When you are planning to buy a house, there are (at least) 1001 things to consider, and very often we tend to overlook some things because we don’t know about them. To help you out, we’ve gathered some essential things you should never forget when buying a house!
1) Dare to Try Different Banks
This is an important first step. Very few banks will recommend this, but you should know that you absolutely must do this to get the most out of their interest rates. You want to borrow from your bank, but you can get a cheaper interest rate from another company? If so, then don’t hesitate to pass this offer on to your bank.
2) Take Into Account All Additional Costs
If you read that, it’s quite a mouthful. This is something that is often forgotten. It means that you will need to pay for the house and the various other costs associated with it. These include registration fees, notary fees, maintenance and repair costs, utility installation costs, costs after the deed has been executed, taxes, etc. However, if you are well prepared, these things will be calculated appropriately when you apply for a loan and you can avoid any unpleasant surprises.
3) Consider the Value of Your House (Compared to the Neighbourhood)
This makes a lot of sense when you think about it, but it is often forgotten in the middle of a bidding war. If there is a property you are interested in, but you are not satisfied with the price, you need to look at the neighbourhood where the property is located and see if the area is worth the price.
For example, if you want to buy a modest apartment in a “big city, you may be able to buy an entire house in another area with the same budget. So, don’t pay the same amount for a modest apartment.
4) Buy on Temporary Terms
A standstill condition allows an agreement to be reached between two parties, even if it contains an element of uncertainty. For example, a condition precedent is used in the context of “I want to buy a house if I get a loan from the bank. Then, only when the condition is fulfilled, the contract will take effect.
5) The Size of the House You Need
No matter how attractive it may be, do not buy a space larger than what you need at the moment (including expected family growth). A bigger house means more space to manage, more utility bills to pay, and more things to screw up. So, think about where you were residing before and how much space your possessions require. If any of the houses you consider are larger than you need, consider a flat or townhome.
6) And Most Importantly, Don’t Forget to Have Fun Until the End
And in fact, we think this is the most crucial point in the whole list. Buying a house or apartment by yourself is very exciting and a significant step in your life, don’t you think? Because you know what? Sometimes you want to stop amid the chaos and look at the house’s facade, and it’s your façade! So in between the stress, excitement, and moving of choice, don’t forget to enjoy it to the fullest.
Do you have any questions or thoughts about this? Please do not hesitate to share it with us in the comments below! Hopefully, you will learn something from this and be brave enough to take the next step.