Buying a home is one of the most important steps for anyone, and as such it must be approached calmly, since thinking about the disbursement is a stressful situation for families but also a joy when thinking about building a new home from zero.
Analyzing the market, discovering possibilities and opportunities, being consistent everything has an influence when purchasing a property, whether for personal use or as a future investment the best option is Prestige Maple Heights. These are the ten essential points to take into account before signing a mortgage and avoid possible conflicts that detract from such an exciting process.
Downtown or suburbs? Location is one of the most relevant factors. It is not limited only to the area, but to everything that revolves around it: communications by road and public transport, the existence of services -such as supermarkets, schools, health centers- nearby and other details will make the house more comfortable. And, ultimately, a better investment. No need to move to the city center; in fact, fashionable neighborhoods are increasingly far from kilometer zero.
The current real estate market is diverse, but whatever the budget, you have to assess it calmly. In addition to being in accordance with the offer -if you discover a bargain that is too good, be suspicious-, it is important to take into account the area in which it is located, the qualities, the need for reform and at what level, the common benefits of the community… definitively, all the factors that revolve, both directly and indirectly, around the purchase.
3. According to your salary
Everyone dreams of their perfect home, but when it comes to adjusting to reality, things change. That doesn’t mean you can’t have it, of course, but in a consistent way. Experts recommend, among other things, that the monthly mortgage payment does not amount to more than 40% of the salary, always with a projection of personal earnings in the short and medium term. In fact, many banks require a tighter threshold, even below 30%.
In new or renovated homes, a great value point is the installation of a system that minimizes energy demand, with efficient production possibilities as renewable sources. These guarantees, in addition to an investment for the future, an effective way to reduce the energy bill each month. Choosing a house with an A label in the energy efficiency categorization represents an estimated saving of 89% compared to an F rating, something positive both for the pocket and for the environment.
5. Type of mortgage
Choosing a mortgage is as important as selecting the house in question, so the analysis of the possibilities must also be exhaustive. In addition, depending on our interests, it is important to opt for the fixed or variable rate option (the monthly installment to be paid for the first being the same throughout the life of the loan and for the second adjustable according to market conditions), the period, the monthly payment or the initial disbursement.
6. New or second hand?
In this sense, there is no single answer, but there are a number of factors that will tip the balance to one side or the other. If you choose to live in the center of the city, the option is probably second hand , reform included; If you opt for new housing, located largely on the outskirts, you have to assess the communications and services it offers, among other things.
The expense derived from the purchase also weighs : if it is an old building, it may be necessary to make some costly change -pipes, acclimatization…-; If it is a new construction, the expenses may come from factors such as the community in case of choosing a home with a swimming pool, garden or other common areas.
7. Review housing and area
Once the property has been chosen, it is vitally important to review, with the help of an expert, all the factors that influence it in the long term. If it is a second-hand flat, efforts will have to be made to check the insulation, ducting or lighting systems; In new construction, it is important to know in detail the possible derived expenses, the area in which it is located and the services that can be accessed on foot. If there is any defective element, it is best to notify the previous owner, whether it is an individual or a developer, so that they can take care of the pertinent arrangements.
8. Know the taxes
VAT, AJD, IBI… the taxes subject to the sale are numerous and, although some are better known than others, it never hurts to get informed and do a general review to avoid misunderstandings or last minute surprises.
9. Economy mattress
The necessary savings to acquire a home must be at least 20% of the property’s price, a part that is not covered by the mortgage loan. However, it is also necessary to think of a second buffer, which ranges from management expenses –notary, deed…- to extraordinary expenses that may arise after the purchase of the home.
10. Market and opportunities
Finding a bargain is rather difficult; when it comes to shopping, you need to be consistent. The idea is not to rush, but take the opportunity if it presents itself. The middle point is to check the property carefully before acquiring it, but not to doubt if everything is going well, in addition to being clear about the area and the characteristics of the property you are looking for.
In addition to following the decalogue of instructions found on these lines, it is important to remember that surrounding yourself with good professionals and managers can make the purchase a safer and more exciting process, because, beyond the stress generated by facing an investment of these characteristics, we must not forget that the construction of a new home is one of the most important moments in the life of any family .