.
Importance of Detailed Examination
In addition to aesthetics, it is vital to carefully examine the structure of the house and its major systems. An experienced professional can detect warning signs that would easily escape superficial evaluation.
Risks of Ignoring Hidden Problems
Errors or carelessness in the evaluation of the structure, electrical, plumbing or heating systems can have serious consequences over time. For example, a faulty electrical system could pose a fire hazard, while a corroded plumbing pipe could cause major structural damage.
The importance of expert advice
Imagine that you are interested in a seemingly perfect house with an impeccable appearance. A professional, however, could detect signs of hidden water infiltration or structural problems that are not superficially obvious during a thorough inspection.
These defects might seem insignificant initially but, over time, could lead to damage and safety hazards. An expert can detect these problems before they become serious and difficult to solve.
Documents and Constraints
Make sure the house is free of legal liens and has all the documents in order. Check the floor plans, condominium regulations (if any), and any restrictions and all documentation that the law requires.
Market Assessments
When it comes to determining the value of a property, relying on a competent professional is crucial. An experienced real estate broker not only offers an accurate assessment, but also gives you a clear perspective on the local market.
The Expertise of a Professional
Turning to a qualified real estate agent is more than a mere formality. A professional with experience in the field not only has in-depth knowledge of the market, but also has the tools necessary to make accurate assessments.
Transparency and Objectivity
A reliable intermediary operates with transparency. Strives to provide clear and complete information on the value of a property, based on accurate data and factual comparisons.
Experts in Real Estate Appraisals
These professionals not only evaluate based on the characteristics of the house, but also consider external factors such as local market trends, sales trends, and planned investments in the area.
Benefits of a Reliable Partner
Working with a serious real estate broker gives you a significant advantage. It assists you in understanding the true value of the property you are considering and helps you make informed and informed decisions. But you already know this, having read
our previous article
, devoted entirely to the world of real estate appraisals and to which we refer you for a more complete discussion of the subject.
The negotiation
The negotiation phase is crucial and can determine the success of a home purchase. At this juncture, having a competent and reliable partner is critical to getting a profitable deal and avoiding unpleasant surprises.
An experienced and trusted intermediary acts as your representative, protecting your interests during the negotiation. Is able to conduct the negotiation in an informed manner, considering every important aspect and finding solutions that satisfy both parties.
The Importance of a Real Estate Brokerage
An experienced real estate broker is a trump card during this process. A good agent will be on your side, highlighting every aspect, and will not withhold crucial information just to close the sale.
Invest in a reliable partner
Buying a house is a huge commitment. A trusted real estate agent will not only guide you through the complexities of this process, but will be your ally, highlighting every detail and helping you make the right decision for you and your future. That’s what we at
Tuscania Real Estate
have been doing for years, making our clients’ dreams come true and creating value for the community.
