08 Jan New year, new house?
At this time of the beginning of the year, in addition to the good wishes for personal improvement, new habits, resuming good routines or cultivating relationships, it is also time to plan, quantify, budget and define a plan for each of our projects.
And if we are thinking of buying a home with more reason because it is one of the most important investments in our lives. The first question we will ask ourselves is, why do I want the house? To live on a regular basis? holidays? Or as an investment? In any case it is important to correctly define:
- Characteristics of the house
- Necessary budget and available money
- Search method
- Deadlines of the different phases until moving in or getting an economic return.
Probably, when specifying the house that we would like to find, we establish some maximums, but it should be realistic and from the beginning to not confuse hopes and wishes with reality. We should list some minimum characteristics in terms of the size of the house, state of conservation, preferred neighborhood, essential services and then relate the desirable extras.
Correctly defining the budget is the key to making the search process of the home a success. We will have to specify the money available and our debt capacity should we need a mortgage. It is convenient to have 30 percent of the total budget needed. From this amount we will deduct 10 percent of expenses of deeds, taxes and registration and we will have the available budget to find a home. If with this budget there is no available offer with the established characteristics, one of these parameters must be changed: location, size or budget. It will usually be the location of the house.
There are several methods to find a home, from internet portals, real estate agencies, walking through the area or contacting a real estate agent or a buyer’s agent that includes in its procedures all forms of search in addition to contacting other agents who can have properties in their portfolio that are not advertised in conventional ways. And if you also do not have time or you are not in the city where you are looking for the house, contacting a specialist will probably be the only way to search with the peace of mind of having selected among all the available offer in the market.
Regarding the deadlines, they will depend on the state of the house and the current situation of its habitability, but we must expect the process to last from 3 to 6 months if all goes well.
Good luck with your dreams for 2018!