Buy a home. Where to start?

One of the most important decisions in a person’s life is the acquisition of a home ownership. When that moment comes, innumerable doubts arise as a result of not knowing the functioning of the real estate market.
Where do I start?
What is the first step I should take?
This post will give you the answer to these and other questions.

Steps to buy a home

Identify your needs
There are many questions you should ask yourself before you start searching:

  • Will I live alone or as a couple?
  • Do I prefer a house in the city center or on the outskirts? Benefits and disadvantages of both options
  • Do I have enough money to meet the first expenses?
  • Do I need to apply for a mortgage loan? And an endorsement?

Characteristics of the house I want for myself: flat or independent house, size, extras such as parking space or storage room, services that the area where I want to buy must have, etc.

These are just a few questions you should ask yourself. The more defined the search criteria, the easier it will be to find the house of your dreams. You will save a lot of time if you go to the offers that really cover your budgetary and personal needs.

Is it the best time to buy a home?

A good option is to study the current situation of the real estate market. Prices may have risen and it pays to wait for a better time for you. Or maybe the type of housing you want isn’t in the area you’d like. In these cases it is always good to have the help of a professional who knows the sector.
For example, in the event that you need to ask for a loan it is advisable to go to a mortgage advisor. In Creditoh! We have the best professionals. They will look for you the financing options that best suit you and guide you throughout the process of credit management.

Who is the seller?

  • When buying a house we can do it by going to different types of sellers:
    Individuals. You can speak directly with the owner of the property you want to buy, but our advice is that before you inform yourself well of the legal or technical issues that are involved in the purchase process.
  • Real estate agency. In these cases, we are placing our trust in professionals who know the market situation much better than we do.
  • Promoter. In this case we will access a newly built house. But before signing anything, make sure you have guarantees about the completion of the home.
    In any case, you should always visit the property they offer you and go to it with a technician or architect to advise you on the state of it.

Identify potential risk factors

In this sense, the purchase of the house is not without risks. Avoid future problems by ensuring control of certain factors:

  • That the property is free of charges and encumbrances. For this we will ask for a simple note of the property in the Property Registry Office that corresponds to it.
  • Check if there are debts inherent to the property.
  • The earnest money contract. Through this document the rights of the buyer and the seller are safeguarded. Get advice before signing this contract and thus avoid problems in the future.
  • Conditions of the mortgage loan. If you have already decided on a mortgage, read the European Standardised Information Sheet carefully. It is a document that the bank will give you with the main conditions of the loan that will grant you.
  • Contract of sale. You will need to check the price, the obligations of both parties, their registration, etc.

There are many steps that must be taken before buying a home. Ask for advice and you will avoid many headaches in the future.

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By Catharine Bwana