Buying A New House After The Crisis, Here Are Some Things To Note

Buying A New House After The Crisis, Here Are Some Things To Note

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One of the most important questions that every household is asked to answer and process at some point is the housing market. Especially if you are a mother or are thinking of starting a family. Now during these difficult times, it may feel as if it is not attainable to buy a house, but it is possible. If you want to buy a house abroad, this too may not have the limitations that you may first think. You may want to look at Expat Mortgages to see where you stand in this crisis but if you want to stay close to home, you should still observe these tips.

Preparation

Think maturely and seriously what is the type of house you want to buy (house, apartment, maisonette, etc.) and especially how many spaces you would like it to have. – Do a first survey if your finances can meet your needs.

Put your finances in order, gathering the capital you want to invest and if you plan to get a loan visit more than one bank, considering not only the loan terms but also the amount of the loan you can get. Evaluate your priorities regarding the property you want in important and secondary. Important can be the number of bedrooms, its location, the possibility of parking, while the second floor (in apartments) if it will have a second bathroom, etc. A particularly important factor in the price is the age of the property 

In the dilemma you’re facing, you must think, “should I buy now or should I expect further price reductions in the midst of a crisis? ” the answer is simple. You must try to remember that there are properties on the market that are sold at a price up to 20% lower than the market average, either because their owners are in a state of emergency or because they want to relocate to a buying opportunity. So there is no reason to think that you can’t buy a house. 

Deciding factors 

Once you have found your dream home, you must look at all factors before jumping in and making a decision. Just because a home needs work, doesn’t mean that you should completely dismiss it, even if you didn’t want a ‘project’ home. 

Do not let a house go just because it needs renovation. Just add the cost of renovation to the cost of purchase. Buying an older home can give us the opportunity to buy a bigger apartment /house or in a better area, and the joy of choosing materials and colors to our liking. The renovation doesn’t have to cost a huge amount, unless massive structural changes are needed. 

Evaluate the case of possible sale of the property you have chosen. Make sure that the house you are buying has items that will be desirable to other buyers, otherwise you will not be able to sell it at a good price. Buying real estate is a good but long term investment. The same applies to the case of future rental. 

In the case of the investment market the most important appraisal factor is the return on the property, and the general rule is that the smaller the property the higher the return. 

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