What to Know Before Buying a House? Mini-guide to the Most Important Documents

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Those who have never bought a property often have difficulty understanding what they need to know before buying a house. Buying an apartment requires not only caution, but also the ability to understand what to check. Relying on the experience of relatives and friends, asking for advice and information is useful to understand what you need to check before buying a house. But often the needs and experiences of friends and family may differ from yours.

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To help you make the best choice for you, we at Gromia have prepared this mini-guide on the 5 most important things to know for home buyers. If you are looking for a more detailed list, which also explains what to check when visiting the property, you are thinking of buying, read our definitive guide to buying a house.

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What to Check Before Buying a Home

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1. Trends in the Real Estate Market

The first step that those who make a home generally take is to go to the real estate agency to evaluate the available proposals. In our opinion, the step to take before going to the agency is to take information on the trends in the real estate market:

• what is the average square footage of the apartments in the city?
• what is the average price per square meter in the city or neighborhood where you want to buy a house?
• What are the real estate market trends for the current year, and medium-term trends?
• Will new private construction projects begin soon?

Knowing all this information is important, as it enables you to realistically evaluate the proposals you will receive from agencies, and to understand if they are in line with real estate market trends or not.

2. Check the Neighborhood Where You Want to Buy a House

Checking the neighborhood where you want to buy a house does not just mean visiting it, to understand how it is inhabited. For many, buying a house means continuing to live in the same apartment for at least 20 years, and 20 years is a long time. In this period of time, many neighborhoods undergo major transformations: some are redeveloped and renovated. Others, unfortunately, degrade.

Understanding how the neighborhood will change 20 years from now is not possible, but there are a few things you can check to at least try to understand medium-term trends:

• Is the neighborhood the site of productive activities? Or does it mainly offer services? In general, the neighborhoods that host factories are preferred by those who work. These are safe and quiet areas. But if in the next 20 years’ companies decide to close, lay off or move, the neighborhood could change very quickly. The neighborhoods where services are concentrated can be a little livelier and noisy, but they do not depend on the presence of companies. The districts where public offices are concentrated become deserted after office hours
• Does the neighborhood offer historical, tourist, cultural or other attractions? Monuments, but also museums, theaters, parks, libraries and universities keep the neighborhood alive and avoid its deterioration
• have any infrastructure projects been announced? A new metro stop, the construction of a new residential complex, or other infrastructure projects increase the value of your property, but also the live ability and safety of the neighborhood

If the market trends are favorable, and if the neighborhood where you have chosen to buy a house is quiet, well-inhabited, and you think it will remain so for the next 10 or 20 years, the next step is to negotiate a mortgage loan.

3. Do the Accounts Well

It may seem very trivial, but doing the math well before buying a house is essential. Taken by the concern for such an important step, many people generally focus on the advance to be paid at the time of the purchase proposal, and on the mortgage. While these are the largest expenses to be faced, they are not the only ones. Those who buy a house must also bear other costs which, when added together, can reach considerable figures:

• the mortgage tax
• mortgage insurance, which is usually required by most banks
• the expenses for the deed
• the brokerage fee to be paid to the real estate agency
• the registration tax or VAT, if you are buying a new apartment

In addition to this you must take into account any expenses for the renovation of the property, for the purchase of furniture and appliances. The owners of the house, unlike the tenants, are also required to pay the IMU, and all the expenses for the extraordinary maintenance of their apartment, and of the building.

Many people therefore advise you to add about 10% to the price of the property you want to buy. In our opinion, however, making a rough estimate of all these costs can be misleading. The advice we give you is to deal with paper and pen, to understand how much it really costs you to buy a house.

4. Compare Mortgage Estimates

If you do not have the necessary amount to buy an apartment in cash, you will need to apply for a mortgage loan. Those who buy a home for the first time often do not know when to apply for a mortgage. The best time to start all the mortgage procedures is as soon as you have made the purchase proposal.

Obtaining the mortgage can take some time, so it is good to reach an agreement with the owner of the property and with the agency, about the time that will pass between the purchase proposal and the notarial deed.

In fact, during this period the bank will have to evaluate your solvency and the guarantees you offer. But you, for your part, will have to evaluate the estimates and conditions that are proposed to you by various credit institutions.

The golden age of mortgages that financed 110% of the property price is over. At the moment, banks never grant loans exceeding 80% of the final price of the property. Generally, loan requests of less than 80%, if supported by a permanent employment contract and adequate real estate guarantees, are accepted without too much difficulty.

5. Check All Certifications and Documentation of the Property

One of the things you need to know before buying a house is to check all the certifications and all the documentation of the property. The check on some of the documents will be carried out by your notary before the deed. However, it is a good idea to read all the documents, to fully understand the conditions of the property, and also to carry out checks on documents that the notary usually does not read.

Your notary will personally take care of consulting the following documents:

• the certificate of viability of the property. This is a document that is used to check that the house you are about to buy is actually suitable for living in. Usually those who sell a house sell an accessible apartment, but verifying the habitability requirements is the norm
• the deed of provenance of the property. This document certifies how the owner has acquired ownership of the property you are about to purchase. This is an important document, to avoid buying a house burdened with mortgages, inheritance taxes, subject to legal proceedings, or that hides other obstacles.
• the cadastral plan and the cadastral survey. These documents demonstrate the current state of the house you are about to buy, and document any renovations to the apartment
• the energy performance certificate, which must be submitted, to certify the energy consumption of the building

In addition to all these documents, it is useful to read the condominium regulations in person, but above all the resolutions of the condominium meetings. The resolutions are able to make you understand how the relations between the owners really are, and how the condominium where you are going to live works.

The things to know, and to check, before buying a house do not end there. In this article we have presented you with a list of the 5 main points to check before buying a home. But if you want to know more, read our list of 50 things to consider before buying a house, where you will find all the explanations and tips you need.

Source:  https://propertynews.pk/

 

Source: https://businessworld.com.pk

 

 

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