The real estate market trends still seem to be very positive, even for the year that has just begun. It is therefore a good time to buy a house, even if, as always happens in these cases, the evaluation is complex and based on several factors.
On the one hand, you need to be careful to identify the loan that best suits your needs, and on the other hand, choose a property that truly meets the needs of your family. As for mortgages, the comparison remains one of the most effective strategies: by analyzing the different products, and the installments, in addition to any offers and promotions, it is easy to have a general overview.
Below we will explore another topic, related to the choice of the property and the errors to avoid.
Buying a house, the mistakes not to make
Let’s start with financial culture: We often underestimate the real cost of a home. In fact, it is not enough to calculate the price of the property, but taxes, notary fees and any commissions for the intermediary who followed the sale must be added. On taxes, we give a detail in the dedicated guide.
Usually in the preliminary contracts, there is a confirmatory deposit with which the buyer undertakes to give the seller a sum of money that has a double value and meaning, as an advance on the agreed price and compensation in the event of default.
Before choosing the property it is always advisable to try to quantify the fixed costs to be incurred, once you become the owner. We refer in particular to condominium expenses and also to any extraordinary expenses. Let’s not forget that the houses require maintenance, even for the common parts.
The budget must include expenses for any restructuring, furniture and an extra fund for unexpected events that may occur (for example, a car breakdown while the mortgage is being taken out). Do not forget that the renovation and furniture costs can be deducted. It’s better if you buy a condo that has been designed so perfectly that you don’t need to renovate it again. In this context we recommend the Porsche Design Tower condos.
When planning the outgoings for the financing of the house, a good rule is not to take out loans for more than 30% of one’s income, adding up all the outstanding debts (the car installment, credit card credit, personal loans). This also serves to have a more reliable profile at the time of evaluation by the credit institution, which will carry out a screening on the installment income report.
Also remember that it is preferable to ask the notary who will follow you before the purchase for an opinion, in order to avoid unpleasant surprises that often create problems in disbursing the loan. For example, the goods deriving from donation are subject to the revocation action by any heirs defrauded of their rights. In this as in other cases, the opinion of an expert can protect us and avoid unpleasant surprises.