Things that happen when you are buying a home

Things that happen when you are buying a home

I have some friends that had been thinking for some time about the possibility of buying their own house and stop renting. At the end of 2014 they made up their minds and started to look for a house that suited their needs.

It was a good moment to buy, they had agreed on their preferences, they were in a solid relationship as a couple, they were starting to have economic stability, they knew there were interesting offers in the market and it seemed that the sector was recovering from the crisis so prices could soon start to rise.

Their must-have it list included two bedrooms, outdoors, terrace or attic, between 50 and 90 m2, with little or no need for renovation, with garage and in a property reasonably priced community fees. The area was also important, it had to be in their current neighbourhood or nearby.

Having a fairly restricted area their search was made easier. They contacted the real estate agencies in the neighbourhood, they spent time searching the Internet and they walked the area looking for sales ads. They visited quite a few flats and apartments which were mostly ruled out except for three that seemed to fit. It looked like they were getting closer to finding their home for the next few years.

At the moment of negotiating terms and conditions and whilst they were looking for funding some of the circumstances changed. There were rumours of possible lay-offs in one of their jobs, they began to have more work and less free time to dedicate to a new home, the professionals they consulted advised them to make some renovations in two of the three selected properties. At the end they stopped their house-hunting process.

A month ago they resumed the process and to their surprise the conditions had changed. The apartments they had selected were no longer on the market, the available offer that fitted their budget was reduced and counteroffers were less accepted by sellers than six months ago.

In brief, if you are looking for a house to buy, the time is now.

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