12 things to consider before buying a house or apartment
For us it is very important that our clients satisfactorily choose the floor or the house of their dreams. Buying a home is, without doubt, one of the most important and thoughtful decisions of our lives and encompasses many aspects. In this context, it is normal to have many fears, since the purchase of a home means investing the savings of a lifetime to obtain a more satisfactory future. That is why in this post we will help you not to miss any point to consider before buying a flat and what you should know before buying a flat.
Before buying a house, you should consider two things:
- That you will have to go to visit homes and that is where you should pay attention to what to check when buying a house, among which we highlight the proper functioning of the devices that are at your disposal (if it is second-hand housing).
- That all the seller’s papers are in order. You should be very attentive to this aspect, since it is the most important step and it will mean signing and having a new house or not having one.
Contact Conveyancing in Melbourne so you can receive top assistance in your house purchase today. We can clear any doubts about acquiring a new property and protect your money for the future.
What is essential to know before buying a house?
If you are here it is because you have no idea what aspects you should look at before buying a flat. They are many and it is easy to forget someone on the way. So, now, we’re going to show you the things to keep in mind when buying a house:
- Define the price you want to spend: this is the first step you must take before buying a flat. Ideally, the money you allocate to the purchase of your home revolves around 35% of your monthly income. Add to that the savings you have.
- Determine the form of payment: once you determine the budget that you will use to buy a house, the next thing is to think about how you are going to pay it. You can do it in cash (pay the whole price of the house at once by means of a bank check), by means of a mortgage loan (you will have to talk to your bank to specify the terms in which to repay the mortgage loan) or by mortgage subrogation (change of mortgage). ownership of the mortgage debtor, in this way, the buyer continues to pay the rest of the mortgage of the seller).
- Decide the type of housing where you want to live: ask yourself if you want a new home, a second-hand home or a protected home (it has a cheaper price than what exists in the market and is intended for those sectors of the population with economic difficulties, for which you must fulfil a series of personal and economic requirements).
- Decide the location where you want your new home to be located: if you want it to be central, close to public transport, hospitals, schools or your work.
- Choose your seller: once you know how much you want to spend and where you want to live, your search will be more precise and easier. The next point is to decide who you want to buy it for. For this you have several options: individuals (with these, the negotiation will be more agile and accurate) through Internet portals, real estate (with a real estate you make sure you have an advisor to accompany you in the purchase process), promoters (with them you you insure a new house but many times you have to buy on a flat, and with it you can have uncertainty about the correct completion of the house) or banks.
- Make a visit to the bank: you must check the conditions of the mortgage loan for new housing or have the acceptance of the bank for mortgage subrogation. As a buyer, you are not obligated to make subrogation, you can request a new mortgage.
- Make visits: now comes the process of visits. You will have to inspect the entire community, in addition to the floor you want to buy. We advise that in the process of visits you take someone close to you, to help you and both of you can take notes. Added to this, you can ask the questions you need to the neighbors, who will be the best advisors in that regard.
- Make an economic offer: once you have opted for a type of housing, you must give way to negotiation. This depends on each autonomous community, but normally buyers usually ask for a reduction that goes from 10% to 30%. This does not imply that the seller has access.
- Sign the deposit contract: this refers to an economic “signal” before completing the payment of the home completely. In this, if the buyer cancels it will lose the given signal and if it does the seller will have to pay the buyer double what the buyer has contributed.
- Sign the deed: what you should know before buying an apartment is that this operation is reliable, both parties attest that they agree with what they sign. This deed provides legal certainty by verifying that the aspects included in the document are in accordance with the law.
- Expenses derived from the purchase transaction: you will know that you will not only have to assume the costs of paying the house, but also add the notary expenses that are derived from this operation. If neither party agrees on anything, the contract will be according to law (according to the autonomous community). But in the private document, it will be specified what expenses the buyer and the seller will assume. It is prohibited by law for the buyer to assume expenses that the seller should assume.
- Be clear about your rights as a buyer: know when you can enter your home. If it’s a second-hand home, let the seller of the house give you the keys.
Remember that you can count on our professionals for deluxe assistance here at Conveyancing in Melbourne.